Western Asset Mortgage Capital: Strong Quarter Bodes Well
By Michael Terry:
A couple months ago, I wrote an article about Western Asset Mortgage Capital Corp (WMC) prior to their portfolio call (article here). In that article, I opined on the management team:
Western Asset Management Company (WAMCO) – owned by Legg-Mason (LM) has been a global leader in diversified fixed-income management since 1971. As of December 31, 2011 the Firm had approximately $ 443 billion in assets under management. This number included $ 61.5 billion in total mortgage exposure, of which $ 37.6 billion was invested in Agency RMBS, $ 13.8 billion in non-agency RMBS, $ 2.4 billion in CMBS, and $ 7.7 billion in ABS.
While WMC is new, WAMCO has been around for quite some time. When I worked in the investment consulting industry, I recommended WAMCO for a variety of client mandates as I respected their abilities and their returns.
The management of WMC seems to be living up to expectations and their abilities
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