Notable US CLO AUM Observations
In the CLO market, AUM growth is a fundamental aspect of the business model, with scale playing a crucial role...
CLO Research provides independent research and insights on CLOs, offering investors and managers fresh, unbiased perspectives and data to support their decision-making.
In the CLO market, AUM growth is a fundamental aspect of the business model, with scale playing a crucial role...
In the ever-evolving landscape of collateralized loan obligations (CLOs), staying informed with the most current insights and analyses is crucial...
February 2025: Summary of CLO Research Insights
This article examines the key factors behind 1.0 US CLO equity outperformance, offering insights that remain highly relevant in today’s market. It also suggests that 2.0 US CLO equity performance is not directly comparable to 1.0 CLO equity, as a few key ingredients appear to be missing.
CLOs are primarily actively managed, and some commonly used deal metrics—point-in-time indicators—can occasionally be misleading. While these metrics can be useful, they should not be considered in isolation. Additionally, combining multiple metrics does not necessarily provide a clearer picture. For example, the weighted average price (WAP) of a CLO portfolio does not measure return performance over time and can be artificially inflated by trading activity. Though WAP is helpful for quick screening, it is not a reliable indicator of whether one manager has outperformed another. The same applies to annual equity distributions—a higher distribution does not necessarily indicate better manager performance. Therefore, combining these two metrics does not necessarily offer a more accurate assessment of a manager's performance.
The table below displays a list of the top 30 largest US CLO managers, ranked by their US CLO assets under management (AUM) in USD billion as of December 31, 2023.
January 2025: Summary of CLO Research Insights
It was an absolute pleasure to share my thoughts on the CLO market yesterday at the CLO evening event, graciously hosted by Reed Smith and SCI. Below are some of the key takeaways from my presentation.
Some of the most popular articles from the past week are as follows:
Over the past year, the clopremium.co.uk website has welcomed over 23,000 users, including many returning visitors.
Have you ever wondered how CLO tranche ratings—AAA, AA, A, BBB, and BB—are derived from a portfolio of non-investment grade loans?
December 2024: Summary of CLO Research Insights
Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more...
I never did a day's work in my life. It was all fun. – Thomas A. Edison It is often...
Please refer to the table below for the ten largest CLO managers and their global CLO collateral AUM, broken down by US BSL, US MM, and EU CLO AUM as of September 30, 2024.
