Opportunistic Securitized Credit
Overview
Strategy Details
Available Vehicles
- Institutional Separate Account
Portfolio Managers
Alessandro Pagani, CFA
Portfolio Manager, Head of Mortgage and Structured Finance Team
Stephen L’Heureux, CFA
Portfolio Manager, Global Commercial Real Estate & CMBS Strategist
Steve LaPlante, CFA
Portfolio Manager & Securitized Strategist
Jennifer Thomas
Portfolio Manager
About the Team
Diversified alpha through global asset-based investing.
Investment Strategy
- Credit focused strategy that seeks to outperform through both security selection and sector allocation within the non-agency securitized asset classes
- Securitized credit generally results in a portfolio with shorter duration than overall fixed income market
- Value-oriented strategy targeting the deeper credit securitized sectors
- Ability to invest in distressed securities and residual/equity classes of securitizations
- Minimum average rating: BBB-* at time of purchase
Composite Performance
Cumulative Total Return (%)
As of 9/30/2025| Period | Gross | Net | Index |
|---|---|---|---|
| 3 Months | 2.46% | 2.34% | 1.56% |
| Year-To-Date | 9.93% | 9.52% | 5.28% |
Annualized Total Return (%)
As of 9/30/2025| Period | Gross | Net | Index |
|---|---|---|---|
| 1 Year | 15.51% | 14.94% | 5.13% |
| 3 Years | 13.61% | 13.05% | 5.87% |
| 5 Years | 8.86% | 8.32% | 2.00% |
| 10 Years | 6.71% | 6.18% | 2.67% |
| Since 2/1/2012 | 7.68% | 7.14% | 2.69% |
Period Performance (%)
As of 9/30/2025| Year | Gross | Net | Index |
|---|---|---|---|
| 2024 | 19.44% | 18.86% | 5.96% |
| 2023 | 10.20% | 9.65% | 5.55% |
| 2022 | -4.44% | -4.92% | -7.20% |
| 2021 | 7.40% | 6.87% | 0.05% |
| 2020 | 0.09% | -0.41% | 5.20% |
| 2019 | 6.11% | 5.58% | 5.89% |
| 2018 | 4.81% | 4.29% | 1.74% |
| 2017 | 8.92% | 8.38% | 2.84% |
| 2016 | 6.08% | 5.55% | 2.71% |
| 2015 | 3.79% | 3.27% | 0.81% |
Documents
*Based on minimum average rating assigned by Standard & Poor’s Rating Services, Moody’s Investors Service, Inc. or Fitch, Inc.
Important Disclosures
Performance data shown represents past performance and is no guarantee of future results. Current performance may be lower or higher than quoted. Returns are shown in US dollars and are annualized for one and multi-year periods. Gross returns are net of trading costs. Net returns are gross returns less effective management fees.
KEY RISKS: Credit Risk, Issuer Risk, Interest Rate Risk, Liquidity Risk, Derivatives Risk, Leverage Risk, Counterparty Risk, Non-US Securities Risk, Prepayment Risk, Extension Risk and Management Risk. Investing involves risk including possible loss of principal.
There is no guarantee that the investment objective will be realized or that the strategy will generate positive or excess return.
Investment vehicles may not be available to all investors and are subject to eligibility.
The Composite includes all discretionary accounts with market values of at least $25 million managed by Loomis Sayles with guidelines that allow for unrestricted allocation to Non-agency MBS, which are typically rated below investment grade, and benchmarked against broad securitized market indices. The Composite inception date is February 1, 2012. The Composite was created in July 2012.