Episode 89 – Quarterly Fixed Income Update
January 27, 2022

Episode 89 – Quarterly Fixed Income Update

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 (PCBF), and Parul Garg, Associate Portfolio Manager of the Fund.

Subtitle: “Arrows in your quiver – how do you generate returns in environment where spreads don’t come in and rates go up?”

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 (PCBF), and Parul Garg, Associate Portfolio Manager of the Fund. They look back at market and fund performance in 2021, discuss factors and variables that have influenced market conditions and talk in depth about their thinking and process, which helped the team achieve positive returns in 2021. The team also looks ahead to the challenges and opportunities for 2022 and discuss what they have in their sights for this year. The podcast ends with a book recommendation and some economic observations from Parul after her recent travels.

Key Takeaways

[01:10]Geoff shares his overview of 2021 and discusses some of the drivers behind the Fund’s performance in 2021.
[03:30]Parul expands with some insights into the distressed names that worked out in 2021.
[06:45]Sarah asks the team how they plan to approach 2022 in an environment where spreads don't come in and rates go up.
[09:49]With headwinds on the horizon, Geoff explains how the fund is positioned for 2022.
[12:40]Parul discusses whether there is any distressed credit left, and how the team is planning to capitalize on opportunities in a new sector. Geoff follows up with an explanation on whether distressed credit is rate sensitive or not.
[17:55]What percentage of the portfolio is in distressed at the moment? Geoff and Parul provide some ideas and their thinking behind them.
[29:30]Parul shares her observations from her recent travels to India and Geoff recommends a book.

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