Insight is Capital™ Podcast

In this final segment of our conversation with Tom O'Gorman, CFA, Portfolio Manager and Director of Franklin Bissett Fixed Income, we discuss the areas of opportunity in the bond market that he and Franklin Bissett Fixed Income are currently favouring. Where are the Fixed Income Opportunities in a rising interest rate environment? Thank you for listening. About Tom O'Gorman Tom O'Gorman, CFA, Senior Vice President, Director of Franklin Bissett Fixed Income, Franklin Bissett Investment Management in Calgary, Alberta, Canada. Tom O'Gorman is a senior vice president, director of fixed income at Franklin Bissett Investment Management and has been with the organization since 2010. Mr. O'Gorman shares co-lead responsibilities of Franklin Bissett Income Strategy Development and Implementation, including Franklin Bissett Core Plus Bond Fund (2010), Franklin Bissett Institutional Fixed Income Program (2010), Franklin Bissett Canadian Balanced Fund (2011), Bissett Canadian Core Bond Trust (2012), Franklin Bissett Strategic Income Fund (since inception), Franklin Bissett Canadian All Cap Balanced Fund (2013) and Franklin Bissett Monthly Income and Growth Fund (since inception). Prior to joining Franklin Bissett, Mr. O'Gorman spent 20 years managing U.S. and Canadian fixed income. He spent 10 years with Prudential Financial as an analyst and was the head of portfolio management for Munich Re in NYC for 10 years, overseeing a $30 billion portfolio of Canadian and U.S. fixed income assets. Mr. O'Gorman studied at Berklee College of Music, holds a bachelor's in business administration from William Paterson University and an MBA from Rutgers University. He is a Chartered Financial Analyst (CFA) charterholder.

In this segment of our conversation with Tom O'Gorman, CFA, SVP, Director of Fixed Income as Franklin Bissett Investment Management, we discuss the possibility that China's Forex reserve bond buying, which has resumed very strongly in the second half of 2017, may be the White Knight of the Fed's unwinding of QE as it turns down the volume on it's bond purchase program.   About Tom O'Gorman Tom O'Gorman, CFA, Senior Vice President, Director of Franklin Bissett Fixed Income, Franklin Bissett Investment Management. Tom O'Gorman is a senior vice president, director of fixed income at Franklin Bissett Investment Management and has been with the organization since 2010. Mr. O'Gorman shares co-lead responsibilities of Franklin Bissett Income Strategy Development and Implementation, including Franklin Bissett Core Plus Bond Fund (2010), Franklin Bissett Institutional Fixed Income Program (2010), Franklin Bissett Canadian Balanced Fund (2011), Bissett Canadian Core Bond Trust (2012), Franklin Bissett Strategic Income Fund (since inception), Franklin Bissett Canadian All Cap Balanced Fund (2013) and Franklin Bissett Monthly Income and Growth Fund (since inception). Prior to joining Franklin Bissett, Mr. O'Gorman spent 20 years managing U.S. and Canadian fixed income. He spent 10 years with Prudential Financial as an analyst and was the head of portfolio management for Munich Re in NYC for 10 years, overseeing a $30 billion portfolio of Canadian and U.S. fixed income assets. Mr. O'Gorman studied at Berklee College of Music, holds a bachelor's in business administration from William Paterson University and an MBA from Rutgers University. He is a Chartered Financial Analyst (CFA) charterholder.  

In this segment of in depth discussion about the bond market, Tom O'Gorman points out that while there is definitely inflation within financial market prices, its not clear whether there is clear pricing and consumer inflation. Are central banks caught between a pillar and post of conflicting views on inflation? What lies ahead? Our conversation continues.   About Tom O'Gorman Tom O'Gorman, CFA, Senior Vice President, Director of Franklin Bissett Fixed Income, Franklin Bissett Investment Management in Calgary, Alberta, Canada. Tom O'Gorman is a senior vice president, director of fixed income at Franklin Bissett Investment Management and has been with the organization since 2010. Mr. O'Gorman shares co-lead responsibilities of Franklin Bissett Income Strategy Development and Implementation, including Franklin Bissett Core Plus Bond Fund (2010), Franklin Bissett Institutional Fixed Income Program (2010), Franklin Bissett Canadian Balanced Fund (2011), Bissett Canadian Core Bond Trust (2012), Franklin Bissett Strategic Income Fund (since inception), Franklin Bissett Canadian All Cap Balanced Fund (2013) and Franklin Bissett Monthly Income and Growth Fund (since inception). Prior to joining Franklin Bissett, Mr. O'Gorman spent 20 years managing U.S. and Canadian fixed income. He spent 10 years with Prudential Financial as an analyst and was the head of portfolio management for Munich Re in NYC for 10 years, overseeing a $30 billion portfolio of Canadian and U.S. fixed income assets. Mr. O'Gorman studied at Berklee College of Music, holds a bachelor's in business administration from William Paterson University and an MBA from Rutgers University. He is a Chartered Financial Analyst (CFA) charterholder.

We recently chatted with Tom O'Gorman, Senior Vice President, Director of Franklin Bissett Fixed Income, at Franklin Bissett Investment Management. Via the flattening of the yield curve the bond market has been expressing doubts about the economy, so we asked Tom O'Gorman to share his outlook, his perspectives on the market, and his thoughts on perception versus reality. Is the bond market right about the economy?   About Tom O'Gorman TOM O'GORMAN, CFA, is Senior Vice President, Director of Franklin Bissett Fixed Income, Franklin Bissett Investment Management. Tom O'Gorman is a senior vice president, director of fixed income at Franklin Bissett Investment Management and has been with the organization since 2010. Mr. O'Gorman shares co-lead responsibilities of Franklin Bissett Income Strategy Development and Implementation, including Franklin Bissett Core Plus Bond Fund (2010), Franklin Bissett Institutional Fixed Income Program (2010), Franklin Bissett Canadian Balanced Fund (2011), Bissett Canadian Core Bond Trust (2012), Franklin Bissett Strategic Income Fund (since inception), Franklin Bissett Canadian All Cap Balanced Fund (2013) and Franklin Bissett Monthly Income and Growth Fund (since inception). Prior to joining Franklin Bissett, Mr. O'Gorman spent 20 years managing U.S. and Canadian fixed income. He spent 10 years with Prudential Financial as an analyst and was the head of portfolio management for Munich Re in NYC for 10 years, overseeing a $30 billion portfolio of Canadian and U.S. fixed income assets. Mr. O'Gorman studied at Berklee College of Music, holds a bachelor's in business administration from William Paterson University and an MBA from Rutgers University. He is a Chartered Financial Analyst (CFA) charterholder.

In this podcast, we chatted at length with Stephen Lingard, SVP, and Portfolio Manager, Franklin Templeton Managed Solutions, about his Multi-Asset outlook for 2018. Steven Lingard shares his candid views about what this year and forward holds in store for investors, and how to prepare in advance for the change in regime that is underway, as central banks continue in their efforts to turn down the volume on quantitative easing Stephen Lingard is senior multi-asset portfolio manager directly responsible for managing over C$10 billion in AUM across multiple strategies in Canada and offshore for Franklin Templeton Multi-Asset Solutions. He has a diverse skill set in research, strategy, asset allocation, portfolio construction and risk management as well as extensive experience with retail and institutional clients globally. He is also a regular contributor to financial media in Canada and Asia.  

In conclusion, we asked Stephen Lingard where the opportunities are, where he is positioning portfolios for this year and beyond. Stephen Lingard is senior multi-asset fund professional directly responsible for managing over C$10 billion in AUM across multiple strategies in Canada and offshore for Franklin Templeton Multi-Asset Solutions. He has a diverse skill set in research, strategy, asset allocation, portfolio construction and risk management as well as extensive experience with retail and institutional clients globally. He is also a regular contributor to financial media in Canada and Asia.

We asked Stephen Lingard for his thoughts on the argument that low dispersion in Index stocks is making it harder for active investors to beat their benchmarks. Stephen Lingard is senior multi-asset fund professional directly responsible for managing over C$10 billion in AUM across multiple strategies in Canada and offshore for Franklin Templeton Multi-Asset Solutions. He has a diverse skill set in research, strategy, asset allocation, portfolio construction and risk management as well as extensive experience with retail and institutional clients globally. He is also a regular contributor to financial media in Canada and Asia.

Stephen Lingard talks about why the return of volatility is heralded by active investors. "If I was managing an ETF portfolio, I would probably have concerns about a changing regime – a lot of what has worked worked over the last few years has been because of high stock correlations, sector correlations, and even cross-country correlations," says Lingard. Stephen Lingard is senior multi-asset fund professional directly responsible for managing over C$10 billion in AUM across multiple strategies in Canada and offshore for Franklin Templeton Multi-Asset Solutions. He has a diverse skill set in research, strategy, asset allocation, portfolio construction and risk management as well as extensive experience with retail and institutional clients globally. He is also a regular contributor to financial media in Canada and Asia.

We exchange thoughts with Stephen Lingard on the very 'managed' economy, markets, prices, risk, and earnings of 'The Great Monetary Experiment,' that is nearly a decade old. What does the future hold as the central bankers turn down the volume? Stephen Lingard is senior multi-asset fund professional directly responsible for managing over C$10 billion in AUM across multiple strategies in Canada and offshore for Franklin Templeton Multi-Asset Solutions. He has a diverse skill set in research, strategy, asset allocation, portfolio construction and risk management as well as extensive experience with retail and institutional clients globally. He is also a regular contributor to financial media in Canada and Asia.

With volatility and inflation continuing to be AWOL, we wondered if there is any connection between the two. Why have both of these factors remained at historical lows for so long – where have they gone, and did they go together? "In an idealized world, we would look to construct portfolios that gave us a pure expression of our views on each of the main investment factors," says Lingard. "By doing this, we could construct portfolios with better diversification and a higher probability of producing an outcome that meets investors’ specific needs. We could, for example, use option positions to gain long exposure to the volatility factor or potentially create asymmetric outcomes." Stephen Lingard is senior multi-asset fund professional directly responsible for managing over C$10 billion in AUM across multiple strategies in Canada and offshore for Franklin Templeton Multi-Asset Solutions. He has a diverse skill set in research, strategy, asset allocation, portfolio construction and risk management as well as extensive experience with retail and institutional clients globally. He is also a regular contributor to financial media in Canada and Asia.