Alternative Angles

As private credit continues to evolve and competition intensifies, where can direct lending still deliver a meaningful edge? In this episode of Alternative Angles , Host Steve Rosen sits down with Fidelity’s Head of Direct Lending, David Gaito, to explore: How leverage, covenant structures, and underwriting discipline shape downside protection The impact of dispersion, vintage risk, and scaling on...

What drives performance when investing in CLO tranches—is it structure or credit—and why does it matter for income-oriented investors and institutional portfolios? In this episode of Alternative Angles , host Steve Rosen sits down with Fidelity portfolio managers David DeBiase and Michelle Liu for a focused discussion on investing in collateralized loan obligation (CLO) tranches, their design, the...

Extension strategies sit at the intersection of alpha efficiency and portfolio construction, but how do they work in practice? In this episode of Alternative Angles, host Steve Rosen sits down with Gilbert (Gil) Haddad, Fidelity’s chief investment officer of advanced strategies and research, for an in-depth discussion on how systematically implemented equity extension strategies can unlock increme...

High-yielding commercial mortgage-backed securities (CMBS) sit at the crossroads of real estate debt and liquid credit investing. In this episode of Alternative Angles , Fidelity Portfolio Manager Matt Torchia and Host Steve Rosen discuss how this nuanced and less efficient market can help provide investors with an attractive current yield, idiosyncratic alpha, and portfolio diversification.   Tun...

Collateralized loan obligations (CLOs) have been a cornerstone of structured credit for decades, delivering durable performance through multiple market cycles. But what makes them so resilient? In this episode of Alternative Angles , Fidelity’s Tim Hartshorn , managing director and head of CLO Capital Markets and Structuring, and Fidelity Portfolio Manager Kevin Nielsen join Host Steve Rosen to br...

In this episode of Alternative Angles , Fidelity Portfolio Manager Niraj Gupta and Host Steve Rosen explore the intricate world of merger arbitrage —a strategy focused on capturing returns from announced corporate transactions while managing downside risk. Through real-world examples, including successful and failed deals, you’ll gain a deeper understanding of how merger arbitrage synthesizes fina...

Managed futures use a trend-following framework to observe the path and detect changes in the direction of financial assets. In this episode of Alternative Angles , Fidelity Portfolio Manager Roberto (Rob) Croce joins host Steve Rosen to discuss how models are built and used to spot the price path persistence of a security—a stock, bond, currency, or commodity—and how the directional price drift i...

Listen in and learn about the systematic effort to harness Fidelity’s proprietary fundamental data, alternative data, and quantitative capabilities in new ways to produce pure alpha strategies for investors. Join Alternative Angles host Steve Rosen for a sit-down with Gilbert (Gil) Haddad, Fidelity’s chief investment officer of advanced strategies and research, as they dig into what makes alpha ca...

Investor preferences and strategies always matter, and in real estate that means getting the risk appetite right. In this episode of Alternative Angles , Ellen Hall, head of direct real estate at Fidelity, and David Kozlicki, global head & CIO of real estate, Unified Global Alternatives at UBS Asset Management, join host Steve Rosen to discuss the levels of risk and potential return in direct...

This episode of Alternative Angles visits the fascinating and nuanced world of opportunistic credit and distressed debt. Harley Lank, head of Fidelity’s High Income & Alternatives Division, Nate Van Duzer, Fidelity Managing Director, Special Situations, and Bill Wall, Fidelity Managing Director, Special Situations, join host Steve Rosen to discuss how they work closely with their team of analy...

In this episode of Alternative Angles, host Steve Rosen, a former portfolio manager in Fidelity’s High Income & Alternative Investing division, talks equity options with Eric Granat, Fidelity portfolio manager and derivatives analyst. Eric has spent more than twenty years trading, analyzing, and investing in options and shares his insights on how he constructs options-based strategies to enhan...

In this episode of Alternative Angles, host Steve Rosen, a former portfolio manager in Fidelity’s High Income & Alternative Investing division, digs into convertible arbitrage. Along with guests Seth Gold, a portfolio manager in Fidelity’s Arbitrage and Hedging Solutions group, and Michael Youngworth, a director in Global Equity Derivative Research and the Head of Global Convertibles and Prefe...

In this latest episode of Alternative Angles, host Steve Rosen, a former Fidelity portfolio manager in Fidelity’s High Income & Alternative Investing division connects with Bill Maclay, a senior portfolio manager and key business builder of Fidelity’s high yield real estate debt investing platform. Listen in as Steve and Bill, who co-managed portfolios and worked closely for more than two deca...

The newest episode of Alternative Angles features a conversation that highlights the differences—and similarities—between pattern breakers and pattern followers in venture capital investments. Chris Pariseault, head of institutional portfolio managers at Fidelity, hosts Karin Fronczke, global head of private equity at Fidelity and Mike Maples, co-founding partner at Floodgate and author of Pattern...

Chris Pariseault hosts the first episode of "Alternative Angles," a podcast series on alternative investments, featuring David Gaito of Fidelity Investments and Ariel Goldblatt of StepStone Group. They discuss the direct lending market, which is a $1.2 trillion segment of the $1.8 trillion private debt market. Direct lending involves private debt issued by small and mid-sized companies, often due...