Corporate GovernanceJul 24, 2026, 07:02 AM
XAI Octagon Trust: Proxy Firms Back King Street Sub-Adviser
AI Summary
XA Investments LLC announced that leading independent proxy advisory firms, Glass, Lewis & Co. LLC and Institutional Shareholder Services Inc. (ISS), both recommend XAI Octagon Floating Rate & Alternative Income Trust (XFLT) shareholders vote "FOR" the approval of a new investment sub-advisory agreement with Rockford Tower Asset Management, L.L.C. (King Street Sub-Adviser). The firms cited Octagon's sustained underperformance as the reason for replacement and highlighted King Street's qualifications and expanded investment capabilities. Shareholders are urged to vote on the WHITE card ahead of the July 30, 2026, Special Meeting.
Key Highlights
- Glass Lewis and ISS recommend shareholders vote "FOR" the King Street Sub-Adviser agreement.
- The Special Meeting of Shareholders to approve the agreement is scheduled for July 30, 2026.
- Octagon is being replaced as sub-adviser due to "sustained relative underperformance" of the Trust.
- King Street's Rockford Tower CLO platform manages approximately $12.3 billion in assets.
- King Street's broader investment platform manages approximately $30.0 billion in assets.
- The new sub-adviser will provide access to a broader range of opportunities, including European CLO debt and equity.
Price Impact
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