Be Cash Conscious in a Low-Rate, High-Tax World: The Appeal of Active Short-Term Bond ETFs
| November 10, 2020 | 1:00 PM ET | 10:00 AM PT |
| November 10, 2020 | 1:00 PM ET | 10:00 AM PT |
CFRA and PIMCO explored how to better optimize cash allocations in a period of near-zero yields for money market funds and potentially higher tax rates ahead. Todd Rosenbluth, Head of ETF and Mutual Fund Research at CFRA, moderated a conversation with Jerome Schneider and David Hammer, heads of PIMCO’s short-term and municipal bond portfolio management. They focused on how actively managed short-term bond ETFs–—including taxable, tax-aware, and ESG solutions – may deliver attractive returns on otherwise unproductive cash allocations.
Discussion topics included:
Presented by:
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Jerome SchneiderManager Director and Head of Short-Term Portfolio Management, PIMCO Mr. Schneider is a managing director in the Newport Beach office and head of short-term portfolio management and funding. Morningstar named him Fixed-Income Fund Manager of the Year (U.S.) for 2015. Prior to joining PIMCO in 2008, Mr. Schneider was a senior managing director with Bear Stearns. There he most recently specialized in credit and mortgage-related funding transactions and helped develop one of the first "repo" conduit financing companies. Additionally, during his tenure at Bear Stearns he held various positions on the municipal and fixed income derivatives trading desks. He has 25 years of investment experience and holds an undergraduate degree in economics and international relations from the University of Pennsylvania and an MBA from the Stern School of Business at New York University.
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David HammerExecutive Vice President and Head of Municipal Bond Portfolio Management, PIMCO Mr. Hammer is an executive vice president in the Newport Beach office and head of municipal bond portfolio management, with oversight of the firm’s municipal investment grade, high yield, taxable, and separately managed accounts. He is the lead portfolio manager on PIMCO’s municipal bond fund complex, including investment grade, high yield, state-specific, closed-end funds, and interval fund. Prior to rejoining PIMCO in 2015, he was a managing director at Morgan Stanley, where he was head of municipal trading, risk management, and research. He has 18 years of investment experience and holds an undergraduate degree from Syracuse University. |
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Todd RosenbluthHead of ETF and Mutual Fund Research, CFRA Todd Rosenbluth is Head of ETF and Mutual Fund Research at CFRA where he leads the firm’s holdings-based research efforts. Todd publishes regular thought leadership content on equity and fixed income products, supports the quantitative fund models and interacts with clients. He also serves as a member of CFRA’s Investment Policy Committee. Todd has frequently provided ETF education at Inside ETFs conferences and been quoted in media outlets, such as Barron’s, New York Times and the Wall Street Journal. Todd also held the position of Senior Director of ETF and Mutual Fund Research for S&P Global Market Intelligence. Prior to joining CFRA, Todd previously served in other financial positions at S&P Global, such as International Mutual Fund Sector Specialist, Large Cap Value and Large Cap Growth Analyst and has served on the Fund Services Asset Allocation Committee. Prior to joining S&P Global in 2001, Todd was managing editor of Value Line Mutual Fund Survey and Senior Large Cap and Small Cap Value Mutual Fund Analyst. He was also a Financial Advisor with Morgan Stanley. Todd holds a B.G.S in Finance from the University of Michigan and an MBA in Finance from New York University. |
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