Securitized Credit Research Analyst
Primary Purpose of the Position
The Securitized Credit Research Analyst is responsible for covering select sectors of the securitized credit market (RMBS, ABS, CLO, or CMBS). The analyst will join a three-person team of research credit analysts that conduct fundamental and technical research across the securitized credit sector to help guide individual investment decisions and portfolio strategy. This professional should be capable of making high conviction investment recommendations to portfolio managers and other members of the securitized team that contribute to consistently superior risk-adjusted returns.
- Analyze and recommend potential purchases and sales of securitized credit securities in assigned sectors to enhance portfolio performance. Conduct fundamental sector, market and security analysis, and combine relative value and strategy considerations in sector and security recommendations. The analysis should demonstrate a thorough understanding of securitized transaction structure and projected cash flows across a variety of scenarios.
- Combine sector outlook with specific transaction metrics in their recommendations, develop and apply relative value metrics to seek investments that generate above average returns without excessive risk.
- Analyze fundamental market developments in the corporate leveraged loan, consumer lending, residential mortgage, or commercial real estate securitized markets, including underwriting standards and collateral valuation trends, and their impact on security and sector performance.
- Communicate and collaborate with various internal and external parties to develop well-researched, sound investment recommendations and sector theses. Interact with Rating Agency analysts, external sector experts, T. Rowe Price Portfolio Managers, Equity and Credit analysts, and Quantitative analysts, among others.
- Provide thought leadership and direction to priorities of the overall research agenda of the research team.
- Participate in the development of new investment strategies, represent the Firm at conferences or client meetings, and contribute to a variety of other Firm projects.
- Minimum of three years of experience in ABS, CLO, RMBS, or CMBS investing.
- Broader fixed-income research experience also valued.
- Experience analyzing investment opportunities of varying levels of credit quality.
- Strong academic record in relevant subject.
- MBA and/or CFA preferred.
Critical Competencies for Success
- Investment Acumen: Exceptional investment and analytical skills, and experience applying them across fixed income markets. Knowledge of, and exposure to, a wide variety of securitized markets. Ability to understand broader markets, and have an opinion on relative value.
- Superb communication skills: Strong written and oral communication skills to deliver effective messages in a timely, efficient, and convincing manner. Strong interpersonal skills and the ability to collaborate. The presence to interface and dialogue with a group of sophisticated investors.
Other Personal Characteristics
- Passion for investing and capital markets.
- Creative, enthusiastic and collegial; has the ability to excel in a self-starting environment.
- High personal and professional standards. Unassailable integrity and ethics.
- Low ego and appropriate humility; ability to work with and learn from a variety of colleagues across multiple functions.