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29-Aug-24
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29-Aug-24
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Insights

8 minute read

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MIGUEL70

Miguel Ramos Fuentenebro

Co-founder and Partner

SUBSCRIBE
SUBSCRIBE

Summary

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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vivamus vitae fringilla urna. Integer at neque ullamcorper, convallis velit nec, consequat mauris. Pellentesque eu neque enim. Proin sapien diam, accumsan vitae eros id, rhoncus luctus nunc. Sed eu felis dolor. Vestibulum lobortis sagittis tristique. In congue arcu eu enim vulputate luctus. Maecenas euismod est a fermentum porta. Mauris sit amet ex non justo rutrum sagittis. Pellentesque interdum sapien neque, ac aliquam arcu bibendum blandit. Maecenas sagittis ex ipsum, a euismod odio convallis quis. Mauris ut risus ac leo finibus maximus. Cras eget rutrum nulla. Cras neque nunc, luctus vel augue in, porta aliquam ex. Etiam a magna eu lectus tincidunt tristique. Sed at risus at neque posuere tincidunt.

 

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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vivamus vitae fringilla urna. Integer at neque ullamcorper, convallis velit nec, consequat mauris. Pellentesque eu neque enim. Proin sapien diam, accumsan vitae eros id, rhoncus luctus nunc. Sed eu felis dolor. Vestibulum lobortis sagittis tristique. In congue arcu eu enim vulputate luctus. Maecenas euismod est a fermentum porta. Mauris sit amet ex non justo rutrum sagittis. Pellentesque interdum sapien neque, ac aliquam arcu bibendum blandit. Maecenas sagittis ex ipsum, a euismod odio convallis quis. Mauris ut risus ac leo finibus maximus. Cras eget rutrum nulla. Cras neque nunc, luctus vel augue in, porta aliquam ex. Etiam a magna eu lectus tincidunt tristique. Sed at risus at neque posuere tincidunt.

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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vivamus vitae fringilla urna. Integer at neque ullamcorper, convallis velit nec, consequat mauris. Pellentesque eu neque enim. Proin sapien diam, accumsan vitae eros id, rhoncus luctus nunc. Sed eu felis dolor. Vestibulum lobortis sagittis tristique. In congue arcu eu enim vulputate luctus. Maecenas euismod est a fermentum porta. Mauris sit amet ex non justo rutrum sagittis. Pellentesque interdum sapien neque, ac aliquam arcu bibendum blandit. Maecenas sagittis ex ipsum, a euismod odio convallis quis. Mauris ut risus ac leo finibus maximus. Cras eget rutrum nulla. Cras neque nunc, luctus vel augue in, porta aliquam ex. Etiam a magna eu lectus tincidunt tristique. Sed at risus at neque posuere tincidunt.

 

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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vivamus vitae fringilla urna. Integer at neque ullamcorper, convallis velit nec, consequat mauris. Pellentesque eu neque enim. Proin sapien diam, accumsan vitae eros id, rhoncus luctus nunc. Sed eu felis dolor. Vestibulum lobortis sagittis tristique. In congue arcu eu enim vulputate luctus. Maecenas euismod est a fermentum porta. Mauris sit amet ex non justo rutrum sagittis. Pellentesque interdum sapien neque, ac aliquam arcu bibendum blandit. Maecenas sagittis ex ipsum, a euismod odio convallis quis. Mauris ut risus ac leo finibus maximus. Cras eget rutrum nulla. Cras neque nunc, luctus vel augue in, porta aliquam ex. Etiam a magna eu lectus tincidunt tristique. Sed at risus at neque posuere tincidunt.

 

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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vivamus vitae fringilla urna. Integer at neque ullamcorper, convallis velit nec, consequat mauris. Pellentesque eu neque enim. Proin sapien diam, accumsan vitae eros id, rhoncus luctus nunc. Sed eu felis dolor. Vestibulum lobortis sagittis tristique. In congue arcu eu enim vulputate luctus. Maecenas euismod est a fermentum porta. Mauris sit amet ex non justo rutrum sagittis. Pellentesque interdum sapien neque, ac aliquam arcu bibendum blandit. Maecenas sagittis ex ipsum, a euismod odio convallis quis. Mauris ut risus ac leo finibus maximus. Cras eget rutrum nulla. Cras neque nunc, luctus vel augue in, porta aliquam ex. Etiam a magna eu lectus tincidunt tristique. Sed at risus at neque posuere tincidunt.

Conclusion

CLOs offer access to senior secured loans while tailoring for varying risk-adjusted return appetites and taking no mark-to-market risk.

Credit losses are mitigated by the presence of credit enhancements (subordination and excess spread), embedded tests (with associated diversion protocols) and active management.

CLOs are an established and liquid market with a 25+ year track record and is a market more than $1+ trillion in size.

CLOs can provide a valuable addition to a diversified fixed income portfolio given their attractive risk-adjusted return and floating-rate nature.

Endnotes

  1. Fitch’s,” U.S. Leveraged Finance Restructuring Series: Ultimate Recovery Rate Study (First-Lien Term Loan Recoveries Dip in 2020, Begin to Recover in 2021)”, 21-Mar-22.
  2. S&P’s, “Default, Transition, and Recovery: 2022 Annual Global Leveraged Loan CLO Default And Rating Transition Study”, 10-year time horizon, 13-May-23.
  3. Bank of America and Pitchbook LCD. Average par subordination of European CLO tranches between 2013 and 2022. For illustrative purposes only.
  4. JP Morgan as at 29-Feb-24. Euro CLOIE, European AAA-BBB Corporates, European Leveraged Loan Index, European HY Index.
  5. S&P’s, “Default, Transition, and Recovery: 2022 Annual Global Leveraged Loan CLO Default And Rating Transition Study”, 10-year time horizon, 13-May-23. S&P’s “Default, Transition, and Recovery: 2022 Annual Global Corporate Default And Rating Transition Study”, 10-year time horizon, 25-Apr-23.

Summary

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Ut at libero gravida, consequat nisl consectetur, porttitor lorem. Aenean eu ex magna. Duis condimentum sapien non magna aliquam facilisis. Proin posuere mattis ligula, vitae varius diam ullamcorper non. Pellentesque eleifend turpis eget aliquam lobortis. Vestibulum maximus viverra justo, in accumsan velit mattis ut. In hac habitasse platea dictumst. Aenean at accumsan nulla.

The structure of a CLO

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Ut at libero gravida, consequat nisl consectetur, porttitor lorem. Aenean eu ex magna. Duis condimentum sapien non magna aliquam facilisis. Proin posuere mattis ligula, vitae varius diam ullamcorper non. Pellentesque eleifend turpis eget aliquam lobortis. Vestibulum maximus viverra justo, in accumsan velit mattis ut. In hac habitasse platea dictumst. Aenean at accumsan nulla.

 

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Ut at libero gravida, consequat nisl consectetur, porttitor lorem. Aenean eu ex magna. Duis condimentum sapien non magna aliquam facilisis. Proin posuere mattis ligula, vitae varius diam ullamcorper non. Pellentesque eleifend turpis eget aliquam lobortis. Vestibulum maximus viverra justo, in accumsan velit mattis ut. In hac habitasse platea dictumst. Aenean at accumsan nulla.

CLO financing: rated debt and first-loss equity tranches

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Ut at libero gravida, consequat nisl consectetur, porttitor lorem. Aenean eu ex magna. Duis condimentum sapien non magna aliquam facilisis. Proin posuere mattis ligula, vitae varius diam ullamcorper non. Pellentesque eleifend turpis eget aliquam lobortis. Vestibulum maximus viverra justo, in accumsan velit mattis ut. In hac habitasse platea dictumst. Aenean at accumsan nulla.

CLO lifecycle

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Ut at libero gravida, consequat nisl consectetur, porttitor lorem. Aenean eu ex magna. Duis condimentum sapien non magna aliquam facilisis. Proin posuere mattis ligula, vitae varius diam ullamcorper non. Pellentesque eleifend turpis eget aliquam lobortis. Vestibulum maximus viverra justo, in accumsan velit mattis ut. In hac habitasse platea dictumst. Aenean at accumsan nulla.

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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vivamus et ligula quis massa congue consectetur at cursus nunc. Fusce porta mi quis leo consequat hendrerit. Donec nisl nibh, mattis vel magna vitae, aliquam iaculis neque. Duis bibendum ligula id elit volutpat ultrices. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Morbi consequat justo quis volutpat ullamcorper. Vivamus iaculis volutpat augue, a gravida arcu gravida eget. Vestibulum feugiat condimentum quam, feugiat porta risus pharetra in. Nulla facilisi. Proin dictum sed risus in interdum. Integer nisi ante, ornare eu vehicula eu, maximus sit amet velit. Integer in elit elementum sapien imperdiet eleifend.

Ut at libero gravida, consequat nisl consectetur, porttitor lorem. Aenean eu ex magna. Duis condimentum sapien non magna aliquam facilisis. Proin posuere mattis ligula, vitae varius diam ullamcorper non. Pellentesque eleifend turpis eget aliquam lobortis. Vestibulum maximus viverra justo, in accumsan velit mattis ut. In hac habitasse platea dictumst. Aenean at accumsan nulla.

Conclusion

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Ut at libero gravida, consequat nisl consectetur, porttitor lorem. Aenean eu ex magna. Duis condimentum sapien non magna aliquam facilisis. Proin posuere mattis ligula, vitae varius diam ullamcorper non. Pellentesque eleifend turpis eget aliquam lobortis. Vestibulum maximus viverra justo, in accumsan velit mattis ut. In hac habitasse platea dictumst. Aenean at accumsan nulla.

Endnotes

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An introduction to CLOs

Fair Oaks’ core belief is that the CLO market generates consistent, repeatable, and superior risk-adjusted returns over multiple market cycles versus other credit strategies:

  1. Diversified access to senior secured loans
  2. Attractive yield versus similarly rated credit assets
  3. Historically low default rate through multiple market cycles
  4. Minimal interest rate risk

CLOs are actively managed diversified senior secured loan portfolios, consisting of 100-300 large corporate issuers. While loans typically have extended settlement periods, CLOs settle on a T+2 basis given they are tradable securities, providing liquidity to investors. Each CLO is efficiently financed by long-term debt notes and a first-loss equity note. This combination of diverse underlying senior secured loans, with the structural integrity and flexibility of the CLO structure, enables CLOs to stand apart in the credit markets.

 

Debt notes sequentially receive quarterly interest payments above the reference rate (SOFR/EURIBOR) through a cashflow waterfall.  Payments are first made to senior debt notes (rated AAA) until junior debt notes (rated BB or single-B), with net excess cashflows paid to the equity tranche.

 

Subordination provides protection to debt notes as credit losses flow up through the capital structure. This has resulted in low historical default rates, enabling CLO notes to outperform default rates of similarly rated and even higher rated corporates.

CLOs attract a broad and stable investor base as a result of the credit rating assigned to debt notes, from banks, pension funds and insurance companies to specialized asset managers and hedge funds. As a result, the CLO market now stands at over $1 trillion in size, making it an established and liquid asset class. Given the c.25+ year track record, liquidity profile and opportunity for exposure to loans, CLOs are a key asset class for investors to consider in order to diversify a portfolio.

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If you are not a Qualified Investor in Switzerland (as defined in the Swiss Collective Investment Schemes Act of 23 June 2006, as amended and its implementing ordinance) then please leave this website now. Certain of the products on this website may not be distributed other than to Qualified Investors.

The Swiss representative and paying agent of the Fair Oaks AAA CLO Fund, a Luxembourg domiciled UCITS sub-fund, is RBC Investor Services Bank S.A., Esch-sur- Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The latest Prospectus, Key Investor Information Document (KIID), Articles of Association and annual and semi-annual reports relating to the Fair Oaks AAA CLO Fund can each be obtained free of charge from the Swiss representative and paying agent. The place of performance and jurisdiction is the registered office of the Swiss representative with regards to shares of the Fair Oaks AAA CLO Fund distributed in and from Switzerland.

Terms and Conditions

Important notice

This website is operated by Fair Oaks Capital Limited, a limited company registered in England and Wales, with registered number 08260598, having its registered office at 1 Old Queen Street, London, SW1H 9JA. By using this website, you agree to these Terms and Conditions of Use, as well as to Fair Oaks Capital Limited’s Privacy Notice and Cookies Policy (together the “Terms”), which constitute a legal agreement between you and Fair Oaks Capital Limited governing your access to and use of this website. It is your responsibility to review the Terms and to make sure you understand and comply with them. Your compliance with the Terms is an ongoing condition to your use of this website, and you may not use it if you are not prepared to comply with all of the Terms.

Fair Oaks Capital Limited is authorised and regulated by the UK Financial Conduct Authority (“FCA”). References to “we” or “us” shall mean Fair Oaks Capital Limited and, where relevant, its affiliates, including Fair Oaks Capital US LP. Fair Oaks Capital US LP is a Delaware limited partnership with its place of business at 152 West 57 Street, New York, NY 10019.

Content of this website

This website is provided for your general information only and does not constitute investment advice or an offer to sell or the solicitation of an offer to buy any investment.

Nothing on this website is advice on the merits of any product or investment, nothing constitutes investment, legal, tax or any other advice nor is it to be relied on in making an investment decision. Prospective investors should obtain independent investment advice and inform themselves as to applicable legal requirements, exchange control regulations and taxes in their jurisdiction.

This website complies with the regulatory requirements of the United Kingdom. There may be laws in your country of nationality or residence or in the country from which you access this website which restrict the extent to which the website may be made available to you. If you are not permitted to access this website in accordance with the laws of your country or nationality of residence then please leave this website now.

Certain information contained on this website may be of a historical nature and may now be out of date. All historical information should be understood as speaking from the date of its first publication.

Likewise, this website may contain forward-looking statements. These forward-looking statements are subject to uncertainties and inherent risks that could cause actual results to differ materially from those contained in any forward-looking statement. We undertake no duty to update publicly any forward-looking statements contained herein, in light of new information or future developments.

Although the information provided to you on this website is obtained or compiled from sources we believe to be reliable, we cannot and do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available to you for any particular purpose. All information published is in good faith but no representation or warranty, express or implied, is made by us or any person as to its accuracy or completeness and it should not be relied on as such. We shall have no liability for any loss or damage arising out of the use of or reliance on the information provided including, without limitation, any loss or other damage, direct or consequential.

We have published a number of articles in the Insights section of this website. Opinions in such articles are our current opinions, and are subject to change without notice. We assume no responsibility to update information contained in such articles or to notify you of any changes. Any outlooks, forecasts or portfolio weightings presented in such articles are as of the date appearing therein and are also subject to change without notice. We disclaim any responsibility to update such views. Such commentary is intended for ‘institutional investors’ only (as such term is defined in various jurisdictions). Such commentary does not constitute an offer to sell any securities or the solicitation of an offer to purchase any securities. Such commentary discusses topical aspects of credit markets and should not be construed as research, investment advice, or any investment recommendation. Investment concepts mentioned in such commentary may be unsuitable for investors depending on their specific investment objectives and financial position. Fees, commissions, tax considerations and other transaction costs may significantly affect the economic consequences of any investment concepts referenced in such commentary and should be reviewed carefully with one’s investment and tax advisers. All information in such commentary is believed to be reliable as of the date on which this commentary was issued, and has been obtained from sources believed to be reliable. No representation or warranty, either express or implied, is provided in relation to the accuracy or completeness of fairness of the information or opinions contained therein.

Distribution of information

The distribution of the information and material on this website may be restricted by law in certain countries. None of the information is directed at, or is intended for distribution to, or use by, any person or entity in any jurisdiction (by virtue of nationality, place of residence, domicile or registered office) where publication, distribution or use of such information would be contrary to local law or regulation, or would subject us to any registration or licensing requirements in such jurisdiction. You must inform yourself about, and observe any such restrictions in your jurisdiction and by accessing this website you represent that you have done so. The information on this website is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States to or for the benefit of any United States person (being residents of the United States or partnerships or corporations organised under the laws thereof). None of the funds or other investment products contained on this website have been registered in the United States under the Investment Company Act of 1940 and interests therein are not registered in the United States under the Securities Act of 1933.

We may monitor and/or record any telephone communications and electronic communications with you.

Risk Warnings

Investments can involve significant risk. Past performance is not a guarantee of future performance. The price of investments can go down as well as up and may be affected by changes in rates of exchange. An investor may not get back the amount invested. Target returns and distributions are hypothetical targets only and are neither guarantees nor predictions or projections of future performance. There can be no assurance that such targeted returns will be achieved. The price of investments listed on an exchange is determined by supply and demand, and may not equate to the value of the investment’s underlying assets. Any decision to investment should be based on the information contained in the appropriate prospectus, offering memorandum or equivalent contractual document and after seeking independent investment, tax and legal advice.

Linked Websites

This website may provide addresses or hyperlinks which lead you to other websites (“Linked Sites”). We have not reviewed nor do we endorse or recommend any products or services offered or information contained on Linked Sites, and disclaim any liability for their content or any consequences of their use. Any web addresses and hyperlinks in this website are provided solely for convenience and information. Accessing any Linked Sites shall be at your own risk.

IP rights

This website and its content are owned by Fair Oaks Capital Limited, and may contain information, text, graphics, video, software, logos, and other materials (“Content”) that are protected by copyright, trademarks, or other proprietary rights. No permission is granted to upload, copy, modify, post, frame, amend or distribute any of the Content of this website in any way without obtaining the prior written permission of Fair Oaks Capital Limited. All intellectual property rights in any part of the world which subsist in the Contents of this website and which belong to Fair Oaks Capital Limited, save as expressly granted, are hereby reserved. This website contains various registered and unregistered trade marks belonging to Fair Oaks Capital Limited. The registered trademarks include, but are not limited to, “Fair Oaks”, “Fair Oaks Capital” and the Fair Oaks Capital logo.

Jurisdiction

Use of this website shall be governed by and construed in accordance with the laws of England and Wales and any dispute arising in relation to this website is subject to the jurisdiction of the English courts.

Variation of Terms of Use

We reserve the right to vary these terms of use at any time and will post any variations here. You are advised to review these terms of use on a regular basis as you will be deemed to have accepted variations if you continue to use the website after they have been posted.

✕

HOW TO INVEST IN FAIR OAKS AAA CLO ETF

Via primary market

through authorised participants

Via OTC

through bank or authorised participant

Via exchange

through broker

CONTACT FAIR OAKS
✕

Welcome

Please confirm your country of residence and investor type:

Investor type

By selecting Professional Client, you affirm either that you are a Per Se Professional Client, or that you wish to be treated as an Elective Professional Client, both as defined under the markets in Financial Instruments Directive (in the case of persons access this website from the UK, as transposed into UK law), or an equivalent in a jurisdiction outside the European Economic Area.

Terms and Conditions

Important notice

This website is operated by Fair Oaks Capital Limited, a limited company registered in England and Wales, with registered number 08260598, having its registered office at 1 Old Queen Street, London, SW1H 9JA. By using this website, you agree to these Terms and Conditions of Use, as well as to Fair Oaks Capital Limited’s Privacy Notice and Cookies Policy (together the “Terms”), which constitute a legal agreement between you and Fair Oaks Capital Limited governing your access to and use of this website. It is your responsibility to review the Terms and to make sure you understand and comply with them. Your compliance with the Terms is an ongoing condition to your use of this website, and you may not use it if you are not prepared to comply with all of the Terms.

Fair Oaks Capital Limited is authorised and regulated by the UK Financial Conduct Authority (“FCA”). References to “we” or “us” shall mean Fair Oaks Capital Limited and, where relevant, its affiliates, including Fair Oaks Capital US LP. Fair Oaks Capital US LP is a Delaware limited partnership with its place of business at 152 West 57 Street, New York, NY 10019.

Content of this website

This website is provided for your general information only and does not constitute investment advice or an offer to sell or the solicitation of an offer to buy any investment.

Nothing on this website is advice on the merits of any product or investment, nothing constitutes investment, legal, tax or any other advice nor is it to be relied on in making an investment decision. Prospective investors should obtain independent investment advice and inform themselves as to applicable legal requirements, exchange control regulations and taxes in their jurisdiction.

This website complies with the regulatory requirements of the United Kingdom. There may be laws in your country of nationality or residence or in the country from which you access this website which restrict the extent to which the website may be made available to you. If you are not permitted to access this website in accordance with the laws of your country or nationality of residence then please leave this website now.

Certain information contained on this website may be of a historical nature and may now be out of date. All historical information should be understood as speaking from the date of its first publication.

Likewise, this website may contain forward-looking statements. These forward-looking statements are subject to uncertainties and inherent risks that could cause actual results to differ materially from those contained in any forward-looking statement. We undertake no duty to update publicly any forward-looking statements contained herein, in light of new information or future developments.

Although the information provided to you on this website is obtained or compiled from sources we believe to be reliable, we cannot and do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available to you for any particular purpose. All information published is in good faith but no representation or warranty, express or implied, is made by us or any person as to its accuracy or completeness and it should not be relied on as such. We shall have no liability for any loss or damage arising out of the use of or reliance on the information provided including, without limitation, any loss or other damage, direct or consequential.

We have published a number of articles in the Insights section of this website. Opinions in such articles are our current opinions, and are subject to change without notice. We assume no responsibility to update information contained in such articles or to notify you of any changes. Any outlooks, forecasts or portfolio weightings presented in such articles are as of the date appearing therein and are also subject to change without notice. We disclaim any responsibility to update such views. Such commentary is intended for ‘institutional investors’ only (as such term is defined in various jurisdictions). Such commentary does not constitute an offer to sell any securities or the solicitation of an offer to purchase any securities. Such commentary discusses topical aspects of credit markets and should not be construed as research, investment advice, or any investment recommendation. Investment concepts mentioned in such commentary may be unsuitable for investors depending on their specific investment objectives and financial position. Fees, commissions, tax considerations and other transaction costs may significantly affect the economic consequences of any investment concepts referenced in such commentary and should be reviewed carefully with one’s investment and tax advisers. All information in such commentary is believed to be reliable as of the date on which this commentary was issued, and has been obtained from sources believed to be reliable. No representation or warranty, either express or implied, is provided in relation to the accuracy or completeness of fairness of the information or opinions contained therein.

Distribution of information

The distribution of the information and material on this website may be restricted by law in certain countries. None of the information is directed at, or is intended for distribution to, or use by, any person or entity in any jurisdiction (by virtue of nationality, place of residence, domicile or registered office) where publication, distribution or use of such information would be contrary to local law or regulation, or would subject us to any registration or licensing requirements in such jurisdiction. You must inform yourself about, and observe any such restrictions in your jurisdiction and by accessing this website you represent that you have done so. The information on this website is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States to or for the benefit of any United States person (being residents of the United States or partnerships or corporations organised under the laws thereof). None of the funds or other investment products contained on this website have been registered in the United States under the Investment Company Act of 1940 and interests therein are not registered in the United States under the Securities Act of 1933.

We may monitor and/or record any telephone communications and electronic communications with you.

Risk Warnings

Investments can involve significant risk. Past performance is not a guarantee of future performance. The price of investments can go down as well as up and may be affected by changes in rates of exchange. An investor may not get back the amount invested. Target returns and distributions are hypothetical targets only and are neither guarantees nor predictions or projections of future performance. There can be no assurance that such targeted returns will be achieved. The price of investments listed on an exchange is determined by supply and demand, and may not equate to the value of the investment’s underlying assets. Any decision to investment should be based on the information contained in the appropriate prospectus, offering memorandum or equivalent contractual document and after seeking independent investment, tax and legal advice.

Linked Websites

This website may provide addresses or hyperlinks which lead you to other websites (“Linked Sites”). We have not reviewed nor do we endorse or recommend any products or services offered or information contained on Linked Sites, and disclaim any liability for their content or any consequences of their use. Any web addresses and hyperlinks in this website are provided solely for convenience and information. Accessing any Linked Sites shall be at your own risk.

IP rights

This website and its content are owned by Fair Oaks Capital Limited, and may contain information, text, graphics, video, software, logos, and other materials (“Content”) that are protected by copyright, trademarks, or other proprietary rights. No permission is granted to upload, copy, modify, post, frame, amend or distribute any of the Content of this website in any way without obtaining the prior written permission of Fair Oaks Capital Limited. All intellectual property rights in any part of the world which subsist in the Contents of this website and which belong to Fair Oaks Capital Limited, save as expressly granted, are hereby reserved. This website contains various registered and unregistered trade marks belonging to Fair Oaks Capital Limited. The registered trademarks include, but are not limited to, “Fair Oaks”, “Fair Oaks Capital” and the Fair Oaks Capital logo.

Jurisdiction

Use of this website shall be governed by and construed in accordance with the laws of England and Wales and any dispute arising in relation to this website is subject to the jurisdiction of the English courts.

Variation of Terms of Use

We reserve the right to vary these terms of use at any time and will post any variations here. You are advised to review these terms of use on a regular basis as you will be deemed to have accepted variations if you continue to use the website after they have been posted.

The contents of this website are only accessible by Professional Clients and Eligible Counterparties. Retail Investors should not view or seek to rely on any information contained in this website and should in all instances consult their financial adviser. The Prospectus, Financial Reports and Key Investor Information Documents relating to the ETF Class(es) of the Fund referenced on this website can be found at www.waystone.com/our-funds/waystone-managed-funds/

Notice to Swiss Investors: By selecting “Professional Client”, you are confirming that you are a Qualified Investor in Switzerland as defined in the Swiss Collective Investment Schemes Act of 23 June 2006, as amended and its implementing ordinance. This website can only be accessed in Switzerland by Qualified Investors.

If you are not a Qualified Investor in Switzerland (as defined in the Swiss Collective Investment Schemes Act of 23 June 2006, as amended and its implementing ordinance) then please leave this website now. Certain of the products on this website may not be distributed other than to Qualified Investors.

The Swiss representative and paying agent of the Fair Oaks AAA CLO Fund, a Luxembourg domiciled UCITS sub-fund, is RBC Investor Services Bank S.A., Esch-sur- Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The latest Prospectus, Key Investor Information Document (KIID), Articles of Association and annual and semi-annual reports relating to the Fair Oaks AAA CLO Fund can each be obtained free of charge from the Swiss representative and paying agent. The place of performance and jurisdiction is the registered office of the Swiss representative with regards to shares of the Fair Oaks AAA CLO Fund distributed in and from Switzerland.

Terms and Conditions

Important notice

This website is operated by Fair Oaks Capital Limited, a limited company registered in England and Wales, with registered number 08260598, having its registered office at 1 Old Queen Street, London, SW1H 9JA. By using this website, you agree to these Terms and Conditions of Use, as well as to Fair Oaks Capital Limited’s Privacy Notice and Cookies Policy (together the “Terms”), which constitute a legal agreement between you and Fair Oaks Capital Limited governing your access to and use of this website. It is your responsibility to review the Terms and to make sure you understand and comply with them. Your compliance with the Terms is an ongoing condition to your use of this website, and you may not use it if you are not prepared to comply with all of the Terms.

Fair Oaks Capital Limited is authorised and regulated by the UK Financial Conduct Authority (“FCA”). References to “we” or “us” shall mean Fair Oaks Capital Limited and, where relevant, its affiliates, including Fair Oaks Capital US LP. Fair Oaks Capital US LP is a Delaware limited partnership with its place of business at 152 West 57 Street, New York, NY 10019.

Content of this website

This website is provided for your general information only and does not constitute investment advice or an offer to sell or the solicitation of an offer to buy any investment.

Nothing on this website is advice on the merits of any product or investment, nothing constitutes investment, legal, tax or any other advice nor is it to be relied on in making an investment decision. Prospective investors should obtain independent investment advice and inform themselves as to applicable legal requirements, exchange control regulations and taxes in their jurisdiction.

This website complies with the regulatory requirements of the United Kingdom. There may be laws in your country of nationality or residence or in the country from which you access this website which restrict the extent to which the website may be made available to you. If you are not permitted to access this website in accordance with the laws of your country or nationality of residence then please leave this website now.

Certain information contained on this website may be of a historical nature and may now be out of date. All historical information should be understood as speaking from the date of its first publication.

Likewise, this website may contain forward-looking statements. These forward-looking statements are subject to uncertainties and inherent risks that could cause actual results to differ materially from those contained in any forward-looking statement. We undertake no duty to update publicly any forward-looking statements contained herein, in light of new information or future developments.

Although the information provided to you on this website is obtained or compiled from sources we believe to be reliable, we cannot and do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available to you for any particular purpose. All information published is in good faith but no representation or warranty, express or implied, is made by us or any person as to its accuracy or completeness and it should not be relied on as such. We shall have no liability for any loss or damage arising out of the use of or reliance on the information provided including, without limitation, any loss or other damage, direct or consequential.

We have published a number of articles in the Insights section of this website. Opinions in such articles are our current opinions, and are subject to change without notice. We assume no responsibility to update information contained in such articles or to notify you of any changes. Any outlooks, forecasts or portfolio weightings presented in such articles are as of the date appearing therein and are also subject to change without notice. We disclaim any responsibility to update such views. Such commentary is intended for ‘institutional investors’ only (as such term is defined in various jurisdictions). Such commentary does not constitute an offer to sell any securities or the solicitation of an offer to purchase any securities. Such commentary discusses topical aspects of credit markets and should not be construed as research, investment advice, or any investment recommendation. Investment concepts mentioned in such commentary may be unsuitable for investors depending on their specific investment objectives and financial position. Fees, commissions, tax considerations and other transaction costs may significantly affect the economic consequences of any investment concepts referenced in such commentary and should be reviewed carefully with one’s investment and tax advisers. All information in such commentary is believed to be reliable as of the date on which this commentary was issued, and has been obtained from sources believed to be reliable. No representation or warranty, either express or implied, is provided in relation to the accuracy or completeness of fairness of the information or opinions contained therein.

Distribution of information

The distribution of the information and material on this website may be restricted by law in certain countries. None of the information is directed at, or is intended for distribution to, or use by, any person or entity in any jurisdiction (by virtue of nationality, place of residence, domicile or registered office) where publication, distribution or use of such information would be contrary to local law or regulation, or would subject us to any registration or licensing requirements in such jurisdiction. You must inform yourself about, and observe any such restrictions in your jurisdiction and by accessing this website you represent that you have done so. The information on this website is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States to or for the benefit of any United States person (being residents of the United States or partnerships or corporations organised under the laws thereof). None of the funds or other investment products contained on this website have been registered in the United States under the Investment Company Act of 1940 and interests therein are not registered in the United States under the Securities Act of 1933.

We may monitor and/or record any telephone communications and electronic communications with you.

Risk Warnings

Investments can involve significant risk. Past performance is not a guarantee of future performance. The price of investments can go down as well as up and may be affected by changes in rates of exchange. An investor may not get back the amount invested. Target returns and distributions are hypothetical targets only and are neither guarantees nor predictions or projections of future performance. There can be no assurance that such targeted returns will be achieved. The price of investments listed on an exchange is determined by supply and demand, and may not equate to the value of the investment’s underlying assets. Any decision to investment should be based on the information contained in the appropriate prospectus, offering memorandum or equivalent contractual document and after seeking independent investment, tax and legal advice.

Linked Websites

This website may provide addresses or hyperlinks which lead you to other websites (“Linked Sites”). We have not reviewed nor do we endorse or recommend any products or services offered or information contained on Linked Sites, and disclaim any liability for their content or any consequences of their use. Any web addresses and hyperlinks in this website are provided solely for convenience and information. Accessing any Linked Sites shall be at your own risk.

IP rights

This website and its content are owned by Fair Oaks Capital Limited, and may contain information, text, graphics, video, software, logos, and other materials (“Content”) that are protected by copyright, trademarks, or other proprietary rights. No permission is granted to upload, copy, modify, post, frame, amend or distribute any of the Content of this website in any way without obtaining the prior written permission of Fair Oaks Capital Limited. All intellectual property rights in any part of the world which subsist in the Contents of this website and which belong to Fair Oaks Capital Limited, save as expressly granted, are hereby reserved. This website contains various registered and unregistered trade marks belonging to Fair Oaks Capital Limited. The registered trademarks include, but are not limited to, “Fair Oaks”, “Fair Oaks Capital” and the Fair Oaks Capital logo.

Jurisdiction

Use of this website shall be governed by and construed in accordance with the laws of England and Wales and any dispute arising in relation to this website is subject to the jurisdiction of the English courts.

Variation of Terms of Use

We reserve the right to vary these terms of use at any time and will post any variations here. You are advised to review these terms of use on a regular basis as you will be deemed to have accepted variations if you continue to use the website after they have been posted.

✕

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