Episode 74 – Quarterly Fixed Income Update
July 29, 2021

Episode 74 – Quarterly Fixed Income Update

Sarah Wildman is joined by Geoff Castle and Parul Garg for the Quarterly Fixed Income update.

Subtitle: Defunctification, credit markets and fish in a barrel.

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 Parul Garg, Associate Portfolio Manager. They look back at the last quarter’s performance, the shift in credit markets and talk about risk buckets, drivers of return and the new opportunities they are excited for.

Key Takeaways

[01:00]Geoff shares his perspective on current credit markets and introduces a new word to the credit investing lexicon
[03:24]Parul talks about the risk bucket model that she and Geoff introduced in 2015 and how it has driven the discipline within the Fund
[07:14]Geoff outlines his expectations based on the current environment and the three-bucket risk model
[11:20]Parul provides some specifics on the drivers of return that the team are seeing, starting with distressed investing and GTT Communications.
[14:00]Parul explains why private equity has the potential to drive returns
[12:45]Geoff adds rate reset for preferred shares into the mix and provides more examples
[19:40]Geoff talks about the sectors he is excited about and why he is looking at sectors that are “adaptionary” in nature.
[23:50]Geoff provides some details on the new absolute return fund Pender aims to launch later this year and how it will fit into the current fixed income mandate.
[24:50]Geoff provides a book recommendation with a twist and Parul shares why her book recommendation connects shopping to the world of investing.