Today, we are joined by Mike Kastner, Principle and Co-Founder at Halyard Asset Management, for a conversation on how they use fixed income instruments to manage the cash of many CTA portfolios. We discuss how managers have evolved in terms of the way they manage cash, how Halyard Asset Management construct a portfolio from a liquidity point of view and the current state of liquidity, how they approach credit rating and why they avoid buying paper from certain banks. We also unpack what they think the sweet spot for foreign exchange hedging is and how they approach risk management, why Kastner does not believe we are approaching a recession and that there is a likely chance of a significant fall in the long bond price, as well as what Kastner believes will happen in the housing market and much more.
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Episode Timestamps:
02:40 - Introduction to Halyard Asset Management
04:12 - History of Cash Management
07:16 - What happened with money market funds?
09:34 - Has the Cash Management space changed?
11:02 - Cash Management philosophy
12:23 - A liquid portfolio
17:39 - Drawing the safety line
19:25 - Considering ESGs
21:11 - Managing cash in different currencies
22:41 - Balancing the mandates
23:52 - Managing risk
25:44 - Thinking about expected returns
27:05 - The evolution of fees
29:40 - Lessons learned
31:27 - How does Kastner see the world?
33:22 - Where are we heading?
37:00 - The global perspective
39:05 - The debt issue
41:30 - Why Cash Management is not Easy
43:00 - Expectations for 2023
45:59 - Thanks for listening
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