ANGL Fund Description
The VanEck Vectors Fallen Angel High Yield Bond ETF tracks a market-value-weighted index of bonds that were rated investment grade at issuance but later downgraded to sub-investment grade.
ANGL Factset Analytics Insight
ANGL looks for value in the high-yield space by targeting "fallen angels", bonds that are under duress or have been downgraded. The investment thesis is interesting. Credit downgrades can generate short-term downward pricing pressure. Future credit upgrade will compress the credit spread, which can lead to price appreciation. In combination, the strategy aims to buy low and sell high for maximum total returns. ANGL is limited to USD issues, but holds a sizable share of debt from non-US issers. It also has a markedly high average maturity and duration, and thus carries significant interest-rate risk in addition to credit risk.
Retail traders should find plentiful liquidity with modest spreads. It’s a different picture for the institutional trader, who will find that poor underlying liquidity inhibits efficient block execution. ANGL charges a very reasonable fee for a novel strategy, though it tends to lag its index by far more than the listed fee, likely due to the difficulty of trading the underlying bonds. That’s a problem for any high-yield bond fund, but it hits ANGL especially hard, raising holding costs.
ANGL MSCI ESG Analytics Insight
The MSCI ESG Fund Quality Score measures the ability of ETF underlying holdings to manage key medium to long-term risks and opportunities arising from environmental, social, and governance factors, as determined by MSCI ESG Research LLC. As of November 19, 2017 the VanEck Vectors Fallen Angel High Yield Bond ETF MSCI ESG Fund Quality Score is 3.84 out of 10.
The fund’s Peer Rank reflects the ranking of a fund’s MSCI ESG Fund Quality Score against the scores of other funds within the same peer group, as defined by the Thomson Reuters Lipper Global Classification. ANGL ranks in the 80th percentile within its peer group and in the 6th percentile within the global universe of all funds in MSCI ESG Fund Metrics coverage.
ANGL Top 10 Countries View All
ANGL Top 10 Sectors
ANGL Top 10 Holdings View All
ANGL Summary Data
ANGL Portfolio Data
ANGL Index Data
Related ETFs to ANGL
ANGL Portfolio Management
ANGL Tax Exposures
ANGL Fund Structure
ANGL Factset Analytics Block Liquidity
This measurement shows how easy it is to trade a $1 million USD block of ANGL. ANGL is rated a 2 out of 5.