Richard Bernstein Advisors Initiates $320 Million Position in iShares AAA CLO ETF

Richard Bernstein Advisors LLC has established a substantial new position in the iShares AAA CLO Active ETF (CLOA), according to a recent SEC filing dated April 22, 2026. The firm acquired 6,186,664 shares during the first quarter, representing an estimated investment of $320.66 million based on the average closing price for the period. The acquisition is particularly notable as it catapults CLOA into the top five holdings for the New York-based investment firm. The move suggests a bullish outlook on the AAA-rated collateralized loan obligation (CLO) market, which emphasizes senior secured loan exposure and capital preservation. CLOA is an actively managed fund designed to provide higher yields than traditional investment-grade bonds while maintaining low volatility. The ETF currently offers a dividend yield exceeding 5% with monthly distributions. Its risk profile is characterized by a very low three-year beta of 0.03, indicating minimal correlation with broader equity market swings. While the fund carries an expense ratio of 0.20% due to its active management, it targets institutional and sophisticated retail investors prioritizing safety and steady income over capital appreciation. The entry of a major advisor like Richard Bernstein underscores the continued appeal of high-grade CLOs within the fixed-income universe.