Pure Agency MBS
Overview
Strategy Details
Available Vehicles
- Institutional Separate Account
Portfolio Managers
Ian Anderson
Portfolio Manager, Agency MBS Strategist
Barath Sankaran, CFA
Portfolio Manager
About the Team
Diversified alpha through global asset-based investing.
Investment Strategy
- Benchmark-aware strategy targeting the full investment universe of agency mortgage-backed securities (Agency MBS); all securities must have an explicit or effective guarantee from the US Government
- Invests in fixed-rate and adjustable rate agency mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC)
- Investment style combines a top-down approach to inter-sector allocation decisions and an active bottom-up security selection framework
- Subject to client approval, portfolios may utilize mortgage-derivative collateralized mortgage obligations (CMOs), such as IOs and POs and interest rate hedging strategies
Composite Performance
Cumulative Total Return (%)
As of 9/30/2025| Period | Gross | Net | Index |
|---|---|---|---|
| 3 Months | 2.86% | 2.78% | 2.43% |
| Year-To-Date | 7.46% | 7.23% | 6.76% |
Annualized Total Return (%)
As of 9/30/2025| Period | Gross | Net | Index |
|---|---|---|---|
| 1 Year | 4.39% | 4.09% | 3.39% |
| 3 Years | 5.44% | 5.14% | 5.05% |
| 5 Years | 0.43% | 0.18% | -0.14% |
| 10 Years | 1.97% | 1.74% | 1.41% |
| Since 6/1/2013 | 2.40% | 2.17% | 1.73% |
Period Performance (%)
As of 9/30/2025| Year | Gross | Net | Index |
|---|---|---|---|
| 2024 | 2.59% | 2.30% | 1.20% |
| 2023 | 5.25% | 4.95% | 5.05% |
| 2022 | -12.39% | -12.56% | -11.81% |
| 2021 | -0.29% | -0.49% | -1.04% |
| 2020 | 4.28% | 4.06% | 3.87% |
| 2019 | 7.49% | 7.27% | 6.35% |
| 2018 | 2.02% | 1.81% | 0.99% |
| 2017 | 3.31% | 3.09% | 2.47% |
| 2016 | 2.08% | 1.86% | 1.67% |
| 2015 | 2.33% | 2.10% | 1.51% |
Documents
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 $10 million managed by Loomis Sayles with guidelines that allow for investing in fixed-rate agency mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC), and that allow for interest rate derivatives as well as CMO mortgage derivatives such as IOs and POs in the Agency MBS universe. Portfolios seek a high level of current income consistent with capital preservation. The Composite inception date is June 1, 2013. The Composite was created in June 2013.