GMO Conference | 01 November 2022

Fixed Income Solutions in a New Landscape

Opportunities in Credit

The fixed income landscape is very different from what it was a year ago.

Fixed income has historically played a defensive role in multi-asset portfolios, but the sell-off this year is creating some interesting opportunities, particularly in the credit sector. While duration and rates may be areas for some concern, we maintain that now is a time for investors to use the bond market to their advantage – by hedging interest rate and inflation risk with floating rate exposure and harvesting coupons across high yield and distressed credit markets.

Explore our content below and Contact Us or your GMO representative for more information. Intended for accredited investors


Featured Session:

Solutions-based Strategies for a New Fixed Income Landscape

Senior Portfolio Managers Joe Auth, Jason Hotra, Riti Samanta, and Tina Vandersteel offered their various perspectives from across the fixed income spectrum in a discussion about the new fixed income landscape. By combining alpha-based strategies in personalized ways, we can solve investors’ evolving needs for yield, inflation protection, duration, and diversified alpha.


Making Sense of the Student Debt Drama

The higher education financing system faces serious headwinds. As the second largest category of consumer debt, student loans are an important fixture of the ABS capital markets. In this session, Dmitry Kiselyov discussed the ABS investment implications of the higher education affordability crisis and President Biden’s student debt relief plan.


High Yield Strategy: A Factor-based Approach to Alpha

Brooke Lieberwirth and Rachna Ramachandran, analysts on our High Yield team, discussed the high yield opportunity set and presented our top-down, factor-based approach in GMO’s High Yield Strategy. By taking advantage of structural market inefficiencies in a systematic fashion, our unique process allows for consistent alpha generation over a cycle.


 

 

GMO Presenters

Joe Auth

Joe Auth

Head of Developed Fixed Income, Portfolio Manager

Mr. Auth is the Head of GMO's Developed Fixed Income team and a portfolio manager for the team’s products. Mr. Auth is a partner of the firm. He is the lead portfolio manager for the Opportunistic Income and High Yield strategies and heads the Structured Products team as well. Prior to joining GMO in 2014, he was a portfolio manager for the Harvard Management Company. He was also a Research Director at Standish Mellon Asset Management. Mr. Auth earned his bachelor's degree in Government and History from Connecticut College and his MBA from the University of Connecticut. He is a CFA charterholder.

Sean Farley

Sean Farley

Mr. Farley is engaged in research for GMO’s Credit Opportunities team. Prior to joining GMO in 2018, he was an associate at Bain Capital Credit. Previously, he was a high yield research associate at Fidelity Management & Research Company. Mr. Farley earned his bachelor's degree in History and Management from Boston College. He is a CFA charterholder.

Hotra_Jason

Jason Hotra

Head of Developed Rates & FX, Portfolio Manager

Mr. Hotra is the Head of GMO's Developed Rates & FX team and is a portfolio manager for the team's products. Prior to joining GMO in 2015, he was a portfolio manager at Convexity Capital Management. Previously, he was a Director at Sowood Capital Management. Mr. Hotra earned his bachelor's degree in Management Science with focus in Finance from the Massachusetts Institute of Technology.

Kiselyov_Dmitry

Dmitry Kiselyov

Mr. Kiselyov is engaged in research for GMO’s Structured Products team. Prior to joining GMO in 2012, he worked at Ernst & Young, LLP as manager on the complex securities team. Previously, he was an analyst at Vero Capital Management, LLC. Mr. Kiselyov earned his bachelor's degree in Economics from Chuvash State University, Russia and his MA in International Economics and Finance from Brandeis University. He is a CFA charterholder.

Lieberwirth_Brooke

Brooke Lieberwirth

Ms. Lieberwirth is a member of GMO’s Trading team. Previously at GMO, she was responsible for derivatives trading and process oversight within the Asset Allocation team, and prior to that, she was a member of the investments control group. Prior to joining GMO in 2006, she worked as a custody accountant for Investors Bank & Trust. Ms. Lieberwirth earned her bachelor's degree in Economics and Finance from Bentley College and her MBA from Boston University.

Ramachandran_Rachna

Rachna Ramachandran

Portfolio Manager

Ms. Ramachandran is a portfolio manager for GMO’s High Yield Strategy. She is a member of GMO’s Structured Products and High Yield teams, also contributing research focused on macro credit. Prior to joining GMO in 2019, Ms. Ramachandran held numerous positions at Bank of America Merrill Lynch most recently as a Director in Credit Trading, covering macro and quantitative credit strategy. Previously at Bank of America Merrill Lynch she held positions as a credit portfolio strategist and a credit derivatives strategist. Ms. Ramachandran earned her BE in electronics and telecommunications from the University of Mumbai and her MS in financial mathematics from City University of London.

Roiter_Jon

Jon Roiter

Head of Credit Opportunities

Mr. Roiter is a portfolio manager specializing in distressed credit investing. In his time at GMO, he led a long-short credit strategy. Prior to working at GMO, he served as a senior analyst for TPG Credit Management and as an analyst for the leveraged finance group at Citigroup Global Markets. Mr. Roiter left GMO in 2023. 

Vandersteel_Tina

Tina Vandersteel

Head of Emerging Country Debt, Portfolio Manager

Ms. Vandersteel is the Head of GMO’s Emerging Country Debt team and the lead portfolio manager for the team’s products. Ms. Vandersteel is a partner of the firm. In her role as portfolio manager, she focuses on security selection and portfolio construction. Prior to joining GMO in 2004, she worked at J.P. Morgan in fixed income research developing quantitative arbitrage strategies for emerging debt and high yield bonds. She began her career at Morgan Guaranty Trust, attending Morgan Finance Program #18, before establishing her career in emerging debt. Ms. Vandersteel earned her bachelor's degree in Economics from Washington & Lee University. She is a CFA charterholder.

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