Independent Banker - January 2019 - 32
PORTFOLIO
Portfolio Management
By Jim Reber, ICBA Securities
Mining for mortgages
Small diff erences in details can aff ect MBS performance.
f you're a " big-picture " person, you might
not feel like diving into an investment column
that extols the virtues of comparison shopping.
But before you fl ip the page, let me hurriedly
mention that it could make your community
bank more profi table.
If you're still here, let me explain that you can
easily (and quickly) access mortgage-backed
securities (MBS) pools that are barely diff erent
than generics and have higher cash fl ow, or predictability
or yield.
Given the depth of the MBS market (approximately
$8 trillion), portfolio managers can set
purchase criteria for their favorite brokers to
32 Q ICBA Independent Banker Q January 2019
I
follow and still be able to purchase mortgage
products that are quite attractive.
And it appears that community bankers are
investing in amortizing securities like never
before. With tax reform having been in play for
a full year now, investors are trying to right-size
their tax-free portfolios, and on balance, municipal
bonds have shrunk by about 18 percent. Most
of this runoff has been reinvested into some type
of amortizing securities, including MBS.
Turn on the faucets
One simple way to ensure that your pools will
throw off certain amounts of principal cash
Jim Reber, CPA,
CFA (jreber@
icbasecurities.com),
is president and CEO
of ICBA Securities,
ICBA's institutional,
fixed-income
broker-dealer for
community banks
Independent Banker - January 2019
Table of Contents for the Digital Edition of Independent Banker - January 2019
Table of Contents
Independent Banker - January 2019 - Cover1
Independent Banker - January 2019 - Cover2
Independent Banker - January 2019 - Table of Contents
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