For example, a manager with a score of 89% (2Q 2023) means that its MV return alpha is said to be at the 89th percentile for that quarter. In other words, the manager's MV return alpha metric exceeds that of 89% of its peers.
Looking at the average metrics for 1-3 Q 2022, 2021 and 2020, Wellfleet outperformed its peers on...
A sample of 366 seasoned deals (2016–2019* vintage deals) is included in this study. The benchmark loan index used is...
A sample of 366 deals (2016–2019* vintage deals) is included in this study. The benchmark loan index used is the...
A sample of 366 deals (2016–2019* vintage deals) is included in this study. The benchmark loan index used is the...
Carlyle has witnessed a staggering surge in its US CLO AUM, totaling a remarkable increase of approximately $14.3 billion between January 1, 2022, and June 30, 2023, inclusive of acquisitions.
The pricing of Carlyle's US CLO 2023-3 transaction last week signifies that Carlyle has achieved a significant milestone, surpassing $50 billion in global CLO AUM!
Below are tables presenting the MVOC (AAA-B) and EQ NAV of EU CLO deals by vintage, based on asset prices...
Below are tables presenting the MVOC (AAA-B) and EQ NAV of US BSL CLO deals by vintage, based on asset...
Please see the table below for the full list of US CLO managers and their assets under (US CLO) management (billion) as of 30 June 2023 based on LCD and Intex data. If you’re an investor in the CLO market, we would like to invite you to register with us using your business email address to gain access to our freemium service. Our freemium service is designed to provide you with a glimpse into the value of our premium content and help you gain valuable insights and perspectives in a complex and dynamic market.
When examining the reinvestment profiles of deals managed by large managers with at least around $10 billion of US CLO AUM, it becomes evident that, on average, approximately a quarter of their AUM has already surpassed their reinvestment end dates. Furthermore, another nearly 18% of their AUM is projected to transition out of the reinvestment period within the next year. Notably, among the large managers, Elmwood Asset Management, AGL Credit and Oak Hill Advisors have the best reinvestment period profile.
Considering that there are always winners and losers in each industry, the diverse positioning by these managers across the aforementioned five industries helps support this point. The fact that managers with varying industry positions can still achieve favorable performance indicates that investors can benefit from a certain level of diversification in the EU CLO market.
This study includes a sample of 93 more recent deals (closed in 2021 and Jan 2022) managed by 46 managers, using the Morningstar European B Ratings Loan Index as the benchmark loan index. The table below illustrates the relative standing of each EU CLO manager based on their latest average total alpha metrics (as of 26th June 2023) . A score of 98%, for instance, indicates that the manager’s total return alpha is at the 98th percentile, meaning their total return alpha metric exceeds that of 98% of their peers.
Below are tables presenting the MVOC (AAA-B) and EQ NAV of US BSL CLO deals by vintage, based on asset...
Below are tables presenting the MVOC (AAA-B) and EQ NAV of EU CLO deals by vintage, based on asset prices...
