Navigating the Mortgage Market Through Rate Volatility and Quantitative Tightening

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The US agency mortgage backed-securities market makes up more than a quarter of the Bloomberg US Aggregate Bond index. This market segment is entering a period of uncertainty due to ongoing volatility in the rates market and the prospect of the Federal Reserve reducing its allocation to agency mortgage-backed securities. Join Henry Song, portfolio manager for the Diamond Hill Core Bond and Short Duration Securitized Bond strategies, for a discussion about the recent historic shift in interest rates and the impact on the residential mortgage market and fixed income investing. Henry has been investing in this part of the market for nearly two decades and brings his insights to the conversation, sharing his experience during the volatility of both the financial crisis and the more recent pandemic-induced market upheaval.  

The topics covered will be:

• The agency residential mortgage market and the risks and opportunities associated with it. 
• An introduction to and discussion around collateralized mortgage obligations.
• How portfolio construction in the core bond space can deliver a compelling portfolio that differentiates from peers. 
• How, with the most recent shift in interest rates, a core bond allocation is a vital part of any asset allocation. 

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Speakers

Henry Song, CFA
Portfolio Manager
Diamond Hill

Henry Song joined Diamond Hill in 2016 and shortly thereafter launched the Short Duration Securitized Bond and Core Bond strategies with fellow portfolio manager Mark Jackson. As portfolio manager on both strategies, Henry has an in-depth understanding of fixed income markets and has produced numerous pieces of content to educate and inform about the variety of investable assets within the securitized space.

Prior to joining Diamond Hill, Henry was a Portfolio Manager at J.P. Morgan Asset Management from 2005 to 2016. Henry has a Bachelor of Business Administration from the University of Michigan.

Douglas Gimple
Senior Portfolio Specialist
Diamond Hill

Douglas Gimple serves as a Senior Portfolio Specialist for Diamond Hill and joined the firm in 2016. Douglas works closely with fixed income portfolio managers Henry Song and Mark Jackson and has a thorough understanding of fixed income markets and the asset types that make up this market. He is also the host of Diamond Hill’s Understanding Edge podcast series.

Prior to joining Diamond Hill, Douglas was Executive Director, Senior Client Portfolio Manager at J.P. Morgan Asset Management from 2004 to 2016. From 1995 to 2004, Douglas was Institutional Investment Manager at Banc One Investment Advisors.

Douglas has a Bachelor of Science in Finance from Miami University and a Master of Business Administration from the University of Dayton and holds the Series 7 and 63 FINRA securities licenses.