This position is primarily responsible for being the lead analyst on Colorado PERA’s actively managed Treasury and Securitized portfolios. Primary responsibilities include analyzing, identifying, recommending and executing investment opportunities. The objective of the role is to be a critical member of a team that takes methodical risk in assigned portfolios in order to consistently outperform the Bloomberg U.S. Treasury, Bloomberg U.S. MBS, and the Bloomberg US Aggregate indices.
ESSENTIAL FUNCTIONS
Function as the lead analyst for the Treasury and MBS portfolios
Assist in managing the ABS and CMBS portfolios
Independently develop and articulate an investment thesis by conducting macro and sector research and utilizing internal and external models
Independently identify and articulate individual security recommendations
Treasury Portfolio: Develop a high conviction investment thesis to drive performance including but not limited to asset class positioning, duration, curve, off the run, and carry exposure
MBS Portfolio: Develop a high conviction investment thesis on vintage, specified pool, agency swap, duration, convexity, stack, TBA and carry exposure
CMBS Portfolio: Develop a high conviction investment thesis by analyzing both macro and micro trends across the market, develop a thesis to help position the book in Agency vs Non-Agency, find relative value across different tranches and individual securities, and actively manage changes in credit across sectors and individual bonds
ABS Portfolio: Develop a high conviction investment thesis across different sectors in the index, identify relative value across different tranches and bonds within sectors, and constantly support and assist in managing changes in the index, macro conditions, and micro conditions in each sector
Responsible for trading fixed income securities as directed by portfolio managers
Demonstrates an appropriate sense of urgency and initiative
Participates in training and educational opportunities for ongoing professional development
Maintains regular and prompt attendance in the workplace
Performs other duties as requested
QUALIFICATIONS
Bachelor’s degree in finance, business administration, accounting, or related field, MBA preferred, 7+ years of investment industry experience
CFA completed or in progress
Thorough understanding of financial concepts, markets, principles, and theories
Understanding of macroeconomics and its influence on investments
Demonstrated analytical, problem solving, and decision-making skills
Effective prioritization and time-management skills
Excellent oral and written communication and presentation skills
Interpersonal skills including leadership and conflict resolution
Proficiency with MS Office, Bloomberg, and other financial software applications
Ability to work effectively both independently and with others in a team environment
WORKING CONDITIONS
Standard office environment with regular computer and phone use
Occasional travel as necessary for business purposes
HYBRID WORK OPTION
Opportunity to work from home up to two days per week. Eligibility dependent upon factors detailed in PERA's Work from Home Policy.
JOB DESCRIPTION DISCLAIMER:
This job description is not designed to cover or contain a comprehensive listing of activities, duties, or responsibilities that are required of an employee. Duties, responsibilities, and activities may change or new ones may be assigned with or without notice.
Unfortunately, at this time, we cannot consider candidates that require sponsorship (now or in the future), or are located outside of the US.
All Colorado PERA employees are subject to PERA’s Ethics Policy and some employees are subject to the Personal Trading Policy. These policies include restrictions on outside business activities and employment and have certain requirements on personal trading. You may request copies of these policies from PERA’s talent acquisition team and any questions can be answered by PERA’s Investment Administration team.
INTERESTED CANDIDATES Complete the employment application through the Paycom platform. Please have copies of your resume and cover letter available to upload. Please review the following questions. You will be asked for a response to these as part of your application:
Describe your experience in fixed income structured products. What is the processes do you undertake to make an investment decision?
Describe your career progression and how you believe this position would contribute to your career goals.
Why are you interested in this position? Why do you think your skills and/ or experiences would make you successful in this position?
How do you determine relative value amongst securities and fixed income asset classes?
The objective of the Fixed Income Division is to modestly outperform the Bloomberg Barclays U.S. Aggregate Bond Index, with an active risk maximum of 100 bps. Given a blank slate, how would you structure PERA’s MBS, CMBS, and ABS portfolios vs their respective benchmark ((LUMSTRUU) Bloomberg Barclays US MBS Index Total Return Value Unhedged USD (Returns, Unhedged), (LUCMTRUU) Bloomberg Barclays CMBS: Erisa Eligible Unhedged USD (Returns, Unhedged) (LUABTRUU) Bloomberg Barclays US Agg ABS Total Return Value Unhedged USD (Returns, Unhedged). Futures/futures like products are not permitted, nor is leverage. Assume the 100bp active risks limit applies to each individual portfolio. Please elaborate on your reasoning and any additional staffing needs and specific responsibilities.
ABOUT COLORADO PERA
Looking for a career where you can make a difference? Colorado PERA offers benefit services to public employees across Colorado, including teachers, state troopers, snowplow drivers, correctional officers and many others who provide valuable services. As Colorado’s largest pension plan, we serve and educate over 600,000 members who are former and current public employees.
At PERA you will earn more than a paycheck. PERA is a culture where you can grow your potential and work in an inclusive environment, where diverse perspectives are valued. We hire exceptional employees and recognize that our people are our best asset. Not only do we make sound investments for our members, PERA invests in our employees’ growth through training and leadership opportunities.
To promote wellbeing, we offer hybrid or flexible working options for most roles and a total rewards and benefit program including health, dental and vision coverage - eligibility starts the first day of the month following the date of hire for most plans; generous paid time off and volunteer hours; pension and retirement plans, including PERA’s defined benefit plan, 457 defined contribution plan, and 401(k) employer match, as applicable; tuition assistance; free, convenient on-site parking or RTD subsidy; free on-site fitness center to stay active; employee assistance program; training, leadership and mentoring programs and more. PERA is a Public Service Loan Forgiveness qualifying employer.
Reports to: Assistant Director or Director of Fixed Income
Job Status: Full Time / Exempt
Salary: $170,000 - 185,000 per year, commensurate with experience. This position is eligible to participate in PERA's Investment Incentive Plan, subject to the terms of the Plan Document.