Fixed Income in the Limelight Again

Dan Ivascyn



Episode: 298
February 20, 2023

Episode Description:

Dan Ivascyn is the Group-CIO of PIMCO, the legendary bond shop with nearly $2 trillion in assets under management. Dan arrived at PIMCO 25 years ago and assumed the Group-CIO seat in 2014, where he leads portfolio management for the firm’s income strategies, credit hedge fund, and mortgage opportunistic strategies.

Today’s guest host is Ana Marshall the CIO of the $13 billion Hewlett Foundation and a repeat guest on the show. Ana has a longstanding relationship with Dan and PIMCO and leads us on a tour of the state of the fixed income markets and the role of the asset class in institutional portfolios.

Show Notes
4:36 Dan’s background
7:31 Lessons from early days
10:50 Taking the helm at PIMCO
14:01 The hallmarks of PIMCO culture
16:54 Trust within partnerships
18:58 Risk taking and probability positioning
21:24 Opportunity set and rate markets
24:32 Trading amidst fixed income volatility
29:39 Illiquidity premium for private credit
31:35 Staying flexible in fixed income
36:02 Looking for signs of safety
40:05 Challenges for CIOs
43:04 Closing questions

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