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Fixed Income 2017-Electronic Trading
June 2017 — Fixed Income
Traditionally, corporate bond trading has required direct communication between dealers and investment managers. While most trading still occurs in this manner, technological advances are transforming this space and electronic trading is growing in importance. As new trading platforms emerge, corporate bond trading is beginning to shift from over-the-counter trading between dealers and investment managers to electronic marketplaces. Within this ‘Fixed Income Insights’ we will explore the driving factors of this evolution in secondary trading, the current state of the electronic marketplace, and how we view and use electronic trading at Galliard Capital Management.
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Fixed Income 2015- Taxable municipals: An attractive option for long credit investors
October 2015 — Fixed Income
Recently, taxable municipal bonds have seen growing interest in the marketplace. This makes sense, as the sector presents attractive investment opportunities given its yield advantage over U.S. Treasuries and its history of low default and high recovery rates. Galliard has been an investor in the taxable municipal bond market for over 20 years — since firm inception — seeing it as a viable alternative to the corporate bond market and an attractive option for core bond portfolios, particularly long credit mandates. As of August 31, 2015 we manage nearly $3 billion in taxable municipal bonds from over 400 different issuers across the maturity curve. In this issue of Fixed Income Analyst Insights, Galliard’s Chief Investment Strategist, Richard Merriam, and taxable municipal specialists, Brandon Kanz and Will Moeller, discuss Galliard’s perspective and differentiators in the municipal space.
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Fixed Income 2015- Gordian Knot
April 2015 — Fixed Income
In this issue of Fixed Income Perspectives, Karl Tourville and Carrie Callahan discuss how a disciplined adherence to guiding investment principles has allowed Galliard to generate consistent, value-added performance over time.
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