February 2018

“Credit Sector Insulated From Macro Volatility? Securitized Bonds”

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RMBS: Residential mortgage-backed securities.
ABS: Asset-backed securities.
CMBS: Commercial mortgage-backed securities.
Markit’s CMBX: A synthetic tradable index referencing a basket of 25 commercial mortgage-backed securities.
Duration: Measure of a bond or bond portfolio’s sensitivity to changes in interest rates.

Past performance does not guarantee future results.

The opinions expressed are those of the Portfolio Manager and are subject to change, are not guaranteed, and should not be considered recommendations to buy or sell any security.