TTU131: How CTAs manage their Cash ft. Mike Kastner, Principle & Co-Founder at Halyard Asset Management

TTU131: How CTAs manage their Cash ft. Mike Kastner, Principle & Co-Founder at Halyard Asset Management

Today, we are joined by Mike Kastner, Principle and Co-Founder at Halyard Asset Management, for a conversation on how they use fixed income instruments to manage the cash of many CTA portfolios. We discuss how managers have evolved in terms of the way they manage cash, how Halyard Asset Management construct a portfolio from a liquidity point of view and the current state of liquidity, how they approach credit rating and why they avoid buying paper from certain banks. We also unpack what they think the sweet spot for foreign exchange hedging is and how they approach risk management, why Kastner does not believe we are approaching a recession and that there is a likely chance of a significant fall in the long bond price, as well as what Kastner believes will happen in the housing market and much more.

-----

50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE

-----


Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.

IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.

And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfoliohere.

Learn more about the Trend Barometer here.

Send your questions to info@toptradersunplugged.com

And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.

Follow Alan on Twitter.

Read more about Halyard Asset Management.

Episode Timestamps:

02:40 - Introduction to Halyard Asset Management

04:12 - History of Cash Management

07:16 - What happened with money market funds?

09:34 - Has the Cash Management space changed?

11:02 - Cash Management philosophy

12:23 - A liquid portfolio

17:39 - Drawing the safety line

19:25 - Considering ESGs

21:11 - Managing cash in different currencies

22:41 - Balancing the mandates

23:52 - Managing risk

25:44 - Thinking about expected returns

27:05 - The evolution of fees

29:40 - Lessons learned

31:27 - How does Kastner see the world?

33:22 - Where are we heading?

37:00 - The global perspective

39:05 - The debt issue

41:30 - Why Cash Management is not Easy

43:00 - Expectations for 2023

45:59 - Thanks for listening

Copyright © 2025 – CMC AG – All Rights Reserved

----

PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:

1. eBooks that cover key topics that you need to know about

In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here

2. Daily Trend Barometer and Market Score

One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here

3. Other Resources that can help you

And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here

Privacy Policy

Disclaimer

Jaksot(910)

TTU86: Predictions on Crude Oil, Copper, War, Plus More on Cycles ft. David Gurwitz of Charles Nenner Research – 2of2

TTU86: Predictions on Crude Oil, Copper, War, Plus More on Cycles ft. David Gurwitz of Charles Nenner Research – 2of2

In this second part of our conversation, we dive into the specifics of how Charles Nenner and his team make their predictions, and what they predict in certain markets like Crude Oil, Copper, and Natu...

15 Heinä 20151h 5min

TTU85: The Cycles of Financial Markets ft. David Gurwitz of Charles Nenner Research – 1of2

TTU85: The Cycles of Financial Markets ft. David Gurwitz of Charles Nenner Research – 1of2

This episode has a unique and interesting guest, the kind we rarely have on this show. David Gurwitz does not trade in the financial markets, but provides predictions and research to many firms, inclu...

7 Heinä 20151h 10min

TTU84: Being Authentic & Transparent with Your Investors ft. Natasha Reeve-Gray of Altis Partners – 2of2

TTU84: Being Authentic & Transparent with Your Investors ft. Natasha Reeve-Gray of Altis Partners – 2of2

In this second part of our conversation, Natasha dives into the details of the trading model and portfolio of Altis Partners, her firm. We discuss how they approach risk management, and how they’ve de...

5 Heinä 20151h 3min

TTU83: Starting a Quant Firm from Scratch ft. Natasha Reeve-Gray of Altis Partners – 1of2

TTU83: Starting a Quant Firm from Scratch ft. Natasha Reeve-Gray of Altis Partners – 1of2

Our next guest left a well known trading firm in London to start a quantitative trading firm with 3 other partners. There’s a lot to be learned from her insights on starting a business, building a cul...

29 Kesä 20151h 7min

TTU82: Simplicity vs. Complexity in Trading Models ft. Oliver Steinki of Evolutiqz – 2of2

TTU82: Simplicity vs. Complexity in Trading Models ft. Oliver Steinki of Evolutiqz – 2of2

In the second part of our conversation with the cofounder of Evolutiq, we dive into the firm’s trading strategy, how they manage risk, and what kinds of investors they seek. He also discusses tips for...

8 Kesä 201559min

TTU81: How A Serial Entrepreneur Built an Algorithmic Trading Firm ft. Oliver Steinki of Evolutiq – 1of2

TTU81: How A Serial Entrepreneur Built an Algorithmic Trading Firm ft. Oliver Steinki of Evolutiq – 1of2

Our next guest has started and invested in many companies, and is from an entrepreneurial background. First and foremost, he is concerned with running a business, but he also knew he wanted to be a po...

2 Kesä 20151h 2min

TTU80: Managing Your Emotional Capital ft. Mike Coleman of RCMA Asset Managementz – 2of2

TTU80: Managing Your Emotional Capital ft. Mike Coleman of RCMA Asset Managementz – 2of2

In the second part of our conversation with Mike Coleman, we explore the different commodity markets and how RCMA trades them, and look back at the drawdowns that Mike has gone through and what he has...

20 Huhti 20151h 4min

TTU79: The Romance of Trading Commodities ft. Mike Coleman of RCMA Asset Management – 1of2

TTU79: The Romance of Trading Commodities ft. Mike Coleman of RCMA Asset Management – 1of2

Our next guest lives in Singapore, where he founded a firm that trades in the commodity markets. In this episode, we trace his upbringing in the UK and his first job at Cargill to the start of his fir...

13 Huhti 20151h 6min

Suosittua kategoriassa Liike-elämä ja talous

sijotuskasti
mimmit-sijoittaa
rss-rahapodi
psykopodiaa-podcast
herrasmieshakkerit
rss-rahamania
taloudellinen-mielenrauha
ostan-asuntoja-podcast
rss-sami-miettinen-neuvottelija
rahapuhetta
juristipodi
lakicast
rss-h-asselmoilanen
rss-startup-ministerio
rss-seuraava-potilas
rss-paasipodi
rss-draivi
rss-sisalto-kuntoon
rss-bisnespaiva
rss-myynnilla-on-asiaa-kert-kenner