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Mar 17, 2021

Rising intermediate/long Treasury yields continue to dominate market news – the Fed is committed to keeping the front end close to zero, which is anchoring the 2-year Treasury, but seems …

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Topics:MBSHousing

Mar 10, 2021

Housing has continued to be a pillar of the U.S. economy, far outperforming expectations throughout 2020, with impressive and growing demand for shelter. The strong demand for housing combined with …

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Topics:Housing

Feb 26, 2021

The Non-Agency Mortgage-Backed Securities (RMBS) Sector is well positioned for strong performance moving into 2021 and Semper believes it offers both an extremely attractive absolute and relative value opportunity compared …

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Topics:MBS

Sep 30, 2019

As discussed in our 2018 year-end letter, the US bond market’s tone and tenor changed dramatically since last October when 10-year Treasury rates briefly hit a high of 3.25% and …

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Feb 28, 2019

What a difference a year makes. As we closed out 2017, we discussed all-time highs in stock market indices, all time lows in stock market volatility, and persistently low long-term …

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Feb 28, 2018

In May 2017, Semper contended that there are many compelling reasons to focus on the CRT market, offering investors an opportunity to achieve attractive risk-adjusted returns while accessing various parts …

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Nov 1, 2017

All-time highs in stock market indices, all-time lows in stock market volatility, and persistently low long-term interest rates characterized a market that expects a business-friendly Trump administration and a continued …

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May 1, 2017

Semper believes that the Credit Risk Transfer (CRT) market continues to be a compelling investment vehicle that offers RMBS investors an opportunity to achieve attractive risk-adjusted returns, while accessing various …

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Apr 1, 2017

The past year has been characterized by growing concerns with regard to the near term path for interest rates and continued uncertainty regarding the Federal Reserve’s stance on monetary policy …

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Mar 1, 2017

We believe that the Federal Reserve’s March 15th rate hike will not dampen demand in the nonagency RMBS market. Both demand and outlook for RMBS products will continue to be …

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Market Perspectives

Semper Capital Management, L.P. strives to provide relevant and value-added content to keep current and future clients updated on our thoughts and positioning.