Credit Crunch: Wellington’s Fitzgerald on Convexity Over Carry
“When you just think about the distribution of outcomes on corporate bonds from these levels of spreads, the cost of getting a few of them wrong can wipe out a...
By Mariam Traore · Bloomberg
“When you just think about the distribution of outcomes on corporate bonds from these levels of spreads, the cost of getting a few of them wrong can wipe out a quarter, or even a year of alpha in these sort of lower-return opportunity type environments,” says Connor Fitzgerald, fixed income portfolio manager for Wellington Management. Fitzgerald joins Bloomberg Intelligence’s Noel Hebert on this episode of the Credit Crunch podcast and discusses his cautious but constructive credit view, with sp