May 1, 2023
A Dragon in the Basement
In this series, Parul and Geoff will cover the complexities of stressed and distressed credit investing, the risks and rewards, the current opportunity and their history and experience in this area.
In our ongoing series on investing in stressed and distressed debt, Geoff and Parul continue the conversation. They cover:
- The opportunity set they are seeing and cyclicality.
- Overvalued and undervalued sectors.
- Where investing ideas come from.
- The Four Ps: Pre-investment, Purchase, Pro-active credit management, Position exit.
- The Team’s 13-Point Credit Checklist.
Guests:
Geoff Castle
Lead Portfolio Manager of Pender’s Fixed Income portfolios
Parul Garg
Associate Portfolio Manager
Host:
Rita Silvan, CIM
Director, Content Strategy
Key Takeaways
| [01:33] | Geoff discusses the macro backdrop which had led to greater opportunities in distressed credit investing. |
| [03:05] | Parul and Geoff talk about a rise in high quality businesses facing credit stress and why this is an ideal time to capitalize on high quality investing opportunities. |
| [04:48] | Parul and Geoff discuss key attractive sectors today. |
| [05:11] | Geoff shares how he and Parul identify their investments ideas. |
| [07:30 | Parul discusses the Team process of 4 Ps: pre-investment, purchase, proactive credit management, and position exit. |
| [11:00] | Parul discusses the Team’s 13-factor checklist. |
| [12:58] | Geoff talks about the Team’s unique resource ecosystem including Pender’s operational resources. |
| [17:20] | Parul discusses asset allocation in the Fund between stressed and distressed credits, and special situations. |
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The Spigot is Open
In this series, Parul and Geoff will cover the complexities of stressed and distressed credit investing, the risks and rewards, the current opportunity and their history and experience in this area.
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