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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Feb 10, 2026 | Easterly – Income Opportunities Fund | 1.9% | 8.4% | JSVIX | CMBS, credit, fixed income, rates, RMBS, Spreads, Structured Notes | Non-Agency RMBS posted positive excess returns driven by higher income despite modest spread widening. Total Non-Agency RMBS supply reached $194 billion, up 41% from 2024. The fund expects Non-QM AAA spreads to tighten toward the low-100-basis-point range and favors 2023-vintage Non-QM senior and pro-rata mezzanine tranches with higher coupons. CMBS spreads ended 2025 near the tighter end of the year's range with total issuance rising to $155 billion. Credit performance was mixed with retail properties improving but office remaining challenged at just 45% payoff rate. The fund continues to prefer the top of the capital stack as BBB and lower investment-grade tranches offer limited compensation for elevated credit risk. Real GDP growth was supported by continued investment in artificial intelligence infrastructure. AI-related data centers are expected to become a larger part of the CMBS market in 2026. The fund sees continued investment in AI-related infrastructure as a driver of economic growth in 2026. The Federal Reserve cut the federal funds target range to 3.50%-3.75% in December, marking the third cut of 2025 and bringing total easing to 175 bps since cuts began in 2024. Longer-term curve steepening remains the fund's core thesis with expectations for additional rate cuts in 2026 as labor market conditions soften. | View | |
| 2025 Q3 | Nov 7, 2025 | Easterly – Income Opportunities Fund | 1.9% | 6.3% | JSVIX | ABS, CMBS, Credit Risk, Fed policy, fixed income, RMBS, Structured Credit, yield curve | The letter highlights a constructive but selective environment for income investors as falling rate volatility and Fed easing supported credit markets. Easterly emphasizes structured credit sectors such as non-agency RMBS and select CMBS, where fundamentals remain sound and spreads offer relative value versus tight corporate credit. The portfolio remains conservatively positioned with short duration, high liquidity, and a focus on senior tranches to generate income while preserving capital in a late-cycle environment. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||