Episode 36 – Quarterly Fixed Income Update
April 23, 2020

Episode 36 – Quarterly Fixed Income Update

Sarah Wildman is joined by Geoff Castle to provide a quarterly fixed income update.

Subtitle: Maintaining consistency while navigating through a challenging environment.

Sarah Wildman, Director of Institutional Family Office Wealth Services, is joined by Geoff Castle, Portfolio Manager of the Pender Corporate Bond Fund and the Pender Bond Universe Fund to provide a quarterly fixed income update. They discuss the actions of Geoff and the fixed income team to protect portfolios and maintain liquidity, and cover the areas that Geoff views as having early potential upside and how he is positioning the fund for the eventual recovery.

Key Takeaways

[01:46]Geoff and Sarah begin with a discussion on the last quarter, and in particular the implications that the events of March, including the “sudden stall or stop in many parts of the economy”, had on the Pender Corporate Bond Fund.
[03:23]Geoff outlines some of the challenges faced in managing the Fund recently.
[05:38]Geoff shares the fixed income team’s strategy for keeping the shape of the fund when navigating the crisis and having liquidity.
[08:58]Sarah and Geoff discuss his expectations of the market going forward, and how the fixed income team are “finding ways to take advantage of various areas on a rebound”.
[10:35]Sarah asks Geoff to expand on potential rebound scenarios for the Fund.
[13:06]Sarah shifts the discussion to focus on securities in the Fund, and Geoff shares the opportunities he is seeing in preferred shares, convertible bonds, closed end funds, distressed securities, and bonds.
[28:29]The conversation closes with a book recommendation from Geoff.