This study encompasses a sample of 95 EU CLO deals, closed in 2021 and January 2022, managed by 46 managers. The benchmark used is the Morningstar European B Ratings Loan Index.
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.
Overweight indicates that the manager’s average industry exposure exceeds the sample average exposure by 1 percentage point. Conversely, underweight means the manager’s average industry exposure is less than the industry average exposure by 1 percentage point.
The top-performing US CLO managers have been identified based on their total return alpha performance, as evaluated across a sample of 177 deals issued in 2021. Out of a total of 64 managers, the top five managers have been analyzed for their industry overweight/underweight. The table below illustrates their latest overweight/underweight standings.
The top-performing US CLO managers have been identified based on their total return alpha performance, as evaluated across a sample...
This article presents an analysis of the latest industry positioning of the five highest-performing EU CLO managers, based on their deals closed in 2021. Although it's not easy to pinpoint the precise industry positioning that drove their investment outperformance...
