Michael McEachern, manager of the Muzinich Global Tactical Credit Fund – essentially a corporate bond fund – explains why he feels markets took it too far when positioning themselves for a rate rise but the flexibility his strategy offers paved a clear path through it.
He also argues his corner for running a fund with a global mandate when his exposure is so heavily weighted to just one country, the US. He talks through his measures – valuations, fundamentals, spreads and technical flows – to justify his positioning.
Even his tactical investment is in the US as he closes the interview with: “Cash, T-Bills right now, is king!”.
