XA Investments says XFLT fees stay flat under proposed King Street sub-advisory deal
XFLT•XAI seeks shareholder approval for King Street sub-adviser change
XAI is seeking shareholder backing on July 30, 2026 to install King Street as sub-adviser, replacing terminated sub-adviser Octagon.
XAI says the change will not raise management fees or fund expenses for shareholders.
The manager cites a roughly 54% NAV decline since inception under Octagon, implying $406.7 million of NAV erosion.
XAI also points to benchmark underperformance of 19.09% over one year as of March 31, 2026.
XAI says Octagon’s own CLO portfolio had seven CLO defaults in 2026, framing the switch as a performance-driven governance decision.
