Focused Fixed Income

Our Amundi US Agency MBS Strategy¹ 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.

¹Effective September 30, 2022, the Amundi Pioneer Agency MBS Strategy was renamed to Amundi US Agency MBS Strategy.

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

Tyler Patla

Senior Vice President, Director of Agency Mortgages
Portfolio Manager

Biography

Rob Aufdenspring, CFA

Senior 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 Bloomberg US MBS Index

Why Amundi US

A strong fixed income investment culture focused on sound, fundamental research drives the management of the Amundi US 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