Focused Fixed Income

The Amundi Pioneer Agency MBS Strategy seeks to add value through security selection and sector rotation within the agency mortgage sector, while limiting duration risk relative to the mortgage benchmark. We believe the return from security and sector selection is more attractive than the return from betting on interest rates.

                         

                              

                        

                       

The Strategy is appropriate for investors seeking the safety and liquidity of US Treasury bonds, but with higher yields.

Doug Breeden, Ph.D.

Managing Director
Director of Securitized Assets
Portfolio Manager

Rob Aufdenspring, CFA

Portfolio Manager

Biography

Steve Bernhardt

Vice President
Portfolio Manager

Biography

Overview

  • Seeks to add value through security selection and sector rotation within the high credit quality mortgage sector, while limiting duration risk relative to the benchmark 
  • Goal is to assume and manage spread (or basis) risk, prepayment risk, and the risk of changes in implied volatility
  • Composition is focused primarily on agency mortgage-backed securities
  • Average credit quality is agency
  • Duration-matched to the Citigroup or Barclay's Mortgage Index

Why Amundi Pioneer?

A strong fixed income investment culture focused on sound,  fundamental research drives the management of the Agency MBS Strategy. Key features of the Strategy include: 

  • Evaluate investments in all sectors of the mortgage market and use proprietary research to seek value in mortgage cash flows
  • Look to add value through security selection and sector rotation within the high credit quality mortgage sector which has historically outperformed Intermediate Treasuries with lower realized volatility
  • We believe the firm is skilled at earning excess compensation for spread, prepayment, and volatility risks, while mitigating relative duration risk