High-yielding commercial mortgage-backed securities (CMBS) sit at the crossroads of real estate debt and liquid credit investing. In this episode of Alternative Angles, Fidelity Portfolio Manager Matt Torchia and Host Steve Rosen discuss how this nuanced and less efficient market can help provide investors with an attractive current yield, idiosyncratic alpha, and portfolio diversification.
Tune in for insights on:
- Conducting bottom-up, property-by-property valuations.
- Assessing shifts in commercial real estate fundamentals and loan underwriting standards.
- Navigating the market and CMBS structures after a rise in interest rates and a fall in property values.
CMBS investment examples.
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