Janus Henderson Investors has launched a global collateralised loan obligation (CLO) vehicle, the Global IG CLO Active Core UCITS fund.
The fund will invest primarily in investment-grade CLO tranches rated from AAA to BBB-, with a particular focus on BBB-rated securities, the asset manager said. It will allocate between European and US CLOs depending on relative value.
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The fund will provide investors with access to approximately $545bn (£404.5bn) of US and European CLOs that meet EU regulatory requirements, with it being structured under the UCITS framework, Janus Henderson said.
“Global investment-grade CLOs offer a compelling combination of income, credit quality, and diversification,” said John Kerschner, global head of securitised products at Janus Henderson. “They typically provide higher yields than similarly rated fixed income instruments and have historically demonstrated strong resilience, with no defaults recorded for US or European BBB tranches issued since 2010. Over the past decade, BBB CLOs have delivered stronger performance than high-yield bonds and loans, supported by lower idiosyncratic risk.”
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Janus Henderson’s global securitised investment team manages around $65bn of assets, including $34.6bn in CLO assets worldwide.
The fund will be managed by Kerschner alongside Denis Struc, Ian Bettney and Jessica Shill, portfolio managers on the firm’s securitised team.
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