Disciplined Alpha - Mortgage Trader

Loomis, Sayles & Company; Orinda (CA); Hybrid; USD 150,000 - 200,000; Full time

Job summary

Loomis Sayles is seeking a Mortgage Trader to identify and capitalize on US RMBS relative value opportunities. The role sits within Disciplined Alpha in Orinda, CA, collaborating with the Portfolio Manager on trading and risk management.

The position emphasizes deep knowledge of Agency MBS, interaction with broker-dealers, and ongoing evaluation of market dynamics, with a hybrid work schedule and a compensation package including a discretionary incentive.

Qualifications

• Bachelor’s degree; CFA or MBA preferred.
• Deep knowledge of Agency MBS market structure and drivers.
• Experience in Agency MBS trading; non-agency MBS a plus.
• Sell-side trading experience in Agency MBS pools, TBAs, CMOs preferred.
• Strong analytical and organizational skills.
• Ability to work with PMs on strategy and execution.
• Excellent written and oral communication; negotiating skills.

Responsibilities

• Partner with the Portfolio Manager in trading and managing Agency MBS specified pools, TBAs, and CMOs.
• Evaluate the Agency MBS universe, prepayment dynamics, and market drivers for relative value ideas.
• Assess market sentiment, liquidity, trading flows, and volatility trends for portfolio positioning.
• Collaborate with Loomis Sayles Mortgage & Structured Finance group.
• Develop broker relationships to source market intelligence and research insights.
• Drive relative value analysis and risk assessment within the Disciplined Alpha Team.
• Travel to Boston for meetings and to New York for broker-dealer interactions and conferences.

Skills

Analytical skills

Communication

Team player

Regulatory knowledge

Electronic trading tools

Education

Bachelor’s Degree

CFA or MBA preferred

Tools

Trading platforms

Mortgage analytics tools

Proprietary models

Job description

Loomis Sayles is a performance-driven active asset management company that seeks to identify exceptional investment opportunities on behalf of institutional and retail clients worldwide. We believe active management fueled by proprietary, best-in-class research helps us achieve financial success for our clients. Founded in 1926, Loomis Sayles currently oversees approximately $434.6 billion in assets under management (as of 30 June 2026) for global clients spanning more than 50 countries.

We foster a culture of entrepreneurialism, where all employees are empowered and encouraged to develop themselves and their ideas. Our culture centers on our shared IDEALS, the core characteristics of who we aspire to be as employees and an organization. INCLUSIVE & DIVERSE-DEDICATED TO TEAMWORK–EXCELLENT–ACCOUNTABLE–LEADERS-SOLUTIONS-ORIENTED

About The Role

Loomis Sayles is committed to the continual improvement of our performance, processes and people. As part of this commitment, we are looking to hire an enthusiastic and passionate candidate, eager to contribute to our continued success through the following employment opportunity: 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.

Global Benefit Statement

At Loomis Sayles, we believe benefits should empower our employees to thrive — at work and beyond. To attract and retain diverse talent worldwide, we are committed to offering comprehensive, competitive benefits that support your well-being, your family and your future. Designed with both local and global needs in mind, our benefits ensure that wherever you work, you have the support and resources to succeed.

EEOC and Diversity Statement

Loomis Sayles is deeply committed to building a diverse and inclusive workforce in which talented individuals can realize their full potential and contribute to our growth and success. Please consider applying for this role even if your work history and skillset doesn’t completely match the job description. We believe creativity, tenacity and humility are as valuable as specific skills that can be practiced and perfected on the job.

We are an Equal Opportunity Employer and do not discriminate against any employee or applicant for employment because of race, creed, color, gender, age, national origin, religion, sexual orientation, gender identity, status as a veteran, and basis of disability or any other federal, state or local protected class.