Morningstar - Fall 2019 - 56
Investors
Rates, Spreads, and Credits
Bond managers make sense of the
market at the MIC.
Undiscovered Manager
62
A Perfect Fit
66
Building for the Future
Sector Snapshot: Basic Materials
MORNINGSTAR CONVERSATION
Sarah Bush
Sector Rap
69
70
User Profile
A Better Place
After a volatile 2018, the bond market got
off to a strong start in 2019, as dovish tones set
by the Fed and other central banks sparked
a risk rally. In early May, as the Morningstar
Investment Conference in Chicago was underway,
an investor in the average high-yield bond
fund was up 7% for the year to date. Those are
heady returns in any market but are especially so
late in the credit cycle. As a result, rates,
spreads, and credits were hot topics at the MIC.
We featured a panel of three top fixed-income
managers: Michael J. Collins, managing
director and senior portfolio manager, PGIM
SCA N TRIGGER
L AUNCH CO MPA N I O N V I D E O
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56
Morningstar Fall 2019
Investments; Laird Landmann, portfolio manager
in the fixed-income group at TCW; and
Sonali Pier, executive vice president and portfolio
manager at PIMCO. They shared their insights
on risks and opportunities-and made a
case for active management in turbulent times.
Our conversation took place on May 9 and has
been edited for length and clarity.
Sarah Bush: Laird, you've written about how central
bankers have been talking about uncertainty,
while the markets have been much more optimistic.
What's going on?
Laird Landmann: As we sit here today, near
the end of the cycle, there's massive optimism all
around. People want to keep that optimism going,
because that's when we make the most
money. Everyone's looking for signs of the music
Sonali Pier, Laird Landmann, Michael Collins, and Sarah Bush in a breakout
session at the 2019 Morningstar Investment Conference in Chicago.
Morningstar - Fall 2019
Table of Contents for the Digital Edition of Morningstar - Fall 2019
Contents
Morningstar - Fall 2019 - Cover1
Morningstar - Fall 2019 - Cover2
Morningstar - Fall 2019 - 1
Morningstar - Fall 2019 - 2
Morningstar - Fall 2019 - Contents
Morningstar - Fall 2019 - 4
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Morningstar - Fall 2019 - Cover3
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