Episode 11 – Fixed Income – Our Perspectives on 2018-2019
January 15, 2019

Episode 11 – Fixed Income – Our Perspectives on 2018-2019

In this episode David Barr and Geoff Castle discuss the key themes and events from credit markets during 2018. They also look forward to 2019 and some of the challenges they may, or may not, face. Geoff talks about how he looks at securities with these potential outcomes in mind.

Subtitle: You can’t be scared of everything at the same time.

In this episode David Barr and Geoff Castle discuss the key themes and events from credit markets during 2018. They talk about the Pender Corporate Bond Fund positioning during a changing environment, some non-traditional credit picks in the portfolio and why Geoff finds them attractive. They discuss interest rates and inflation, recycling old ideas and  how the Pender investment team works as a whole, in terms of sharing information and ideas across sectors and asset classes. They also look forward to 2019 and some of the challenges they may, or may not, face. Geoff talks about how he looks at securities with these potential outcomes in mind.

Key Takeaways

01:21 David introduces Geoff and begins their discussion around the positioning of the Fund. He gets Geoff’s thoughts on the themes that emerged in the changing environment in 2018.
04:36 Geoff discusses how his “shopping patterns” changed throughout the year.
07:40 Geoff comments on the unexpected names that were added to the portfolio, including Netflix and Twitter.
12:03 Introducing the possibility of a declining rate environment, David asks Geoff how he was positioned going into previous declining rate environments and what worked out for him.
18:40 David opens a discussion on idea generation and recycling old ideas. Geoff gives an example of a recycled idea in the portfoli
23:03 The outcome of Aimia Inc in the Fund in 2018.
25:13 Looking forward to 2019. David asks Geoff about some of the emerging themes for the year ahea
28:58 David asks Geoff to share what book he is currently reading. Geoff discusses Tragedy at Second Narrows and the importance of being diligent on the small details.

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