Talk Your Book: Investing in Securitization

Author

Michael Batnick
May 11, 2026

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Today's Talk Your Book is sponsored by Janus Henderson Investors:

To learn more about Janus Henderson Investors click here: https://www.janushenderson.com/

On today’s show, we discuss:

  • Why AAA CLOs have never experienced a default in the history of the asset class, through 2008, 2020, and 2022

  • How the waterfall structure and overcollateralization in CLOs provide a built-in layer of credit protection

  • Why JAAA fits in the ultra-short category and how it competes with money market funds and other short-duration fixed income

  • The main risk scenario for AAA CLOs, spread widening and liquidity crunches, and what happened during March 2020

  • Exploring the broader securitized market through JSI, including home equity loans, music royalties, and commercial real estate debt

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Disclaimer from Janus Henderson Investors:

Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, please call Janus Henderson at 800.525.3713 or download the file from janushenderson.com/reports. Read it carefully before you invest or send money.

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