Investment Management

Securitized Credit

Portfolio Managers

Dave Goodson Photo

Dave Goodson

Head of Securitized Investments, Fixed Income

Summary

Invests in fixed income sectors collateralized by distinct asset types: commercial real estate (CMBS), non-agency residential housing (RMBS) and nonmortgage assets (ABS).

Objective

To generate consistent, superior risk adjusted returns through an investment process that utilizes a comprehensive mix of security level inputs informed by relevant macro themes as they evolve over time.

Process

The strategy employs both a quantitative and qualitative research process to support the building blocks of its investment process: collateral underwriting, structural underwriting, counterparty underwriting and risk management. This process incorporates a relative value approach to asset allocation (specified within each securitized sub-sector), active risk management, and research-intensive security selection. The strategy operates under the philosophy that security selection decisions are best made by experienced asset-specialists covering their area of expertise (specific securitized sub-sectors), in a team based approach. The strategy utilizes a mix of proprietary tools and vendor supplied sources of information to access granular, loan level data, which is then organized and employed to generate bond valuations accurately and efficiently. The quantitative value discovery process is combined with a qualitative assessment by our asset specialists of the risks and/or rewards associated with any given security. These decisions are further informed by a top-down view that is timely, and well vetted within Voya IM's multi-sector investment process.

Competitive Advantage

  • A dedicated securitized credit team with 16 years average experience aligned to take advantage of unique expertise in specific sectors of the market
  • Prominent and long-standing presence in managing securitized credit strategies with assets under management of $10.8 billion as of 09/30/15
  • Information advantages extracted from strategically integrated approach with the broader Fixed Income team, MBS platform and our in-house Commercial Real Estate Whole Loan group
  • Leverages proprietary and industry lobby representation to glean insight and shape legislative and regulatory outcomes

*There is no guarantee that this objective will be achieved.

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