CBAM’s approach to corporate credit is driven by traditional fundamental value. The investment process is designed to be collaborative and iterative, enabling industry-focused analysts, portfolio managers and traders to seek optimal relative value within the capital structure. To optimize performance, CBAM complements its diligence process with active management of its portfolios. 

Assets are allocated across three platforms:

  • CLOs
  • Separately Managed Accounts
  • Private Funds
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CLOs

Since 2017, CBAM has brought to market 14 U.S. CLOs and three European CLOs, with total U.S. issuance of $11.3 billion and total European issuance of €950 million. Between 2017-2020, CBAM was the 8th largest issuer of new issue U.S. CLOs in the aggregate at $10.85 billion.

Source: JP Morgan CLO Weekly New Issue Datasheet 2/7/20.
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Separately Managed Accounts

Separately Managed Accounts offer significant investors the opportunity to create a bespoke portfolio based on a mandate dictated by the investor and executed and managed by CBAM. Mandates may be narrowly targeted – or wide enough to allow opportunistic investing across multiple instruments and ratings. CBAM manages $2 billion in commitments and assets in several SMAs.

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Private Funds

CBAM’s Private Funds provide strategies designed to offer broad appeal to multiple investors. In the firm’s opportunistic credit fund, the portfolio managers have a broad mandate to implement those ideas backed by their highest conviction across all of CBAM’s platforms. Private Funds provide the opportunity to invest in a wide range of instruments throughout the credit cycle, whether in a dislocated environment or a “par” environment. CBAM believes investors benefit from the robust research and trading infrastructure built to support its $15 billion of AUM.

To capitalize on the research and insights developed on its credit platform, CBAM also manages a small and mid-cap focused long/short equity fund. The credit platform provides a unique perspective from public and private companies across sectors which help form the investment thesis for the equity fund. Understanding a company’s entire capital structure is a key to sound investment decision-making.