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Mutual fund turned hedge fund manager, Robert Sanborn calls fixed income securities 'the mother of all bubbles’

Thursday, April 25, 2013

Robert Sanborn
Bailey McCann, Opalesque New York:

In the new era of hedge fund managers embracing the mutual fund, you don’t often hear about a manager going the other way, but that’s just what Robert Sanborn did. Until 2000, Sanborn managed the Oakmark Fund a mutual fund based in Chicago. Now, he manages Sanborn Kilcollin Partners, a $200m long-short equity fund. He recently spoke with Greg Despolberch in for an Opalesque TV interview.

"When you are in the public arena, in a mutual fund, you spend a lot of time presenting, being on TV, frankly. You really have to be as visible as possible, and that’s a key part of the job," Sanborn says. As a hedge fund manager his role has shifted, "In a hedge fund environment, you have less money generally. Although there are some firms that have become very institutionalized, we are not one of them, and it gives you the ability to be much more flexible on the investment side."

Since making the transition, Sanborn says he enjoys working with sophisticated investors that know what they want. His hedge fund perch also gives him different view of the market, and he says the "mother of all bubbles," is on the horizon for fixed income securities.

He says that the "desperate reach for yield" makes many investments suspect. "I would suspect that they trade at higher values than they otherwise would."......................

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