The Spigot is Open
In this series, Parul and Geoff will cover the complexities of stressed and distressed credit investing, the risks and rewards, the current opportunity and their history and experience in this area.
Introducing a new six-part series on investing in stressed and distressed debt. Parul Garg and Geoff Castle have been investing in this part of credit markets since 2015 and see an opportunity emerging. The cycle created by the transition in monetary policy and the squeeze from higher interest rates now favours stressed and distressed credit investing. In this series, Parul and Geoff will cover the complexities of this investment niche, the risks and rewards, the current opportunity and their history and experience in this area.
In Part One they tackle:
- A road-tested investment strategy spins out from the Pender Corporate Bond Fund.
- How the team looks beyond just the balance sheet to determine true value and calculate the margin of safety.
- The stressed and distressed debt cascade and how to separate the signal from the noise.
- A lesser-known secret on timing and investing in credit markets.
Lead Portfolio Manager of Pender’s Fixed Income portfolios
Associate Portfolio Manager
Rita Silvan, CIM
Director, Content Strategy
|[01:50]||Parul discusses why this is an opportune time for launching a stressed and distressed credit fund and Pender’s expertise.|
|[05:30]||Geoff explains the Fund strategy, the complementary skills and strengths of the team members, and how the team collaborates.|
|[08:35]||Parul discusses the three types of credit in the Fund: stressed, distressed, and special situation.|
|[11:11]||Geoff discuss how he and Parul are able to maintain high conviction and separate the signal from the noise.|
Mentioned in this episode
Pender Corporate Bond Fund.
Pender Credit Opportunities Fund.
Disclaimer: The Pender Credit Opportunities Fund (PCOF) is a separate and distinct fund from the Pender Corporate Bond Fund (PCBF) and results of the PCBF are not indicative of the performance of the PCOF. The Pender Credit Opportunities Fund is a private, limited partnership fund and only available to Accredited Investors who meet certain criteria.