The Agency Mortgage-Backed Securities (MBS) team has extensive experience analyzing the collateral within U.S. government agency and non-agency MBS markets to identify and exploit potential value opportunities. The team’s process combines top-down macro views, careful selection of security structure and extensive analysis of underlying collateral characteristics, which helps to mitigate the primary risks associated with MBS, including prepayment and extension risk. The team uses a flexible, time-tested approach to capitalize on market inefficiencies caused by limitations or constraints of other market participants, which we believe will result in attractive long-term risk-adjusted returns.