At last, the Another Fine Mezz team's CLO Series is back with a bang, chatting to someone with a front row for one of the most exciting developments in CLOs.
That is John Kerschner, head of US securitized products and portfolio manager at Janus Henderson. He is also known as the man behind the mammoth CLO ETFs, JAAA and JBBB.
Together, the two CLO ETFs have just under $12bn in assets under management, having roughly doubled in size since the start of 2024.
On the episode, Kerschner explained how ETFs work in a CLO context and the challenges they will still face. One of the biggest challenges is educating investors, whether they be new to CLOs or new to ETFs. And he also touched on Janus Henderson's plans for a European CLO ETF.
As ever in our CLO Series, Kerschner tells us a bit more about his journey: how he went from an ecology graduate to a securitization investor. He also divulges his key tenets to being a good investor, and advice on how to stay as calm when things get hairy.
