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Global credit funds & CLO's

June 2024 • Issue 265

Published in London & New York 10 Queen Street Place, London 1345 Avenue of the Americas, New York

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Event CLO awards

GoldenTree takes home the big prize

by Tom Davidson

Our 16th annual awards saw the CLO community gather at London’s Landmark Hotel to recognise the best performing CLOs, CLO managers and CLO funds — and the global manager of the year

This year, a record 80 CLO managers and 32 CLO fund managers submitted performance data for the awards. The list of finalists was announced in April and the winners were announced during the Creditflux Manager Awards Dinner, attended by 320 guests.

Among the big winners were Generate Advisors (named best US CLO manager), and Voya Alternative Asset Management (best European CLO manager). But GoldenTree Asset Management took home the most coveted prize, Creditflux Global Manager of the Year. All the manager awards recognise consistent outperformance across a manager’s deals, and the overall manager of the year needs to do that in both the US and Europe.

What makes GoldenTree different?

“You need strong security selection and active portfolio management of the underlying loans... but we also have built a structure that enables us to enhance our CLO execution,” says Kathy Sutherland, CEO of GoldenTree.

Lee Kruter, the firm’s head of performing credit, adds: “We run more concentrated portfolios than some other managers and will actively trade them to both protect capital and take advantage of dislocations.”

GoldenTree’s Erin Morgan and Mort Haque with Creditflux editor Tom Davidson (left to right)

Creditflux Global Manager of the Year

GoldenTree Asset Management

Finalists

CIFC Asset Management CSAM Intermediate Capital Group Napier Park Global Capital Oak Hill Advisors

Methodology

Highest average ranking across all deals

Eligibility

Firms eligible for four or more categories

Will Schroeder, Rizwan Akhter, Eric Im

Best US CLO manager

Generate

Finalists

AGL CSAM Elmwood Asset Management Fidelity Investments

Methodology

Mean blended outperformance across US CLOs

Eligibility

Firms with six or more active CLOs which invest in broadly syndicated US collateral and whose reports are listed on CLO-i

Michael Hombach, Stamatia Hagenstein

Best CLO fund (<$150m)

Lupus Alpha CLO Opp. Notes II

Lupus Alpha

Finalists

Capital Four Structured Credit Opps Fund; Descartes Fund - CLOEE 2019 – Cartesia; BK Opportunities Fund VII – Crystal; Plutus CLO Fund – Prytania; Vibrant Ambar Fund

Methodology

Volatility-adjusted weighted performance

Eligibility

Funds that invest predominantly in CLOs, which are present in Creditflux’s monthly performance listings, with an AUM <$150m as of 31-Dec-2023

Best public closed-end CLO fund

Eagle Point Income Company

Eagle Point Income Management

Finalists

Fair Oaks Income Limited (2021 Shares); XAI Octagon Floating Rate & Alternative Income Trust; Oxford Lane Capital Corp.; Ymer SC AC

Methodology

Annualised change in total outstanding value of fund

Eligibility

Publicly listed funds that invest predominantly in CLOs and have no periodic redemption requirements

Thomas Majewski

Floris Van Den Berg

Best European CLO manager

Voya

Finalists

GoldenTree Asset Management Intermediate Capital Group Invesco Napier Park Global Capital Spire Partners

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

Timo Seidl, Mohammed El Khazzar

Best private closed-end CLO fund

Napier Park ELM I

Napier Park Global Capital

Finalists

AXA IM Opera IV Alcentra Structured Credit Opportunities Fund IV – BSP-Alcentra OHA CLO Enhanced Equity Fund II – Oak Hill Oxford Bridge II – Oxford Funds

Methodology

Annualised IRR in 2023

Eligibility

Private funds that invest predominantly in CLOs and have no periodic redemption requirements

Jonathan Bowers, presenter Charlotte Hawkins, Philip Grose

Best European boutique CLO manager

Acer Tree

Finalists

Fidelity International Guggenheim Investments Nassau Corporate Credit

Methodology

Mean blended outperformance across European CLOs

Eligibility

Firms with four or fewer active CLOs which invest in broadly syndicated US collateral and whose reports are listed on CLO-i

Hans Christensen

Best new US CLO

Venture 47 CLO

MJX Asset Management

Finalists

AGL Core CLO 27; Sandstone Peak II – Beach Point; Generate CLO 12; Dryden 105 CLO – PGIM

Methodology

Blended outperformance

Eligibility

CLOs that went effective in 2023, which invest in broadly syndicated US collateral and whose reports are listed on CLO-i

Best new European CLO

Glenbrook Park CLO

Blackstone Credit

Finalists

Invesco Euro CLO IX; Nassau Euro CLO III; OCP Euro CLO 2023-7 – Onex Credit Partners; Rockford Tower Europe CLO 2023-1

Methodology

Blended outperformance

Eligibility

CLOs that went effective in 2023, which invest in European collateral and whose reports are listed on CLO-i

Alex Leonard, Jane Lee

Brian McNamara, Adrian Marshall

Best US CLO

Elmwood CLO V

Elmwood Asset Management

Finalists

CIFC Funding 2020-II; Madison Park Funding XLVIII – CSAM; Venture 46 – MJX Asset Management; Pikes Peak CLO 6 – Partners Group

Methodology

Blended outperformance

Eligibility

CLOs that went effective before 2023, which are still within reinvestment, and which invest in broadly syndicated US collateral, with reports listed on CLO-i

Best European CLO

Invesco Euro CLO IV

Invesco

Finalists

CIFC European Funding CLO III; CVC Cordatus Loan Fund XVIII; GoldenTree Loan Management EUR CLO 5; Aurium CLO VI – Spire; Voya Euro CLO II

Methodology

Blended outperformance

Eligibility

CLOs that went effective before 2023 and are still within reinvestment, which invest in European collateral and whose reports are listed on CLO-i

Julian Russ, Nuno Caetano

Pierre-Olivier Fortin, Olivier Gozlan

Best CLO fund (>$150m)

BK Opportunities Fund V

Crystal Fund

Finalists

Accunia European CLO Opportunity Alcentra Structured Credit Opportunities Fund II – BSP-Alcentra Oxford Gate Master Fund – Oxford Funds Sound Point Meridian Fund

Methodology

Volatility-adjusted weighted performance

Eligibility

Funds that invest predominantly in CLOs, which are present in Creditflux’s monthly performance listings, with an AUM >$150m as of 31-Dec-2023

Mak Pitke

Best MM CLO manager

Antares Capital

Finalists

Blue Owl Cerberus Business Finance Golub Capital

Methodology

Mean blended outperformance across mid-market CLOs

Eligibility

Firms that manage CLOs which invest in middle market loans and whose reports are listed on CLO-i

Andrew Marshak

Best redeemed US CLO

Madison Park Funding XLI

CSAM

Finalists

Apollo Credit Funding 4; Stratus Static CLO 2022-2 – Blackstone; York CLO-1 – Generate Advisors

Methodology

Final IRR

Eligibility

US BSL CLOs redeemed in 2023

Best new middle market CLO

Cerberus Loan Funding XL

Cerberus Business Finance

Finalists

Owl Rock CLO VIII – Blue Owl; Lake Shore MM CLO V – First Eagle; Golub Capital BDC 3 CLO 2; Guggenheim MM-C 2023-5

Methodology

Blended outperformance

Eligibility

CLOs that went effective in 2023, which invest in mid market loans and whose reports are listed on CLO-i

Joe Carden

Alan George

Best middle market CLO

Golub Capital Partners CLO 47 (M)

Golub Capital

Finalists

Antares CLO 2018-2; BCC Middle Market CLO 2019-1 – Bain; Owl Rock CLO VII – Blue Owl; Cerberus Loan Funding XXXVII

Methodology

Blended outperformance

Eligibility

CLOs that went effective before 2023 that are still within reinvestment and which invest in mid market loans whose reports are listed on CLO-i

Best US boutique CLO manager

Sycamore Tree

Finalists

Aquarian Credit Partners; Hayfin Capital Management; Saratoga Investment Management

Methodology

Mean blended outperformance across US CLOs

Eligibility

Firms with five or fewer active CLOs which invest in broadly syndicated US collateral and whose reports are listed on CLO-i

Paul Travers

Awards methodology

Blended outperformance

The ranking of each CLO relative to its peers by up to 10 performance metrics. This rewards managers that achieve high returns without compromising portfolio quality. The metrics used 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; 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 2023 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. Distributions and final NAV at the end of the year are considered 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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