US CLO Managers (Performance)

Sixth Street demonstrated remarkable resilience in terms of its total performance, consistently outperforming the loan index in both declining and rising loan markets. Notably, Sixth Street’s total alpha did not decline following the loan market crash in late March 2020, which highlights the effectiveness of its conservative strategy.

A sample of 409 deals (2015–2019* vintage deals) is included in this study. The benchmark loan index used is the Morningstar LSTA U.S. B/BB Ratings Loan Index.

Examining the average metrics for 2023, KKR outperformed its peers on all three fronts – total, MV, and interest return alpha.

Overall, the manager has largely performed in line with its peers since late 2020.

Neuberger Berman (NB) registered above-average MV alpha metrics through COVID-19.

New York Life runs a conservative strategy, as shown by its below-average interest alpha...

Despite this, Invesco's total alpha was resilient in 2020 – it outperformed its peers for most of the...

A sample of 409 deals (2015–2019* vintage deals) is included in this study. The benchmark loan index used is the Morningstar LSTA U.S. B/BB Ratings Loan Index.

A sample of 409 deals (2015–2019* vintage deals) is included in this study. The benchmark loan index used is the Morningstar LSTA U.S. B/BB Ratings Loan Index.

However, since June 2022, CVC's MV return alpha performance has improved significantly.

Despite employing a low-interest-return strategy, Palmer Square has outperformed its peers, primarily due to its above-average Market Value (MV) return alpha.

Despite its below-average MV return alpha metrics, the manager has outperformed its peers since Mar 2021, thanks to its solid interest return alpha performance.

Octagon has generally performed well, outperforming its peers due to above-average interest return alpha metrics. However, the manager’s Market Value (MV) alpha has been on a downward trend since mid-2022.

Despite underperforming its peers from 2020 to 2022, Investcorp's performance has recently surpassed that of its peers, primarily due to improvements in both MV return and interest return alpha.

A sample of 409 deals (2015–2019* vintage deals) is included in this study. The benchmark loan index used is the Morningstar LSTA U.S. B/BB Ratings Loan Index.