Disciplined Alpha - Mortgage Trader

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

Benefits offered by this job

Discretionary annual incentive

Benefits package

Job summary

Loomis Sayles in Orinda, CA, is seeking a Mortgage Trader to identify relative value opportunities in US RMBS and to work with the Disciplined Alpha team. You'll trade Agency MBS specified pools, TBAs, and CMOs, and collaborate with portfolio managers on strategy and execution.

The role follows a hybrid schedule (2 days remote, 3 in office). Compensation includes a $150k-$200k salary and a discretionary annual incentive plus a comprehensive benefits package.

Qualifications

• Bachelor's degree required; CFA or MBA preferred.
• Deep knowledge of Agency MBS market structure and drivers of mortgage cash flows.
• Experience in non-agency MBS trading or research is a plus.
• Several years of sell-side trading experience in Agency MBS pools, TBAs, and CMOs.

Responsibilities

• Partner with Portfolio Manager in trading and managing Agency MBS pools, TBAs, and CMOs.
• Evaluate Agency MBS universe, prepayment dynamics and market drivers to identify opportunities.
• Assess market sentiment, liquidity, trading flows and volatility trends for portfolio positioning.
• Engage with Loomis Sayles Mortgage & Structured Finance group.
• Cultivate broker-dealer relationships to source market intelligence and opportunities.
• Lead relative value analysis and risk assessment within Disciplined Alpha Team.
• Represent the team in travel to Boston, NY meetings, and industry conferences.

Skills

Agency MBS trading

Portfolio management

Risk assessment

Market research

Communication skills

Education

Bachelor's Degree

CFA

MBA

Tools

Electronic trading tools

Job description

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.