Mispricing can occur on both ends of the liquidity spectrum. In addition to our core focus on stressed, distressed and special situation securities, we monitor the more liquid areas of our investment universe and make investments in these areas as appropriate. In October 2013, we established River Canyon Fund Management LLC (River Canyon) to serve as an investment advisor for traditional and liquid alternatives strategies. River Canyon is currently seeking to develop scalable, long-only mandates comprised primarily of structured products. At the end of 2014, River Canyon launched a registered mutual fund.
Canyon has been issuing CLOs and CDOs since 2001. We have generally avoided the use of leverage across most of our platform, largely because financing tends to be unreliable in times of stress. However, CLOs feature long-term, fixed liabilities which, when combined with careful credit selection, create a resilient structure designed to weather even quite severe market turbulence.
Historically, we have been an opportunistic rather than a serial issuer, with the goal of originating transactions only when the equity arbitrage is compelling and risk/reward is advantageous for investors across the liability stack. By keeping our CLO asset base controlled and scaled to the opportunity set, we can avoid becoming a forced buyer of bank loans, and thereby enhance credit selectivity and trading alpha. Our CLOs leverage the same Canyon research team that invests on behalf of our flagship and closed-end strategies.
In 2015, Canyon established Canyon CLO Advisors to serve as a separate registered investment advisor with the SEC to manage the CLO business. Canyon CLO Advisors was one of the first CLO managers to build a capitalized management vehicle structure designed to address the new US risk retention rules. This has put Canyon CLO Advisors in a better position to take advantage of fundamental, technical and regulatory driven dislocations in the CLO and loan markets.