The CLO Investor Podcast #22, Amir Vardi, Head of Structured Credit, UBS Asset Management
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Jul 22, 2025 Amir Vardi, Head of Structured Credit at UBS Asset Management, offers a deep dive into the world of CLOs. He discusses market inefficiencies and contrasting dynamics between CLO debt and equity. Vardi critiques the current modeling assumptions, urging investors to rethink their strategies amidst evolving conditions. He highlights the importance of data analysis and diversification in investment approaches while sharing insights on managerial choices that can make or break outcomes in structured credit. A must-listen for anyone eyeing market shifts!
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Amir's Long Tenure at UBS
- Amir Vardi has spent his entire career at UBS and its predecessors since 2004, witnessing major industry changes firsthand.
- He transitioned from sell side sales and trading to buy side CLO research and management roles over nearly two decades.
CLOs Offer Ongoing Intellectual Challenge
- CLOs remain intellectually engaging due to evolving markets and managers.
- Data and analytics reveal manager styles and market nuances leading to potential outperformance.
Inefficiencies Enable CLO Alpha
- CLO markets have inefficiencies allowing skilled participants to exploit mispricing.
- Larger CLO tranches tend to be illiquid, enhancing alpha opportunities for knowledgeable players.