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Capital Allocators – Inside the Institutional Investment Industry
Shiloh Bates – CLO Investing at Flat Rock Global (EP.379)
Apr 11, 2024
50:50:22
Snipd AI
Shiloh Bates, CIO at Flat Rock Global, discusses CLO investing, market overview, and Flat Rock’s approach. Topics include CLO equity attractiveness, historical performance, market characteristics, and BB investments. Learn about Shiloh's 25 years in the industry and his book on CLO investing.
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Quick takeaways
- CLO market growth driven by yield-hungry investors seeking 10% returns from first-line loans.
- CLO equity provides mid-teens returns with lower risk due to structured quarterly distributions and floating-rate securities.
Deep dives
The Evolution of CLO Market
The CLO market has significantly evolved from a niche sector with $6 billion AUM in six managers to over a trillion in AUM and 100 active managers today. The growth is driven by investors seeking yield with first-line loans offering close to 10% returns. CLO securities performance over the past 30 years has been strong, attracting more investors to the asset class.
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