Currently trading at a 4.3% premium to NAV and yielding 8.6% (and probably more), FAIR’s rating remains an outlier in the peer group of fund’s investing in CLO equity and mezzanine paper. We attribute the fund’s premium rating to a combination of its fixed life and the manager’s open communication strategy. We highlight that in the interim report (period ended 30 June) the Chairman was confident enough to report that the effective interest rate of the fund’s port
