September proved just as painful as August as the NAV declined 3.33% to $0.8157. Soft pricing in the CLO secondary persisted but CIFU is well positioned to capitalise on improved investment metrics in both CLO equity and Mezz with cash now standing at 5.7% of NAV. Current NAV trends are viewed as a function of MTM volatility and not representative of permanent losses. Loan and CLO markets tend to lag broader market swings so with the VIX now down >50% from early September (currently at the 500DM ....
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Opportunities grow as volatility persists
- Published:
21 Oct 2015 -
Author:
Ben Heatley -
Pages:
4
September proved just as painful as August as the NAV declined 3.33% to $0.8157. Soft pricing in the CLO secondary persisted but CIFU is well positioned to capitalise on improved investment metrics in both CLO equity and Mezz with cash now standing at 5.7% of NAV. Current NAV trends are viewed as a function of MTM volatility and not representative of permanent losses. Loan and CLO markets tend to lag broader market swings so with the VIX now down >50% from early September (currently at the 500DM ....