Hardman & Co Research
Hardman & Co Research: Manager's March 2019 presentation
Serge Demay, from Fund Manager AXA IM, gave an investor presentation on 7 March. Key takeaways were: (i) Flexible mandate means it can exploit whichever element of the CLO market offers the best opportunity. This is likely to see further allocations to CLO equity tranches in the near term. (ii) The credit cycle is likely to turn but this should be gentle and create re-investment opportunities. (iii) The flexible mandate means the portfolio can be quickly re-positioned if market conditions change. The management and board experienced the financial crisis.
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