This study is based on a sample of 1,712 U.S. BSL CLO deals. Diameter, OHA, and GoldenTree have delivered solid equity performance. In terms of AUM and performance, managers with over USD 10 billion in AUM outperformed their peers. For example, larger managers recorded a median performance percentile of 56th, compared with 43rd for mid-sized managers and 40th for those with smaller CLO platforms.
EU CLO equity has outperformed US CLO equity, based on BWIC colour from a sample of approximately 446 equity tranches traded since July 2024 (source: SCI). This trend is also consistent with findings from 2.0 CLO deals that have been fully liquidated to date, according to CLO Research.
Since January 2020, OHA has generated impressive, above-average inception-to-date total return alpha, driven by its consistent focus on minimising portfolio losses. This approach relies on rigorous, ongoing credit research and the regular application of that analysis to portfolio re-optimisation. The manager’s investment strategy is built on the belief that close collaboration across industry teams and integrated access to all asset classes within leveraged finance provide a robust foundation for research and portfolio construction.
This study examines a sample of 218 deals from 2015 to 2019, utilising the Morningstar European Euro-Denominated Loan Index as...
The top managers with the highest number of deals in the top quartile are Oak Hill Advisors, Golub Capital, CSAM, Benefit Street Partners, Sixth Street, Elmwood, CVC, Blackstone, and Blackrock.
A sample of 1,684 US BSL CLO deals (vintage 2013–2023) is included in this study. Deals with a collateral pool...
