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KIO is a fixed income closed end fund from KKR focusing on high yield.
The fund has a high concentration of CCC and Not Rated credits.
With a very high leverage the fund is down -27% already year to date on a total return basis.
The fundamentals in the KIO portfolio are weak, with a high probability for some of the credits to experience actual defaults during a potential upcoming recession.
According to many market participants, including Deutsche Bank, there is a high probability a recession is in the cards for 2023.