The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Mar 31, 2024
Putnam Income Fund delivered positive returns of 0.50% in Q1 2024 while the Bloomberg U.S. Aggregate Bond Index declined 0.78%, as the fund benefited from mortgage credit exposure and corporate credit strategies. The U.S. economy continued growing strongly with resilient employment and consumer spending, but inflation remained sticky with core CPI at 3.8%. The Federal Reserve maintained guidance for three rate cuts in 2024, though market expectations moderated from six to three cuts. Mortgage credit exposure, particularly CMBS, was the largest contributor to relative returns as demand remained strong and supply was well absorbed. The fund continues to pursue mortgage and credit strategies while remaining cautious on overall valuations. Commercial real estate faces meaningful headwinds from higher rates and tighter credit conditions, though some optimism exists from better-than-expected payoff rates. The managers expect modest home price appreciation in 2024 and anticipate RMBS spreads to tighten marginally given their soft landing expectations.
The fund pursues mortgage and credit strategies in a market environment characterized by sticky inflation and higher-for-longer interest rates, focusing on CMBS, RMBS, and investment-grade corporate credit while remaining alert to tight valuations and commercial real estate challenges.
The managers expect home prices will rise modestly in 2024 but regional variances are likely to persist. They anticipate spreads will tighten marginally for the RMBS sector as a whole given a positive technical backdrop and expectations of a soft landing scenario. Prepayment speeds are expected to remain muted within the 4-8% constant prepayment rate range throughout the year.
Neutral / Balanced
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