After delivering YTD NAV TR of –c10% to the end of February, FAIR’s March NAV was up 6% leaving the fund down 4.3% YTD. While disconcerting, in our opinion FAIR’s NAV is behaving consistently with our expectations for a 10x levered instrument where the underlying is exhibiting unusual volatility. Valuations responded positively to a rebound in loan prices (up 2c in the $) with the B rated mezzanine up 14% and the CLO equity up 6%. FAIR’s March NAV also coincided with t
