In this edition of the Lakemore Insights – Summer 2022 report, which covers July & August, we consider the impact of the significant market volatility year-to-date on leveraged loan and CLO equity assets. We note the leveraged loan market continues to significantly outperform other risk assets year-to-date. Meanwhile, we discuss why we anticipate significant dispersion in the performance of 2022 vintage CLO equity, with our view being that CLO equity investors that benefit from significant control optionality and top-tier collateral manager partnerships should be well positioned to take advantage of opportunities presented by the current volatility. For example, in turbulent market conditions like these, our Specialized Topic analysis finds that Tier 1 Managers have been able to price a greater portion of new issue CLOs than in H1 2021; for every one deal priced by Non-Tier 1 managers year-to-date through the end of June 2022, Tier 1 managers priced 1.5.