Ares Dynamic Credit Allocation Fund raises CLO investment limit to 40% of Managed Assets
The fund amended its non-fundamental investment policy to let it hold up to 40% of Managed Assets in collateralized loan obligations and other asset-backed securities, up from 30%. It also raised the cap on subordinated (residual) CLO tranches to 10% from 7.5% of Managed Assets, giving the fund more room to invest in these securities.
- CLO and other asset-backed securities limit raised to 40% of Managed Assets from 30%
- Subordinated (residual) CLO tranche limit raised to 10% of Managed Assets from 7.5%
- Fund may invest in both investment grade and below investment grade rated CLO Securities
- Filed under Item 8.01 on March 26, 2018