FEATURED TOPIC
The Secular Bond Bear is Coming—Are You Ready for It?
The Secular Bond Bear is Coming—Are You Ready for It?
DISCUSSION HIGHLIGHTS
As signs of recovery grow across the global economy, we know that negative interest rates aren’t sustainable. One thing is becoming increasingly clear — the groundwork is being laid for a secular bear market in bonds and Canadian plan sponsors need to understand what that means for their pension plans in future. In this Monday Minute, we will look at a shifting fixed income space — what are the opportunities and the risks from a pension perspective? When will the bear arrive — and what impact will it have?
As signs of recovery grow across the global economy, we know that negative interest rates aren’t sustainable. One thing is becoming increasingly clear — the groundwork is being laid for a secular bear market in bonds and Canadian plan sponsors need to understand what that means for their pension plans in future. In this Monday Minute, we will look at a shifting fixed income space — what are the opportunities and the risks from a pension perspective? When will the bear arrive — and what impact will it have?
ADDITIONAL RESOURCES
The Beginning of the End of an Era in Bonds
A Tale of Two Tapers
Monday Minute Chats are available to senior decision-makers within Canadian pension funds who are currently subscribed to the CLC Newsletter.
Access to the Monday Minute provides you the link to view at your leisure or share with your team.
Access to the Monday Minute provides you the link to view at your leisure or share with your team.
DAVID STONEHOUSE
Senior Vice-President, Head of North American and Specialty Investments | AGF Investments
Senior Vice-President, Head of North American and Specialty Investments | AGF Investments
David Stonehouse oversees AGF’s North American and Specialty Investments teams while maintaining direct portfolio management responsibilities for his current mandates. With more than two decades of experience managing both fixed income and balanced mandates, David employs a rigorous and disciplined investment process combining a
top‑down approach to duration and asset allocation with a bottom‑up approach to security selection.
David is a member of The Office of the CIO — a new structure within AGF’s Investment Management team. This leadership structure encourages and further embeds collaboration and active accountability across the Investment Management team and the broader organization.
David received a B.Sc. in Applied Science from Queen’s University, an MBA in Finance and Accounting from McMaster University and is a CFA® charterholder.
David is a member of The Office of the CIO — a new structure within AGF’s Investment Management team. This leadership structure encourages and further embeds collaboration and active accountability across the Investment Management team and the broader organization.
David received a B.Sc. in Applied Science from Queen’s University, an MBA in Finance and Accounting from McMaster University and is a CFA® charterholder.
RAINER KAUFMANN
Senior Director, Fixed Income, Funding and Liquidity | OPTrust
Senior Director, Fixed Income, Funding and Liquidity | OPTrust
Rainer Kaufmann is Senior Director, Fixed Income, Funding and Liquidity at OPTrust pension plan, overseeing all bond investments of the fund encompassing government and corporate bonds as well as money markets investments and repo funding. Rainer has led the Fixed Income function at two major Canadian pension plans, as well as at a hedge fund and sell‑side dealer.
His education include an undergraduate degree in Engineering from Queen’s and an MBA in Finance from McGill.
His education include an undergraduate degree in Engineering from Queen’s and an MBA in Finance from McGill.
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