• Overview
• CLOs

Creditflux announces 2024 CLO Manager Awards winners

By Tom Davidson

Thursday, May 16, 2024

Creditflux held its 16^th annual CLO Manager Awards in London on 15 May 2024. The global collateralized loan obligation (CLO) community gathered at London's Landmark Hotel to recognize the best-performing CLOs, CLO managers, and CLO funds in the USD 1.32tn* global CLO market.

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 category winners were announced live during the Creditflux Manager Awards Dinner, attended by 320 guests.

The awards ceremony followed the Creditflux CLO Symposium that connected CLO investors with the most important arrangers, managers, and advisors in global structured finance, helping the former to deploy capital and achieve investment goals. More than 700 delegates attended the sell-out conference in person, along with hundreds more who watched the live stream. 

"Despite a backdrop of market volatility and macro-economic challenges, 2023 was another strong year for the CLO market," said Tom Davidson, Managing Editor of Creditflux. "We are delighted to celebrate the best performers in the industry, presenting awards to the 17 managers who triumphed this year." 

The winners are:

	Category	Winner	CLO/Fund
Managers	Creditflux global manager of the year	GoldenTree Asset Management
	Best US CLO manager	Generate Advisors
	Best European CLO manager	Voya Alternative Asset Management
	Best US boutique CLO manager	Sycamore Tree
	Best European boutique CLO manager	Acer Tree Investment Management
	Best MM CLO manager	Antares Capital
Funds	Best private closed-end CLO fund	Napier Park Global Capital	Napier Park ELM I
	Best public closed-end CLO fund	Eagle Point Income Management	Eagle Point Income Company (EIC)
	Best CLO fund (<$150m)	Lupus Alpha Asset Management	Lupus Alpha CLO Opportunity Notes II
	Best CLO fund (>$150m)	Crystal Fund	BK Opportunities Fund V
CLOs	Best US CLO	Elmwood Asset Management	Elmwood CLO V
	Best European CLO	Invesco	Invesco Euro CLO IV
	Best redeemed US CLO	CSAM	Madison Park Funding XLI
	Best new middle market CLO	Cerberus Business Finance	Cerberus Loan Funding XL
	Best middle market CLO	Golub Capital	Golub Capital Partners CLO 47 (M)
	Best new US CLO	MJX Asset Management	Venture 47 CLO
	Best new European CLO	Blackstone Credit	Glenbrook Park CLO

A full writeup of the conference and Symposium will be included in our June newsletter.

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.

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.

 

*Global CLO principal liabilities (debt + equity) as of 31 March 2024 according to Creditflux data

<<END>>

TAGS: Europe CLO North America Creditflux event Creditflux awards