AOHY focuses on global junk bonds, aiming to optimize returns and manage risks by investing based on prevailing market conditions and perceived value. The fund primarily holds corporate and securitized debts, along with structured products and US government securities, capped at 20%. In addition, foreign debts can comprise 25% of the assets. The adviser analyses factors like collateral quality, credit support, structure, and market conditions to select structured products. Meanwhile, corporate bonds are chosen through fundamental research identifying issuers with potential credit profile improvements and attractive valuations, considering factors such as maturity, yield, ratings, and price appreciation potential. Positions are opportunistically entered, with investments spread across various factors while targeting undervalued assets. Holdings vary in maturity, aiming for a dollar-weighted average of 2-15 years. On February 20, 2024, AOHY converted into an actively managed ETF, starting with $74.1 million in net assets.