Quality, Liquidity, and Yield in Agency Mortgages
Agency MBS sits in many core bond mandates, so a manager's read on spread levels and on where active selection might add value is relevant background for advisors reviewing fixed income exposure. The discussion of pricing inefficiencies also speaks to the case managers make for active rather than index exposure in the sector.
Summary
By the bonds & fixed income deskPIMCO portfolio manager Daniel Hyman discusses agency mortgage-backed securities and the manager's view that agency mortgage spreads remain unusually wide, which the firm frames as an opportunity in high-quality fixed income. He covers where active managers may find value in agency MBS and how certain market participants can create pricing inefficiencies.
- Agency mortgage spreads are described as remaining unusually wide
- The manager frames this as an opportunity in high-quality fixed income
- The video covers where active managers may find value in agency MBS
- Certain market participants are said to create pricing inefficiencies
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