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On 21 March 2019, we published a review entitled Manager’s March 2019 presentation. The 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 creates re-investment opportunities. (iii) The flexible mandate and significant cash generation from coupons, dividends and maturities means the portfolio can be quickly re-positioned if market conditions change. This note follows our 14 January review Investment Opportunities at this point of the cycle.