CLO equity funds are the highest-yielding assets available to retail investors, a key feature which explains their popularity. The asset class is also relatively rich across the capital structure, offering investment options beyond common shares but also preferreds and baby bonds. This allows income investors to tailor their risk/reward views across the wide opportunities on offer. The main challenge of the asset class, however, is its illiquidity which makes it difficult for investors to use the standard valuation tools. NAV is only available sporadically, leaving investors in the dark about the discount valuation of these