Active Insights Podcast with Red Cedar Investment Management – “With more tools, it gives you potentially more ways in which to outperform the market.”
Red Cedar Investment Management’s Managing Partner, Chief Executive Officer and Co-Chief Investment Officer John Cassady and Partner and Co-Chief Investment Officer Brandon Bajema discuss the fixed-income markets with Mark Goodwin, Chief Executive Officer of North Square Investments.
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This podcast was recorded April 1, 2026. The opinions expressed herein are those of North Square Investments, LLC (North Square) and are subject to change without notice. The opinions referenced are as of the date of publication/distribution, may be modified due to changes in the market or economic conditions, and may not necessarily come to pass. Forward looking statements cannot be guaranteed. The discussions in our podcasts are for general informational purposes only and should not be considered as investment advice. The inclusion and performance of specific investments discussed represent only a sample of North Square’s Fund investments, and do not represent North Square’s Fund investments or performance as a whole. A complete list of North Square’s holdings is available upon request. There is no guarantee that any investments discussed at the time of this podcast will remain in North Square’s Fund(s). Past performance is not indicative of future results. It should not be assumed that any of the securities or companies discussed have been or will be profitable, or that investment recommendations or decisions we make in the future will be profitable. Nothing discussed herein constitutes an offer or recommendation to buy or sell a particular security or investment strategy. North Square reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. There is no guarantee that North Square’s assessment of investments will be correct. The discussions, outlook, and viewpoints featured are not intended to be investment advice and do not take into account any specific investment objectives or risk tolerance you may have. Some information contained herein derives from third-party sources North Square believes to be reliable; however, accuracy and completeness cannot be guaranteed. Some material discussed represents an assessment of the market environment regarding a specific security or industry at a particular point in time and is not intended to be a forecast of future events or a guarantee of future results. The investment strategy or strategies discussed may not be suitable for all investors. Investors must make their own decisions based on their specific investment objectives and financial circumstances. No assurance, representation, or warranty is made by any person that any of North Square’s assumptions, expectations, objectives and/or goals will be achieved. Nothing contained in the podcast may be relied upon as a guarantee, promise, assurance, or representation as to the future. This discussion, including any hypothetical illustrations, are intended to form a basis for further discussion with your legal, accounting, and financial advisors. Actual future investment returns, taxes and inflation are unknown. Do not rely upon this podcast to predict future investment performance. North Square is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about the companies’ investment advisory services can be found in their respective form ADV, which are available upon request.
The Portfolio is actively managed and current holdings and characteristics may be different. The holdings cited in this podcast should not be considered recommendations to buy or sell any particular security listed. The holdings identified do not represent all of the securities purchased, sold, or recommended for the adviser’s clients. Actual portfolio investments may vary when actually invested. A complete list of holdings is available upon request.
For a list of holdings, standardized fund performance, prospectus and risks, please click here.
The active fixed income mutual fund of the year is given to the most successful taxable or muni bond fund, as determined by a combination of several elements, such as flows, performance, innovation, and fund objectives. Funds launched before October. 1, 2024 are eligible for entry. North Square nominated the Strategic Income Fund for this Award.
Principal Risks of Investing, North Square Strategic Income Fund: Risk is inherent in all investing, including an investment in the Fund. An investment in the Fund involves risk, including the following principal risks, among others: Market Risk, Credit Risk, Fixed Income Securities Risk, Interest Rate Risk, Preferred Securities Risk, Mortgage-Backed and Asset-Backed Securities Risk, High Yield (“Junk”) Bond Risk, and Derivatives Risk. Summary descriptions of these and other principal risks of investing in the Fund are set forth in the Fund’s prospectus. Before you decide whether to invest in the Fund, carefully consider these risk factors associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained by calling 855-551-5521. Please read the prospectus carefully before you invest.
Past performance does not guarantee future results. Click here for standardized performance information.
Definitions of terms used in this podcast:
Petrodollars are U.S. dollars earned from crude oil exports.
Renminbi and Yuan: Chinese currency is referred to by two names: the Chinese yuan (CNY) and renminbi (RMB), which translates to “People’s Currency.” The distinction between CNY and RMB is subtle. RMB is the official currency of China. The yuan is the principal unit of account for that currency.
Core PCE (Personal consumption expenditures) and CPI (Consumer Price Index) are both key inflation measures, but they differ in scope and calculation. The Federal Reserve is thought to prefer the Core PCE metric because it covers a broader range of expenses and accounts for consumer behavior changes, generally showing lower, less volatile inflation than CPI. CPI focuses on out-of-pocket expenses, also known as consumer spending, is a measure of the spending on goods and services by people of the United States.
Private credit refers to loans provided by non-bank financial institutions—such as private equity firms or investment managers—to companies, rather than through traditional bank lending or public bond markets.
Gating in private credit is a risk management mechanism used by fund managers to restrict or suspend investor withdrawals when redemption requests exceed a set percentage of the fund’s total assets.
A credit cycle is the pattern of expansion and contraction in the availability of credit within an economy, which moves with broader economic growth and decline. These cycles are believed to last longer than business cycles and can have far-reaching effects on borrowing, investment, and financial stability.
Tail risk hedging is a portfolio management strategy designed to protect against rare, extreme market downturns (“left tail events”) that exceed normal volatility expectations.
The carry profile in fixed income investing represents the income generated by holding a bond over a specific period, largely from the coupon income, assuming the yield curve remains unchanged. It is the return earned simply by waiting, often expressed as positive (because it is earning more than the cost of funding) or negative (the cost of holding exceeds income).
Private credit or private debt investments (private credit “light”) are debt-like, non-publicly traded instruments provided by non-bank entities, such as private credit funds or business development companies (BDCs), to fund private businesses.
Duration: indicates the years it takes to receive a bond’s true cost, weighing in the present value of all future coupon and principal payments.
A yield curve is a line that plots the yields or interest rates of bonds that have equal credit quality but different maturity dates. The slope of the yield curve predicts the direction of interest rates and the economic expansion or contraction that could result
Asset-backed securities (ABS) are a type of credit instrument, or bond, that are used in fixed income investments. ABS are bonds that are secured by a pool of assets, such as loans, that produce regular interest payments.
Commercial Mortgage-Backed Securities (CMBS), are a type of fixed-income investment that’s backed by mortgages on commercial properties. CMBS loans are a common way to finance commercial real estate projects in the United States.
The Mendoza Line is a baseball term for a batting average of .200, signifying the threshold of what is considered extremely poor or “subpar” performance. Named after light-hitting shortstop Mario Mendoza, who often hovered around this mark.
The S&P 500 is a stock market index weighted by market capitalization that is made up of 500 of the largest public companies in the United States. The index captures around 80% of the total U.S. equity market value, serving as a bellwether of economic performance.
Basis points: A basis point (bp) is a standard measure for interest rates and other percentages in finance, representing one-one hundredth of one percent. 100 basis points = 1.0 percent.
North Square is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. Information contained herein is as of April 1, 2026 and derives from third-party sources believed to be reliable by the Adviser. However the accuracy and completeness cannot be guaranteed. The opinions contained herein are of North Square as of the date of this publication and are subject to change without notice.
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Not FDIC Insured · May Lose Value · No Bank Guarantee