DoubleLine's Securitized Products Briefing: Mid-Year Outlook reviews Q2 performance and the second-half outlook across the five major securitized sectors: Agency MBS, Non-Agency RMBS, Non-Agency CMBS, ABS, and CLOs.
Securitized markets remained resilient in Q2, supported by attractive carry, stable credit fundamentals, and strong investor demand. With spreads now near or through historical averages, the central theme is that excess returns going forward will come from disciplined security selection rather than broad market exposure — this is a carry-driven market that rewards active management.
