One of the worst-ever bouts of dislocation in the U.S. bond market generated some winning trades for Vanguard Group’s Inc.’s Gemma Wright-Casparius.
As liquidity disappeared amid the pandemic-sparked mayhem in March, the veteran fixed-income portfolio manager saw opportunities, including in older, less-traded Treasuries. The market for these securities had all but vanished after a popular trade that exploits price differences between cash Treasuries and futures blew up.
