FAIR’s very strong July NAV (+13.2% or 12.2% excluding dividend) benefited from strong underlying portfolio performance (+c8%), in-line with the JPM CLOIE post-crisis B Index, plus the fund’s quarterly CLO distributions (c5% of NAV). We highlight the manager’s comment that the JPM index cited is flat on the year. In contrast, FAIR has delivered a NAV TR YTD of 12.9%.
