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Vanguard’s $50 Billion Woman Found Winners in Bond-Market Chaos

  • Wright-Casparius has several funds outperforming most peers
  • Industry veteran is one of 27 women heading bond funds, ETFs
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Vanguard's Wright-Casparius Found Opportunities in Less-Traded Treasuries

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.