Creditflux 2024 Manager Awards

About Creditflux

Creditflux, by Debtwire is the leading source for CLO and credit trading news, data, and analysis globally. Established in 2001, its team of journalists and analysts in New York and London produces daily content online and a monthly print magazine that is the publication of choice for many market professionals, including investors, dealers, brokers, analysts, and service providers. Creditflux is an ION Analytics service.

About the CLO Manager Awards

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.

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; 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 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, 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.

[Link to view the Winners]