Todd Jablonski
speaker
37 appearances
1 recordings
1 series
first heard Jan 2019
last heard Jan 2019
Todd Jablonski’s voice in public audio — every appearance, attributed to the second.
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Appearances
In fact, looking at the yields on one to three year credits, I think it's a great way to pull down volatility while at the same time look at that asset class and say, I can keep my credit exposure reduced in terms of volatility.
That's one of the ways I think that you can help limit the volatility in one's fixed income portfolios potentially.
Another way to look at it is.
What other asset classes provide volatility reduction in the same way that fixed income might?
In multi alternatives, we often see opportunities to find portfolios with low levels of volatility spread across strategies like
long-short equities, long-short credit, event-driven, putting it all together, you can achieve a low volatility, very well distributed by manager and by asset class, a volatility reducing alternative to core fixed income.
Yeah, that's a theme that's been emerging from our research and from our experience in investing of late.
Increasingly, what we've seen is that amongst active managers, they tend to operate at different levels of active risk.
They also tend to operate at different levels of turnover.
What we see is that that 12 to 18 month horizon that so many managers use has often been sort of mined out and a lot of the inefficiencies, excuse me, have been arbitraged away.
Where we find actual opportunities and where there's some interesting things happening is with managers with very long horizons.
Managers willing to look out, say, five years or so, maybe four to five years.
to find opportunities that the rest of the market doesn't recognize.
I think that tends to bear out in terms of turnover numbers as a way to evaluate whether that exists in a process.
And I think that that's one way where active management makes sense in this environment.
There's a lot of reasons to suggest that active management is, in fact, poised to do better than it has in recent vintage.
Thank you, JR.
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