Preferred securities can offer an attractive risk-adjusted yield in a low-yield environment. Straddling the line between fixed income and equity, preferred securities can help diversify core fixed-income portfolios. Investors equipped to analyze and trade these structures are able to find attractive relative value opportunities. Co-authored by Willow Piersol, Senior Analyst As financial institutions raise capital and
Carl Pappo, Head of Core Fixed Income
Carl W. Pappo is Head of Core Fixed Income for Columbia Management. The Core team manages Core, Core Plus and Liability Driven Investment portfolios. He also leads the Columbia Management Core Strategy Team. Mr. Pappo manages a number of intermediate-term mutual funds, institutional portfolios and manages the investment-grade credit sector for the team. Previously, he has held positions at the company managing investment grade research, managing core institutional portfolios and as a trader for various fixed income sectors. He joined the firm in 1992 and has been a member of the investment community since 1992.
Mr. Pappo earned a B.S. from Babson College. He is a member of the Boston Security Analysts Society. In addition, he holds the Chartered Financial Analyst designation.