Marquette Speaking at Institutional Investor 2025 Redefining Fixed Income Forum 5/13

March 27, 2025

On Tuesday, May 13, Greg Leonberger, FSA, EA, MAAA, FCA, Frank Valle, CFA, CAIA , and James Torgerson will be speaking at the 11th Annual Redefining Fixed Income Forum hosted by Institutional Investor in Chicago.

In the morning, Greg will be moderating a panel entitled “How are Investors Viewing the Fixed Income Landscape Against the Backdrop of Global Tariffs and Economic Uncertainty?” described as follows: We seem to be in the midst of a major shift in the areas of geopolitics, trade, and U.S. fiscal policy. In addition, further FOMC rate cuts have become akin to a moving target, rather than a foregone conclusion. In spite of recent U.S. Treasury yield volatility, spreads still remain very tight, to the point that high yield probably needs to be renamed.

• How do investors see the current and potential future state of the U.S. and global economies and how is it impacting portfolio construction?
• What do investors’ crystal balls tell them about the direction of rates and how are they positioning their portfolios accordingly?
• Do elevated debt levels among the government, corporations, and consumers in the U.S. worry investors and where they are seeking yield and risk exposure?
• What will be the effects of policies under the new Presidential Administration and Congress?
• What regulatory shifts are potentially affecting financial markets and fixed income securities?
• How are allocators adapting to the ongoing risk of inflation and is transitory or structural?
• When will spreads begin to widen?
• Will geopolitical tensions rise, and how will that influence allocation decisions?

Frank will be moderating a panel in the afternoon: “What are the Pros and Cons of Public versus Private Fixed Income in the Current Investment Environment?” The pursuit of yield while managing risk is an ongoing challenge for allocators. They need to weigh various factors to find the best opportunities, including:

• Which asset class do allocators favor in a market with such compressed yields?
• Can market inefficiencies lead to better valuation opportunities in one market versus the other?
• Where can investors find more attractive risk-adjusted returns?
• What impact do economic conditions have on allocation?
• Do private markets offer greater control over covenants, allowing for more tailored risk management?
• What are the liquidity considerations between the two asset classes?
• Is there excessive market saturation in the private markets? Is there too much capital chasing limited deals?
• How do public versus private markets react to economic cycles and are managers battle-tested in case of economic turbulence?
• How do default rates, recovery rates, and other risk metrics compare between the two?
• Are some private fixed income strategies fraught with risk for LPs because they are essentially kicking the can down the road for certain investments?

James will be joining a panel entitled, “Where Are Fixed Income Investors Deploying Capital as the Global World Order Fragments and Volatility Increases?” described as follows: The high-rate environment, 2-year market bull run and compressed fixed income spreads forced institutional investors to increase their risk exposure by going down in credit quality and/or duration. This has resulted in negative convexity and has, in some cases, upended the stability that fixed income provides during market volatility. As the world faces a more adversarial economic landscape and as the risk of economic instability and market volatility increases, how will institutional fixed income managers change their investment thesis?

The Redefining Fixed Income Forum will bring together leading investors from insurance funds and pension plans for thought-provoking presentations and panel discussions and ample networking opportunities for participants to engage with peers, share insights, and collaborate on innovative investment strategies. For more information, please visit the event website.