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Tune in to the InsuranceAUM.com Podcast, hosted by our Managing Partner, Stewart Foley, CFA. Our podcast features insightful conversations with CIOs, asset managers, and other distinguished professionals in the insurance asset management industry. Each episode delves into the latest trends, challenges, and opportunities, providing listeners with valuable perspectives and practical advice. Don’t miss out on these engaging discussions that are essential for insurance investors and asset managers.
Episodes
Thursday Jul 28, 2022
Thursday Jul 28, 2022
In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Paul Massaro, Head of Global High Yield and Lead Portfolio Manager for Floating-Rate Strategies at T. Rowe Price, to discuss the evolving opportunities in floating-rate bank loans and high-yield credit. With real bond yields rising for the first time in years, Paul shares his insights on the differences between the bank loan and high-yield markets, emphasizing risk-adjusted returns, sector diversification, and the resilience of these asset classes in volatile market conditions.
The conversation highlights the strategic value of floating-rate bank loans in insurance portfolios, including their defensive positioning, higher recovery rates, and their role as a diversifier within fixed-income allocations. Paul also discusses where his team is finding value in today’s environment, such as shorter maturities, sectors like leisure and travel, and selective opportunities in new issuances. Backed by T. Rowe Price’s rigorous research process, Paul’s perspective provides insurance investment professionals with valuable insights into navigating the challenges of rising rates and heightened economic uncertainty.