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NYLIM manages CMBS portfolios valued in excess of $11 billion, the vast majority of which are rated AAA. The investment objective is to maximize yield and find the best relative values consistent with a client’s risk, liquidity and duration preferences.
This is accomplished through four inter-related primary functions: market monitoring, real estate due diligence, structural and quantitative analyses, and proactive portfolio and sector surveillance.
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Market Monitoring: The CMBS markets are continuously and extensively monitored throughout the day. Additionally, cross-sector relative value is determined in conjunction with NYLIM’s other fixed income professionals.
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Real Estate Due Diligence: NYLIM’s full service real estate department is an integral part of the real estate due diligence process. Proper CMBS portfolio management requires a thorough understanding of a transaction’s underlying collateral and property market dynamics. NYLIM’s seasoned real estate professionals, located throughout the country, are an invaluable resource for real state insights and local market knowledge.
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Structural and Quantitative Analysis: Based on the outcome of our real estate due diligence, advanced analytical techniques are applied to transactions to determine relative value, and the possibility of cash flow variances and rating agency down-grades. These techniques require extensive use of state of the art computer programs specific to CMBS transactions.
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Portfolio Surveillance: Includes, but is not limited to, daily monitoring of bond specific and property level performance, portfolio level exposures, and general and industry specific news. Our surveillance of transactions both owned and not owned, is an integral part of our buy/sell analyses and portfolio management process.
For additional information, please contact:
Brian Furlong, Director
Telephone: (212) 576-6041
E-mail Address: brian_furlong@nylim.com
Adam Hayden, Vice President
Telephone: (212) 576-7511
E-mail Address: adam_hayden@nylim.com
Please keep in mind that investment objectives may not be met as the underlying investment options are subject to market risk and will fluctuate in value.
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