There is an opportunity for investors able to look beyond the typical fixed income asset classes
Real money investors need to be aware of the merits of investment grade CLO tranches over similarly rated corporate debt, says our columnist Thomas Majewski

Swedish pension fund's credit portfolio recovers with strong 2018 results
Andra AP-Fonden (AP2), the SEK 352.4 billion ($38.7 billion) state-owned pension fund, generated 5.6% absolute returns from non-domestic credit investments for the first half of 2018

US pension fund's credit performance stumbles with 2.3% 12-month return
Maryland State and Retirement & Pension System, the $51.9 billion public pension fund, generated 2.31% returns from its credit portfolio for the fiscal year to June 30, down from 10% the year before

Manager plays its cards right as top-performing hedge fund grows in size
A US credit hedge fund manager has grown the size of its credit vehicle amid a strong first half of the year

Goldman's BDC receives 95% shareholder approval for leverage increase
Following recent regulatory changes, the $1.23 billion Goldman Sachs BDC has received a 95% shareholder approval to raise its debt to equity ratio from a one-to-one to a two-to-one ratio

Credit drives strong returns for five of the largest asset managers in the business
Carlyle is close to hitting its ambitious fundraising target; direct lending has been kind to Ares; and Och-Ziff has decided to shed its US CLO risk retention stakes after exiting its financing agreements

Private credit helps drive returns for Alaska pension fund
The $64.9 billion sovereign wealth fund has generated 8.79% returns from private credit for the fiscal year ended 30 June

Past returns: LMCG and Trump
In Creditflux five years ago we reported on LMCG Investments (then known as Serenitas Capital) generating strong returns after spinning out of Bank America Merrill Lynch.

Points up front: BlueGreen OneTreeHill United, the CLO team
Inspired by Serhan Seçmen’s keynote address at Creditflux’s CLO Symposium in May, we’ve come up with a World XI of CLO managers.

They said it: “Occam’s razor, the marshmallow test and the Pareto principle – what do they have in common?”
The simplest solution is often the best solution, delayed gratification and the 80/20 rule; these can all be used in the assessment of CLO manager performance

Experienced CSAM holds off boutiques to win biggest prize
Credit Suisse Asset Management became a two-time winner of the Creditflux Manager of the Year award last month after picking up the 2018 trophy in front of a packed house at London’s Landmark Hotel on 9 May

CSAM wins Creditflux Manager of the Year award for a second time
From two guys and a Bloomberg to being named the best manager in the credit industry: Credit Suisse Asset Management wins big at the 2018 Creditflux Manager Awards

Credit boutiques shine bright in Morningstar’s list
Morningstar’s five-star rating has recently been bestowed on a number of boutique credit managers

CLO performance is faltering – a loans shock would help
Early CLO 2.0s benefited from wide loan spreads. Today, that arbitrage opportunity has closed and returns have gradually diminished – yet there are now similarities to the market in 2007

CLOs aren’t as similar as you might think
Almost 70% of some managers’ portfolios overlap with those of their competitors. But the average overlap is around 35% so there’s plenty of room for managers to express their preferred strategies
 

Tracking down the credit industry’s original winners
All winning managers at the first Creditflux awards survived the crisis, under their own names – like BlackRock – or under new owners. But what happened to the people who collected the trophies?
 

79% of credit managers expect US high yield to widen, survey reveals
The International Association of Credit Portfolio Managers (IACPM) has revealed the results for its latest IACPM Credit Outlook Survey – and the outlook appears to be bleak

BlackRock's iShares contribute to strong AUM growth despite volatile quarter
BlackRock has reported a 17% year-on-year growth in AUM at the end of first quarter 2018, as well as a 28% year-over-year growth in first-quarter earnings

Structured credit specialists seek future-proofing in direct lending
At the turn of the last credit cycle, structured credit recovered spectacularly – but credit managers today seem to be gravitating towards private credit as the area to pick up excess returns in a downturn

CSAM in contention for US and European CLO honours
Credit Suisse Asset Management, CVC Credit Partners, Spire Partners and Sound Point Capital Management are among the CLO managers that have secured multiple finalists positions at this year’s Creditflux Manager Awards

CLO managers give blessing to Morningstar
“Our methodology is extremely transparent and our turnaround is extremely quick" - Morningstar's Brian Grow describes the company's ascension into the CLO market

Credit Suisse fund to liquidate following underperformance
Credit Suisse is liquidating the Credit Suisse Commodity Access Strategy Fund, which invests mostly in bonds

Structured credit investors look beyond US RMBS
Re-remic, re-performing loans, non-performing loans and single family rental securitisations have come into favour as non-agency RMBS issuance dries up

Direct lenders pile into "turbocharged" market as fundraising skyrockets: report
Growth in the direct lending market in the 12 months to 31 December was “turbocharged,” growing robustly in the fourth quarter 2017 in particular due to a consistently growing Eurozone economy, according to Deloitte