TCW Securitized Opportunities Strategy

Quarterly Commentary

December 31, 2017
Bryan T. Whalen, CFA , Mitch A. Flack , Scott Austin, CFA , Harrison S. Choi

Mind the Excess

The fourth quarter saw a continued surge in asset appreciation in part due to continued Federal Reserve accommodative practices, tax reform, regulatory easing, and continued late cycle dynamics. Notwithstanding the tremors of volatility that marked the start of 2018 – in part a function of quantitative tightening and in part uncertainty over the reaction function of the Fed under new Chairman Jerome Powell -- the markets continue to expand the boundaries of carefree lending and buying.

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