Disciplined Alpha - Mortgage Trader
About the Role
The Mortgage Trader will play a critical role in fulfilling Loomis Sayles’ commitment to deliver superior risk-adjusted returns for clients by identifying and capitalizing on relative value opportunities within the US RMBS universe. This is an exciting opportunity to join a growing product platform with over $27 billion in AUM.
About the Team
Disciplined Alpha is a 15-member investment team based in Orinda, CA that manages over $27 billion in fixed income assets for institutional clients. The team’s investment process combines deep fundamental research, an intense focus on risk-adjusted relative value, active portfolio rotation, and integrated risk management to deliver consistent alpha to clients. The DA team manages eight different fixed income strategies. Core Disciplined Alpha is the flagship product with over $17 bn in assets and a 16-year track record.
Responsibilities
Partner with the Portfolio Manager in trading and managing Agency MBS specified pools, TBAs, and CMOs, while contributing to broader portfolio management and investment decision-making activities.
Evaluate the Agency MBS universe, prepayment dynamics, and market drivers to identify relative value investment opportunities and generate investment ideas across the MBS market.
Assess and communicate market sentiment, liquidity conditions, trading flows, and volatility trends that influence portfolio positioning and risk-taking decisions.
Engage and collaborate with Loomis Sayles Mortgage & Structured Finance group.
Cultivate and maintain relationships with broker-dealers to source market intelligence, trading opportunities, and research insights, translating market developments into actionable investment recommendations.
Drive relative value analysis and risk assessment efforts as a member of the Disciplined Alpha Team, contributing directly to investment selection, portfolio construction, and risk management decisions.
Represent the team through regular travel to Boston, meetings with broker-dealers in New York, and participation in industry conferences to enhance market insight and expand professional networks.
Qualifications
Bachelor’s Degree; CFA or MBA is preferred
Deep knowledge of Agency MBS market structure as well as a strong understanding of primary drivers and risk factors affecting mortgage cash flows and valuations
Prior experience in the Non-agency MBS market through trading or research will be a plus
Several years of sell-side trading experience in Agency MBS specified pools, TBA’s and CMO’s highly valued
Familiarity with software programs and analytics used in mortgages as well as comfort in learning and using new proprietary programs and models
Ability to work effectively with portfolio managers on the strategy and execution of trades
Excellent written and oral communication skills, including the ability to negotiate effectively
Experience and comfort with electronic trading tools
Understand the regulatory framework for trading and client guidelines
Strong analytical and organizational skills
Ability to work well in a team environment
Additional Requirements
The position follows a hybrid schedule with two days work from home and three days work from office.
Loomis Sayles is committed to offering competitive and equitable compensation. The salary range for this position is $150,000 - $200,000 USD. Your starting salary will be based on your experience, skills, qualifications and local benchmarking. This position is also eligible for a discretionary annual incentive award, which is based on individual and company performance. In addition to your compensation, you will have access to a comprehensive benefits package designed to support your health, well-being and financial security.