Asks about portfolio adjustments since the war started and when to unwind trades.
Vonnie Quinn
Pilar Gomez Bravo
Made adjustments before war: bought 2-year US inflation swaps and credit protection via derivatives; post-war, reduced USD underweight and duration in Europe.
Pilar Gomez Bravo
Haven't rushed to add credit; waiting for US to price out cuts this year to add duration; sees Fed cuts as delayed, not suspended.
Pilar Gomez Bravo
Concerned about three colliding elements: war, private credit concerns, and AI CapEx binge, which together could pressure risky assets.