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Global credit funds & CLO's
June 2022 | Issue 246
Published in London & New York.
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June 2022 | Issue 246
Event
Awards
CSAM does the CLO awards double
Sayed Kadiri headshot
Sayed Kadiri
Head of research
Winning the Creditflux Manager of the Year award is a feat in itself. Winning it back-to-back in such different markets is an outstanding achievement — and CSAM can take great pride in it
In 2020 and 2021 we experienced extremes in credit. Yet in both those years, Credit Suisse Asset Management outperformed — and in both it picked up the Creditflux Manager of the Year trophy, which is awarded to the firm with the highest average ranking across all deals.

In 2021, our methodology looked at performance from March 2020 through to March 2021. That period was marked by a V-shaped recovery.
For the 2022 awards, with covid disruption out of the way, our event returned to its usual slot in May at the Landmark Hotel in London, and our analysis period reverted to calendar years.
2021 saw none of the tumultuous price swings of the year before. Instead the CLO market benefited from a period of near-unparalleled stability as US CLO triple As sat at 110-120bp. In that benign environment CSAM again came top, adding to its titles from 2013 and 2018, as well as 2021.
Four for Redding Ridge
Another large CLO manager also shone. Redding Ridge Asset Management picked up four awards, including best US CLO and best new European CLO. And Cerberus took a clean sweep of the mid-market awards, taking home three titles.
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Andrew Marshak
Creditflux Global Manager of the Year
CSAM
Finalists
Angelo Gordon Brigade GoldenTree PGIM
Methodology
Highest average ranking across all deals
Eligibility
Firms eligible for four or more categories in both the US and Europe
Andrew Petitjean
Best US CLO manager
Brigade
Finalists
CSAM Generate GoldenTree Octagon
Methodology
Mean blended outperformance across US CLOs
Eligibility
Firms with five or more active CLOs that invest in broadly syndicated US collateral and whose reports are listed on CLO-i
Best US boutique CLO manager
Aquarian
Finalists
Birch Grove Post Saratoga
Methodology
Mean blended outperformance across US CLOs
Eligibility
Firms with four or fewer active CLOs that invest in broadly syndicated US collateral and whose reports are listed on CLO-i
Pictured: Justin Driscoll
Best new US CLO
Wind River CLO 2021-2
First Eagle
Finalists
Battalion CLO XXI (Brigade) Carlyle US CLO 2021-7 (Carlyle) CBAM 2021-14 (CBAM) Octagon Investment Partners 54 (Octagon)
Methodology
Blended outperformance
Eligibility
CLOs that went effective before end of Q1 2021, which invest in broadly syndicated US collateral and whose reports are listed on CLO-i
Pictured: James Fellows
Best US CLO
RR 12
Apollo (Redding Ridge)
Finalists
BlueMountain CLO XXX (Assured (Fuji)) Battalion CLO XVII (Brigade) GoldenTree Loan Management US CLO 1 (GoldenTree) Guggenheim CLO 2020-1 (Guggenheim)
Methodology
Blended outperformance
Eligibility
CLOs that went effective after Q1 2021, which are still within reinvestment, and which invest in broadly syndicated US collateral, with reports listed on CLO-i
Pictured (l-r): Obinna Eke, Bhavin Patel, Alan Kelly
Best non-traditional CLO
Diameter Credit Funding II
Diameter
Finalists
Anchorage Credit Funding 10 (Anchorage) Guardia I (Sculptor) Romark Credit Funding I (Shenkman)
Methodology
Blended outperformance
Eligibility
CLOs that have the flexibility to invest in a high proportion of triple C assets or bonds
Pictured: Scott Goodwin (left); Jonathan Lewinsohn
Best redeemed US CLO
RR 10
Apollo (Redding Ridge)
Finalists
Stratus 2020-1 (Blackstone) Carlyle GMS CLO 2013-2 (Carlyle) Madison Park Funding XV (CSAM) Rad CLO VIII (Irradiant)
Methodology
Final IRR
Eligibility
CLOs redeemed in 2021
Pictured: Joseph Moroney
Phillip Bennett-Britton & Oliver Drummond Smith
Best European CLO manager
Spire
Finalists
Cairn CSAM ICG PGIM
Methodology
Mean blended outperformance across European CLOs
Eligibility
Firms with four or more active CLOs which invest in European collateral and whose reports are listed on CLO-i
Best European boutique CLO manager
CBAM
Finalists
BlueBay Fair Oaks Guggenheim
Methodology
Mean blended outperformance across European CLOs
Eligibility
Firms with three or fewer active CLOs that invest in European collateral and whose reports are listed on CLO-i
Pictured: Stuart MacKenzie (Carlyle)
Best new European CLO
RRE 7
Apollo (Redding Ridge)
Finalists
AlbaCore EURO CLO II (AlbaCore) Cairn CLO XIII (Cairn) Sculptor European CLO VIII (Sculptor) Aurium CLO VII (Spire)
Methodology
Blended outperformance
Eligibility
CLOs that went effective after Q1 2021, which invest in European collateral and whose reports are listed on CLO-i
Pictured: Alan Kelly
Best European CLO
Madison Park Euro Funding V
CSAM
Finalists
Cairn CLO XII (Cairn ) Vendome Funding (CBAM) St Paul’s CLO III-R (ICG) Dryden 59 Euro CLO 2017 (PGIM) Aurium CLO IV (Spire)
Methodology
Blended outperformance
Eligibility
CLOs that went effective before end of 2021 and are still within reinvestment, which invest in European collateral and whose reports are listed on CLO-i
Pictured: Andrew Marshak
Best redeemed European CLO
ALME Loan Funding II
Apollo (Redding Ridge)
Finalists
Jubilee 2014-XIV (Alcentra) Barings Euro CLO 2016-1 (Barings) Orwell Park (Blackstone) Cairn CLO V (Cairn)
Methodology
Final IRR
Eligibility
CLOs redeemed in 2021
Pictured: Bhavin Patel
Ujjaval Desai (right) with awards host Krishnan Guru-Murthy
Best CLO fund
Sound Point Harbor
Sound Point
Finalists
BK Opportunities Fund VI (Crystal Fund) Flat Rock Opportunity Fund (Flat Rock) Lupus Alpha CLO Opportunity Notes II (Lupus Alpha) Oxford Gate Master Fund (Oxford Funds)
Methodology
Volatility-adjusted weighted performance
Eligibility
Funds that invest predominantly in CLOs, which are present in Creditflux’s monthly performance listings
Joe Carden
Best mid market CLO manager
Cerberus
Finalists
Blue Owl Golub Guggenheim
Methodology
Mean blended outperformance across mid-market CLOs
Eligibility
Firms that manage CLOs that invest in middle market loans and whose reports are listed on CLO-i
Best public closed-end CLO fund
Oxford Lane Capital Corp
Oxford Funds
Finalists
Blackstone Loan Financing Limited (BGLF) (Blackstone) Eagle Point Credit Company Inc. (ECC) (Eagle Point) Fair Oaks Income Fund Realisation Shares (Fair Oaks)
Methodology
Annualised change in total outstanding value of fund
Eligibility
Publicly listed funds that invest predominantly in CLOs and have no periodic redemption requirements
Pictured: Debdeep Maji
Best private closed-end CLO fund
Oxford Bridge II
Oxford Funds
Finalists
Bain Capital Credit CLO Management (Bain) CloverTree Opportunities Fund (Orchard) Cycad Investments (Fair Oaks) Napier Park ELM I (Napier Park)
Methodology
Annualised IRR in 2021
Eligibility
Private funds that invest predominantly in CLOs and have no periodic redemption requirements
Pictured: Jonathan Cohen
Best new mid-market CLO
Cerberus Loan Funding XXXI
Cerberus
Finalists
BlackRock Mt. Adams CLO IX (BlackRock) Owl Rock CLO VI (Blue Owl) Golub Capital Partners CLO 54 (M) (Golub)
Methodology
Blended outperformance
Eligibility
CLOs that went effective in 2021, which invest in mid market loans and whose reports are listed on CLO-i
Pictured: Joe Carden
Best mid-market CLO
Cerberus Loan Funding XXIX
Cerberus
Finalists
Barings MM CLO 2018-1 (Barings) Golub Capital Partners CLO 38 (M) (Golub) Guggenheim MM CLO 2019-2 (Guggenheim)
Methodology
Blended outperformance
Eligibility
CLOs that went effective before 2021 that are still within reinvestment and which invest in mid market loans whose reports are listed on CLO
Pictured: Joe Carden
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Awards Methodology
Blended outperformance
The average ranking of each CLO relative to its peers by up to 10 performance metrics.
This rewards managers that achieve high returns without compromising the quality of the portfolio. Metrics are: change in junior OC; headroom in junior OC, warf; average collateral value; weighted average spread; cash-on-cash return to equity; equity volatility, multiples of money and leverage. Day-one arbitrage is considered for new CLOs.
Volatility-adjusted weighted performance
A measure that combines absolute change in mark-to-market net asset value during 2021 with volatility relevant to each fund’s redemption profile. Funds that promise liquidity need to deliver stable returns; those that lock up investors’ capital need to achieve greater absolute performance.
Closed-end funds
Private closed-end funds were judged on the basis of an annualised IRR that assumed NAV at the start of the year and any drawdowns as inflows, and distributions and final NAV at the end of the year as outflows. Public closed-end funds were judged using the change in value of the fund over the year accounting for share issuance and distributions.
Final IRR
Equity IRR based on the notional size of the CLO equity and taking into account all payments received.
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