Vanguard's Sarang Kulkarni takes 'controlled risks' in cyclical sectors

Focus on high quality companies

David Brenchley
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Sarang Kulkarni of Vanguard
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Sarang Kulkarni of Vanguard

Profiting from having bought high-quality names in the fixed income market at "extremely attractive premiums" during the height of the coronavirus market sell-off allowed the Vanguard Global Credit Bond fund to take "controlled" bets in higher-risk, cyclical sectors as the market rebound commenced.

Manager Sarang Kulkarni said he had been "just as confused and concerned as anybody else" in March, as markets indiscriminately punished both stocks and bonds. However, he reasoned, "when we saw some...

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