EVENTS

Bonds are Back! Where are the Opportunities?

Lunch and Panel Discussion

What Our Panel of Experts Discussed

  • The outlook for Treasuries, municipal bonds, bank loans, high yield, and distressed credit opportunities.
  • How bonds are finally back in favor after 10+ years of easy monetary policy and low interest rates.
  • How credit strategies can generate better risk-adjusted returns than stocks.
  • With tightening liquidity and bloated fiscal spending, risk premiums have risen. A trend that may continue.

Key Takeaways

  • Despite a rapid rise in interest rates since 2022, the economy remains resilient for now. Winning the battle against inflation means rates may have to stay at current levels for longer.
  • With an economic contraction still a risk in 2024, a reduction in liquidity also creates an environment where special situations are rewarded.
  • Credit-focused, active managers can take advantage of an upcoming cycle in credit opportunities and invest in bonds with attractive yields.

Panelists

Stanton Ray

Co-Head of U.S. Bank Loan Team | Senior Portfolio Manager

Stanton Ray is the co-head of the U.S. Bank Loan team and a senior portfolio manager for the U.S. Bank Loan team at Columbia Threadneedle Investments. In this role he is responsible for running the US Bank Loan business, originating CLO’s, co-managing the Columbia Floating Rate Fund, managing high yield loan and bond assets in structured vehicles and other investment products managed by the firm, and co-chairing the credit committee. Mr. Ray joined the firm in 2022. Previously, Stanton worked at Carlson Capital LP, where he was a Partner and Head of Corporate Credit. He successfully launched Carlson’s CLO platform and managed a multi-billion-dollar credit portfolio that included bank loans, distressed debt and high yield bonds. He was also responsible for marketing, and overall strategic direction of the credit and CLO business. Stanton has been a member of the investment community since 2003. He received his B.A. and M.S. in Accounting from Texas A&M University as well as an MBA from the University of Chicago.

Andersen Fisher

Managing Director, HPS Investment Partners | Portfolio Manager, Special Situations Opportunity Funds

Mr. Fisher is a Managing Director at HPS Investment Partners and Portfolio Manager of the Special Situations Opportunity Funds. Prior to joining HPS in 2018, Mr. Fisher was the Managing member of Tålamod Asset Management, a distressed credit investment firm he founded in 2008. Prior to founding Tålamod, Mr. Fisher was a Principal at Watershed Asset Management, a hedge fund focused on distressed debt and special situations. Prior to Watershed, Mr. Fisher was an Associate at Golden Gate Capital, a San Francisco based private equity firm. Mr. Fisher began his principal investing career as an Analyst in the London office of private equity firm, Hicks Muse Tate & Furst. Mr. Fisher holds an AB in English and American Literature and Language from Harvard College and an MBA from Stanford University’s Graduate School of Business.

Tony Crescenzi

Executive Vice President, Portfolio Manager, PIMCO

Mr. Crescenzi is an executive vice president, market strategist and generalist portfolio manager in the New York office. He is also an advisory member of the Investment Committee. Prior to joining PIMCO in 2009, he was chief bond market strategist at Miller Tabak, and worked for both Lehman Brothers and Prudential Bache. Mr. Crescenzi has written six books, including “The Strategic Bond Investor” and “Beyond the Keynesian Endpoint.” He regularly appears on CNBC and Bloomberg television and in financial news media. Mr. Crescenzi taught in the executive MBA program at Baruch College from 1999-2009. He has 40 years of investment experience and holds an MBA from St. John’s University and an undergraduate degree from the City University of New York.

Moderator

Partner | Chief Strategist | Management Committee

Investment and Research Team

Partner | Vice President Investments

Partner | Chief Strategist | Management Committee

Partner | SFE Family Office | Management Committee

Managing Director, Sendero Family Enterprise | Strategist to Investment Committee

Advisory Board Member

Senior Financial Analyst

Research Analyst

Presented By

Panelists

Important Information

RSVP by Wednesday, October 4