Another Fine Mezz CLO Series: John Kerschner, Janus Henderson
At last, the Another Fine Mezz team's CLO Series is back with a bang after to chatting to potentially the hottest property in CLOs.
That is John Kerschner, head of US securitized products and portfolio manager at Janus Henderson. Also known as the man behind the mammoth CLO ETFs, JAAA and JBBB.
Together, the two CLO ETFs have just under $12bn in assets under management, roughly doubling in size since the start of 2024.
On the episode, Kerschner explained how ETFs work in a CLO context and the challenges they will still face. One of the biggest challenges is educating investors, whether they be new to CLOs or new to ETFs. And he also touched on Janus Henderson's plans for a European CLO ETF.
As ever in the CLO Series, Kerschner spoke about how he went from an ecology graduate to a securitization investor, the keys to being a good investor, and how to stay as calm when things get hairy.