September 16, 2021

PM Justin Jacobsen & the Pender Alternative Absolute Return Fund

Featuring: Geoff Scott, Justin Jacobsen

In this episode Geoff Scott, Senior Vice President, Investments, chats with Justin Jacobsen, Portfolio Manager of the Pender Alternative Absolute Return Fund.

Subtitle: Combining the best of both a mutual and a hedge fund into one.

In this episode Geoff Scott, Senior Vice President, Investments, chats with Justin Jacobsen, Portfolio Manager of the Pender Alternative Absolute Return Fund. Together they discuss Justin’s background in investing, his shift from equity to credit and introduce the Pender Alternative Absolute Return Fund. Geoff and Justin dive into the investing strategies behind the Fund, the opportunities that Justin sees on the horizon and the current market environment. They also explore the details of some of the external variables the Fund may be subjected to and talk about the risk management and return strategy for the Fund. The podcast ends with two book recommendations from Justin.

Key Takeaways

[1:00]	Justin Jacobsen introduces himself and talks about his investing experience.
[2:08]	Geoff asks Justin about his shift from Equity to Credit and what attracted him to Pender.
[3:20]	Justin introduces the Pender Alternative Absolute Return Fund and discusses the goals of the Fund.
[6:10]	Geoff asks Justin about the characteristics of an attractive investment opportunity for the Fund and Justin provides an overview of the portfolio as it stands at the time of recording.
[8:00]	Justin talks about current markets and where he sees opportunities and valuations in the high yield space.
[9:18]	He discusses inflation, where he thinks rates are headed and stimulus spending.
[11:06]	How is the portfolio positioned given that Central Banks are now beginning to unwind monetary policies?
[13:15]	Justin does a deep dive on where the portfolio is hedged and how the portfolio might fare in a widened spread environment.
[18:10]	Geoff asks Justin how he will evolve the current portfolio as markets change.
[19:55]	What tools will Justin use to drive returns in the portfolio?
[21:45]	Justin adds more detail on his risk management strategy.
[25:25]	Justin provides two book recommendations.