Fixated: The Fixed Income Podcast

Hear about how Adam Marden, co-portfolio manager for the Dynamic Global Bond Strategy at T. Rowe Price navigated the last quarter. The strategies were anything but set and forget. Making the right call at the right time is how active managers earn their keep. We also talked about inflation, yield curves and rate expectations as well as value in the Australian market compared to global markets.

To mark International Women’s Day, we’re celebrating the journeys that shape strong leaders. You are the sum of your parts and it’s important to be yourself. From medicine to law and settling in finance, Jenna Hayes from Income Asset Management details her journey to being Head of Sales and Executive Director at Income Asset Management.

We’re told we are too focussed on the domestic market and to look at investing internationally, but does that include bonds? I spoke to Clive Maguchu from State Street Investment Management to compare the domestic and global bond markets. We discussed benefits and risks, including whether to hedge or not. Is the extra work and potential currency risk worth it?

There were a few surprises in this interview with Ken Orchard, Head of International Fixed Income from T. Rowe Price, that manages more than US$314 billion in fixed income assets. While having confidence in current trends, Orchard goes against macro consensus with his views in this podcast, detailing his current favoured sectors. We also discuss US exceptionalism, risks, and what keeps him awake at night.

Are markets too frothy? Do bonds once again provide protection if we get a correction? When is it a good time to add duration? Chris Iggo is a popular, regular contributor to our weekly newsletter and I was delighted to sit down with him recently.

Challenger has two distinct but complimentary businesses, Life, with its annuity products and Funds Management. As an insurance company, they need to make sure they have funds to support very long term obligations and roughly 75% of its assets are invested in fixed income. I caught up with Sam Morris, who has recently been promoted to general manager, strategy, to talk about the business, and what’s in the pipeline, market trends and what he hopes to achieve in his new role.

Is the US still the world’s reserve currency? What other investments might replace US government bonds? I sat down with Harry Hardy from Fidelity International recently and we discussed why the US remains an important market but also why it’s wise to diversify and how active management may help you outperform.

In celebration of International Women’s Day, we’ve brought in Dr Laura Ryan, Head of Research and Development at Ardea to sit down with us and discuss her lived experiences as a woman in finance. We talk about the unique challenges women faced in a male-dominated industry and strategies to overcome these hurdles, why it’s ok to ask for what you want, juggling a professional career and building an off-grid house in inner-city Sydney, and how Australia compares to the rest of the world on the gender equity front. Dr Ryan led a joint research project on behalf of the CFA Institute with a grant from ANU on the role of gender, in promotion rates, in the financial services industry.  One of the key findings was just asking for a promotion was worthwhile. This eye-opening research provides quantifiable insight into gender bias. You can find the full study here: https://www.ardea.com.au/new-study-indicates-gender-identity-an-important-factor-in-likelihood-of-promotion/ Dr Ryan was also featured in Grand Designs in late 2024 with her aptly titled Impossible House, an ambitious project which has seen her convert a 104m2 2-bedroom Newtown workers cottage into a fully off-grid, sustainable (and extremely liveable) home.  Visit her website: https://theimpossiblehouse.com.au/Watch her Grand Designs episode: https://iview.abc.net.au/show/grand-designs-australia/series/11/video/FA2214H010S00Visit Laura’s house on Sustainable House Day on Sunday 4 May 2025:https://sustainablehouseday.com/2025-featured-homes/

This week we welcome back Mark Bayley, Portfolio Manager at Kapstream Capital to the Fixated podcast to discuss the post-US Election market reactions and explore the fascinating Private Credit asset class. We look at how Private Credit fits into an investor’s portfolio, the importance of understanding fees, and what investors should be looking for. Mark also shares his insight into the Kapstream Private Investment Fund which offers investors access to higher yielding investments in securitised warehouse financing.

Private credit has undergone a real renaissance in recent times both in Australia and around the world. CFMG Capital’s Andrew Thomson joins us again to lift the lid on what is driving so much investor interest in this asset class. One of the big concerns of investors about private credit has been the interconnected relationships between manager and borrower. Andrew provides us with valuable insight into CFMG’s view toward this relationship, and how they manage difficult decisions when balancing the interests of the developer and that of the investor. We discuss the three CFMG funds, how they assess their projects, the difference between pooled and contributory schemes, and the impact lower interest rates may have on their funds and the land market in general.