Episode 44 – Quarterly Fixed Income Update
July 16, 2020

Episode 44 – Quarterly Fixed Income Update

Sarah Wildman is joined by Geoff Castle and Emily Wheeler for the Quarterly Fixed Income Update.

Subtitle: A “roaring quarter” for credit.

In this episode Sarah Wildman, Director of Institutional & Family Office Wealth Services, is joined by Geoff Castle, Portfolio Manager of the Pender Corporate Bond Fund and Pender Bond Universe Fund, and Emily Wheeler, Associate Portfolio Manager of the Pender Bond Universe Fund. They cover the Fund’s performance in the last quarter, the Fed’s inducement to take on risk, distressed credit and some interesting names in the portfolio.

Key Takeaways

[01:36]Geoff takes a look back on the last quarter as it was possibly “one of the best performing quarters” in the high-yield market ever.
[04:25]Emily provides background on the continued strength of the Pender Bond Universe Fund which hit an all-time high at the end of the quarter.
[06:10]She also talks about how the Fund is different from other investment grade bond funds.
[08:51]Geoff discusses whether he has felt pushed to take on more risk in the Fund due to the significant inducement from the Feds.
[11:45]Geoff and Emily discuss where they are seeing opportunities in both high yield and investment grade right now as it “is still a little shaky”.
[19:30]Geoff and Emily share some of the names that they have seen rebound and grow in the portfolio.
[24:25]Geoff rounds out the discussion on opportunities with a look at distressed credit.
[26:48]Geoff looks ahead and shares his expectations for rates and credit markets.
[28:08]The conversation closes with a book recommendation from Emily and a recommendation of Edward Altman’s work from Geoff.