The Issue at Hand
A Madison Investments Fixed Income Series
Each month, we tackle one critical investment question shaping markets today. In a focused, unscripted conversation, we break down what’s driving the issue at hand and what the bond market is signaling. We then translate those insights into a clear, practical framework you can use to navigate client conversations and portfolio decisions with confidence.
Episodes launch every first Tuesday of the month. Watch us on YouTube, Spotify, or Apple Podcasts!
Latest Episode
Benchmark Illusion: When Managers Deviate from the Index
In this episode, Chris Aleman and Head of Fixed Income Mike Sanders take a closer look at fixed income benchmarks, including the Bloomberg Aggregate Bond Index, how portfolios may deviate from their benchmarks in pursuit of outperformance, and how advisors can assess whether a portfolio’s risks and return characteristics actually align with a client’s needs.
Meet the hosts
Mike Sanders, CFA®, FRM®
Head of Fixed Income, Portfolio Manager
Mike serves as a Portfolio Manager and is the Head of Fixed Income. Mike started in the financial services industry in 2004 and joined Madison in 2013. Prior to joining Madison, Mike was a Portfolio Manager at Ziegler Lotsoff Capital Management with an extensive background in credit research. He earned his BBA in finance from St. Norbert College, M.S. in economics from Marquette University and an MBA in analytical finance and accounting from the University of Chicago Booth School of Business. He is a CFA® Charterholder.
Christopher Aleman, CFA®
Regional Investment Director
Chris serves as a Regional Investment Director at Madison Investments. In this position, he covers Financial and Investment Advisors in the Northeast U.S. and Eastern Canada. Chris started in the financial services industry in 2007 and joined Madison in 2015. Prior to his current role, Chris was an Investment Product Specialist at J.P. Morgan Securities and Bear Stearns. He earned his BBA from St. Mary’s University, where he double majored in Corporate Finance and Financial Services/Risk Management. He is a CFA® Charterholder and FINRA-registered.
All Episodes
Upon request, Madison may furnish to the client or institution a list of all security recommendations made within the past year.
In addition to the ongoing market risk applicable to portfolio securities, bonds are subject to interest rate risk, credit risk and inflation risk. When interest rates rise, bond prices fall; generally, the longer a bond’s maturity, the more sensitive it is to this risk. Credit risk is the possibility that the issuer of a security will be unable to make interest payments and repay the principal on its debt. Bonds may also be subject to call risk, which allows the issuer to retain the right to redeem the debt, fully or partially, before the scheduled maturity date. Proceeds from sales prior to maturity may be more or less than originally invested due to changes in market conditions or changes in the credit quality of the issuer.
Indices are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only, and do not represent the performance of any specific investment. Index returns do not include any expenses, fees or sales charges, which would lower performance.
The Bloomberg U.S. Aggregate Bond Index (formerly known as the Barclays Agg) is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage backed securities, asset-backed securities and corporate securities, with maturities greater than one year.