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Commentary - page 4
Lack of Supply on the Horizon
CIO Sam Dunlap and Chief Portfolio Strategist David Wells explain the tailwinds seen in the mortgage securities market as a result of the current rate-hiking cycle.
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Lower Inflation on the Horizon
Sam Dunlap and David Wells share why they believe that the Fed is at or near peak policy and interest rate cuts could be on the horizon.
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The Stable Fundamentals in Housing
Sam Dunlap and David Wells share why they believe the lack of agency and non-agency MBS supply in a shrinking market with historically wide spreads, stable fundamentals, and expectations for declining rates and volatility present a favorable technical backdrop for potential spread tightening moving forward.
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2023 Mid-Year Outlook
We continue to favor high-quality areas of securitized credit, which have been vulnerable to the increased interest rate volatility and widening in agency MBS spreads in the first half of the year. While most areas of securitized credit are historically cheap to corporate credit and may be more reflective of the significant recession in the second half of 2023, we remain selective and focused on high-quality areas with stable credit fundamentals, including agency and non-agency MBS and senior short-duration consumer asset-backed securities.
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Interest Rate Risk May Be A Thing of the Past
Angel Oak’s investment team explains why investors should switch their focus from interest rate risk to reinvestment risk as the team believes the Federal Reserve is nearing peak policy.
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Banking Outlook: Rising from the Ashes
In this whitepaper, Angel Oak’s Financials Strategies team outlines the circumstances that have led to the banking system’s most significant disruption since the Global Financial Crisis and shares its thoughts on the likely outcomes and potential opportunities.
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Favorable Fundamentals in the Housing Market
CIO of Public Strategies Sam Dunlap and Chief Portfolio Strategist David Wells share several factors they believe will provide a tailwind to mortgage credit and housing prices even in the face of a potential recessionary environment.
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Bulled Up on Banks
The series of recent events in the U.S. banking sector has resulted in a significant loss of confidence in the space, and the resulting regulatory response may be like that seen in the wake of the Global Financial Crisis. For investors, opportunities like this are rare. Learn why Angel Oak’s financials team remains convinced in the soundness of the banking system and its ability to emerge stronger.
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The Front End is Alive
The Federal Reserve’s inflation battle has brought the front end of the yield curve to life. Sam Dunlap and David Wells urge investors to rethink their views on ultra-short strategies, as they now have the potential to deliver high income with possible price appreciation within a diversified fixed income allocation.
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2023 Financials Market Outlook
Angel Oak’s PM team provides an outlook for the financial sector in 2023 and identifies pockets of opportunity within the community bank space.
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