Disciplined Alpha - Mortgage Trader

Loomis Sayles • Orinda, CA

10d • Hybrid

About The Position

The Mortgage Trader will help Loomis Sayles deliver risk-adjusted returns for clients by identifying and acting on relative-value opportunities in the US RMBS universe. The role is part of the growing Disciplined Alpha platform, which manages more than $27 billion in fixed-income assets for institutional clients. The 15-member team is based in Orinda, California, manages eight fixed-income strategies, and combines fundamental research, relative-value analysis, active portfolio rotation, and integrated risk management. Its flagship Core Disciplined Alpha strategy has more than $17 billion in assets and a 16-year track record.

The Mortgage Trader partners with the Portfolio Manager to trade and manage Agency MBS specified pools, TBAs, and CMOs, and contributes to portfolio management and investment decisions. The role evaluates the Agency MBS universe, prepayment dynamics, market drivers, liquidity, trading flows, and volatility to identify opportunities and inform portfolio positioning. It also collaborates with the Mortgage & Structured Finance group and broker-dealers, and represents the team in travel and industry events.

The position follows a hybrid schedule, with two work-from-home days and three work-from-office days. The listed salary range is $150,000–$200,000 USD, with eligibility for a discretionary annual incentive award based on individual and company performance. A comprehensive benefits package is also offered.

Requirements

• Bachelor’s degree.
• Deep knowledge of Agency MBS market structure and a strong understanding of the primary drivers and risk factors affecting mortgage cash flows and valuations.
• Familiarity with software programs and analytics used in mortgages, and comfort learning and using new proprietary programs and models.
• Ability to work effectively with portfolio managers on trade strategy and execution.
• Excellent written and oral communication skills, including the ability to negotiate effectively.
• Experience and comfort with electronic trading tools.
• Understanding of the regulatory framework for trading and client guidelines.
• Strong analytical and organizational skills.
• Ability to work well in a team environment.

Nice To Haves

• CFA or MBA.
• Prior experience in the Non-agency MBS market through trading or research.
• Several years of sell-side trading experience in Agency MBS specified pools, TBAs, and CMOs is highly valued.

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 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.

Benefits

• Comprehensive benefits package designed to support health, well-being, and financial security.
• Eligible for a discretionary annual incentive award based on individual and company performance.

What This Job Offers

• Job Type: Full-time