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Michael Kao: CLO equity CEF valuations differ from BSL market activity

Michael Kao: CLO equity CEF valuations differ from BSL market activity
CLO equity CEFs diverge from BSL

Michael Kao, CIO at Akadia Capital, observed a significant disconnect between what CLO equity closed-end funds (CEFs) are implying and the actual developments in the broadly syndicated loan (BSL) market.

Kao has recently discussed volatility in the Treasury market, noting a breakdown of the TLT double-bottom as of October 7, 2026 in previous commentary. He also pointed out signs that TLT was forming a capitulation bottom and disclosed purchases of short-term call options due to perceived overselling in an earlier note. His latest observations on CLO equity closed-end funds come after these prior assessments of fixed income markets.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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