Third Quarter 2025
Fixed-Income Sector Views
Table of Contents Portfolio Management Outlook..................................................... 2
Asset-Backed Securities and CLOs..................................................9
Macroeconomic Update................................................................. 3
Non-Agency Residential Mortgage-Backed Securities (RMBS).... 10
Rates ................................................................................................4
Municipal Bonds............................................................................. 11
Investment-Grade Corporate Bonds ............................................. 5
Agency Mortgage-Backed Securities (MBS) ..................................12
High Yield Corporate Bonds ............................................................6
Commercial Mortgage-Backed Securities (CMBS) ........................13
Bank Loans ..................................................................................... 7
Commercial Real Estate (CRE)....................................................... 14
Private Debt ....................................................................................8