Wharton Club Of DC

WAMM: High Yield in 2025 and Beyond: A Systematic Approach Seeking to Construct High-Income Portfolios 3/25

Many investors remain underweight emerging markets (EM), driving historically cheap valuations. Wharton Club members & guests are invited!

 

Washington Association of Money Managers
and
Insight Investment 
are pleased to present:

High Yield in 2025 and Beyond: A Systematic Approach Seeking to Construct High-Income Portfolios
Tuesday, March 25, 2025 at 12:00 PM (ET)

Marty Fridson, CFA Chief Executive Officer FridsonVision High Yield Strategy

Brendan Murphy, CFA Head of Fixed Income, North America Insight Investment

Benjamin Smith, CFA Senior Fund Manager MissionSquare Retirement

Paul Benson, CFA, CAIA Head of Systematic Fixed Income Insight Investment

Anthony Canale Global Head of Research Covenant Review

Jacques de Saint Phalle Managing Director Piper Sandler

Location:
The National Press Club
529 14th Street NW
13th Floor, Holeman Lounge
Washington, DC 20045

Time:
Registration: 12:00 PM ET
Presentations: 12:30 - 4:00 PM ET
Reception: 4:00 - 5:00 PM ET
Optional Networking (Truman Lounge): 5:00 - 8:00 PM ET

“Higher-for-longer” interest rate environment means bond markets once more offer attractive real returns. The U.S. high yield market delivered a total return of 8.2% for 2024, one of the best performing asset classes in fixed income. Credit spreads, on the other hand, are at the lower end of the historical range and are anticipated to stay rangebound in the near future. Tight spreads are likely reflecting solid fundamentals, a low default environment, and a trend towards a higher quality profile. To that end, the US High Yield index has a significantly lower proportion of lower rated issuers than it did before the GFC (current 12% versus 17% of index bonds are CCC-rated), and the index duration has shortened materially with the current average maturity of under 5 years compared to a little over 8 years in 2006.

Will the more volatile economic conditions in 2025 create greater opportunities to identify attractively priced bonds? How can investors harvest these opportunities consistently? Can the growing use of structured data and innovative trading techniques help with lowering transaction costs and generating differentiated alpha streams? To help us guide through the most effective strategies to identify high-yielding companies that are best positioned to outperform over the long term, we are fortunate to have a truly star-studded speaker line-up:

Keynote Address:
High Yield Bond Outlook for 2025 and Beyond

· Marty Fridson, CFA, Chief Executive Officer, FridsonVision High Yield Strategy; Chief Investment Officer, Lehmann, Livian, Fridson Advisors LLC

Panel # 1:
Why High Yield Belongs in Your Fixed Income Portfolio

· Brendan Murphy, CFA, Head of Fixed Income, North America, Insight Investment

· Benjamin Smith, CFA, Senior Fund Manager, MissionSquare Retirement

Workshop # 2:
Systematic Approach: A Breakthrough in High Yield Investing

· Paul Benson, CFA, CAIA, Head of Systematic Fixed Income, Insight Investment

Panel # 3:
Covenants and Beyond: Key Trends in Safeguarding Investments

· Anthony Canale, Global Head of Research, Covenant Review

· Jacques de Saint Phalle, Managing Director, Financial Services Group, Piper Sandler

Please note that the Chatham House Rule applies – neither the comments of the speaker nor those of other participants are for attribution.

Please register at wammdc.org by 11:00 AM ET on Tuesday, March 25, 2025. The event is $0 for WAMM members and non-members. Please try to register early, as the space is limited!

Walking directions to the National Press Club: Take the Red, Blue, Orange or Silver line. Exit at the Metro Center station. Take the 13th Street exit, take escalator to the 13th Street; you should be at the corner of 13th and G Streets. Walk one block south to F Street. Turn right (West) and walk one block to 14th Street. Turn left and walk downhill to the National Press Building lobby. Enter and take the elevators to the 13th Floor.

Parking: For guaranteed parking reservations, the National Press Club recommend booking your parking spot through SpotHero at The National Press Club SpotHero Parking Page. Valet parking is available at the JW Marriott hotel (next to the Press Club) or the Willard Hotel (across the street from the Press Club). Attendees are also welcome to look for street parking.