Established in 2001, LCM Asset Management LLC (“LCM”) is a loan manager focused on U.S. senior secured leveraged loans. LCM manages over $6 billion in assets and has offices in New York and London.
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Investment approach anchored on maintaining a stable portfolio risk profile via:
Fundamental credit analysis performed by a team of credit professionals with significant industry and cycles experience dating back to the mid 1980s. Credit assessment based on, among other factors capital structure adequacy, collateral quality, cash flow visibility, competitive position and barriers to entry.
Dynamic risk management through a continuous evaluation of risk evolution and execution of substitution strategies to seek to achieve enhanced risk quality.
Sources: Loan Syndication and Trading Association, LCM
LSTA: Leveraged loans in payment default or bankruptcy as of the end of year in the US leveraged loans universe (as defined by LSTA) at year end, expressed as a percentage of principal amount.
LCM: Leveraged loans in payment default or bankruptcy as of the end of year in the Outstanding LCM Cash Flow CLOs at year end, expressed as a percentage of principal amount.
LCM I, LCM II, LCM III, LCM IV, LCM V, LCM VI, LCM VIII, LCM IX, LCM X, LCM XI, LCM XII, LCM XIII, LCM XIV, LCM XV, LCM XVI, LCM XVII, LCM XVIII, LCM XIX and LCM XX are hereinafter referred to as the “LCM Cash Flow CLOs”.
LCM I, LCM II, LCM III, LCM IV and LCM VIII securities have been redeemed.
“Outstanding LCM Cash Flow CLOs“ refers to LCM V, LCM VI, LCM IX, LCM X, LCM XI, LCM XII, LCM XIII, LCM XIV, LCM XV, LCM XVI, LCM XVII, LCM XVIII, LCM XIX and LCM XX.
LCM VII was a market value CLO previously managed by LCM, that was liquidated commencing in 2008, and is not included in the statistics set forth herein. In addition, such statistics do not include the performance of certain transactions that were developed and previously managed by third-parties prior to being assigned to LCM, some of which continue to be managed by LCM.
The above the data herein is plotted on a weekly basis until October 2008 and on a daily basis thereafter.
Other than the “History of Equity Distributions”, the data herein above in respect of the previously redeemed CLOs is with reference to the time period beginning on transaction inception through the earliest of the end of reinvestment period or date of redemption, as the case may be.
All equity distribution details based upon details provided to it by the relevant issuer and/or trustee.