Episode 4 – Credit Markets: Insights & Experiences from a Fixed Income Portfolio Manager
Meet Geoff Castle, Portfolio Manager of the Pender Corporate Bond Fund, who recently celebrated his third anniversary managing the Fund. On this episode, David Barr, Pender’s President, chats with Geoff about his background, and how his previous experiences tie into his outlook on credit markets and his approach to portfolio management. They discuss how he navigates the challenges and opportunities within fixed income, as well as how the market has changed in the past three years. Geoff also shares more about his strategies for capital preservation as a bond manager and where he sees future opportunities. Tune in to find out more.
[2:38] Geoff had a diverse and unique background prior to joining PenderFund. What are some of the things he learned from those experiences and how did he apply them to positioning the Pender Corporate Bond Fund when he came on board?
[5:34] Geoff was able to bring knowledge from his background of working with the resources sector to the firm. How has he leveraged that experience in his current role, and how has that played into his investment strategy?
[8:13] Geoff and David discuss Pender’s approach to buying debt instead of common stocks, and taking advantage of distressed debt opportunities.
[11:51] Capital preservation is a top priority for the Fund. How does Geoff protect capital and how does he seek to minimize risk in the portfolio?
[13:10] What is Geoff’s relationship with the credit rating agencies, and how does that play into his investment process in terms of assessing risk?
[15:36] How does Geoff look to generate returns in the portfolio?
[17:53] What are the different types of securities that Geoff invests in for this Fund?
[20:20] Market conditions are very different today than they were three years ago. How have the opportunities changed in this time?
[23:31] In terms of portfolio management and overall risk levels, Geoff’s approach has been to segment his portfolio into three different categories. He shares a bit more about each category.
[26:26] What are some restraints Geoff has in place to manage risk?
[27:49] What kind of opportunities does Geoff see coming out of Exchange Traded Funds and through credit agencies?
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