In its latest Q&A, LFI spoke with Elena Rinaldi, portfolio manager at TwentyFour Asset Management, about where she sees value across CLO tranches, how the team approaches manager selection, and what are the structural and collateral red flags in today’s market.
Rinaldi also discusses reasons for and against rolling into CLO resets, the firm’s recent investment in CLO equity, and its appetite for US CLOs.
LFI: Where do you see value across CLO tranches today?
Elena Rinaldi: The start of Q4 has been notable for a shift in risk sentiment. On one side are the renewed China-US trade tensions, on the other, an increase in idiosyncratic credit issues, like the sudden bankruptcy of Tricolor and First Brands, the latter active in the leveraged loan market…
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