The hidden $2 trillion market delivering strong, stable income

LiveWire

07-23

Australia’s residential mortgage-backed securities (RMBS) market has quietly grown into a $2 trillion behemoth. But despite its size and resilience, it remains overlooked by many income investors. ...

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But despite its size and resilience, it remains overlooked by many income investors.\n...</p>\n\n<a href=\"https://www.livewiremarkets.com/wires/the-hidden-2-trillion-market-delivering-strong-stable-income\">网页链接</a>\n\n</div>\n","source":"livewire_stock","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The hidden $2 trillion market delivering strong, stable income</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe hidden $2 trillion market delivering strong, stable income\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-07-23 04:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.livewiremarkets.com/wires/the-hidden-2-trillion-market-delivering-strong-stable-income><strong>LiveWire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Australia’s residential mortgage-backed securities (RMBS) market has quietly grown into a $2 trillion behemoth. But despite its size and resilience, it remains overlooked by many income investors.\n...</p>\n\n<a href=\"https://www.livewiremarkets.com/wires/the-hidden-2-trillion-market-delivering-strong-stable-income\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4585","symbol_name":"ETF&股票定投概念","start_time":0,"source_url":"https://www.livewiremarkets.com/wires/the-hidden-2-trillion-market-delivering-strong-stable-income","article_id":"2553926536","we_media_id":null,"thumbnails":[],"rights":{"source":"livewire_stock","url":"https://www.livewiremarkets.com/wires/the-hidden-2-trillion-market-delivering-strong-stable-income","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2553926536","pubTimestamp":1753214423,"columns":[],"sourceInfo":{"source_id":"livewire_stock","name":"Livewire Markets"},"weMediaInfo":null,"summary":"Australia’s residential mortgage-backed securities  market has quietly grown into a $2 trillion behemoth. But despite its size and resilience, it remains overlooked by many income investors.Ashley Burtenshaw, Co-Portfolio Manager at Gryphon Capital Investments, a Barings company, says this oversight creates opportunity.In this Q&A as part of Livewire’s 2025 Income Series, he explains how a data-driven edge, decades of market insights, and a laser focus on risk management are helping Gryphon deliver compelling income returns.“RMBS bonds have never defaulted in the history of the Australian market – and that goes back more than 30 years,” Burtenshaw notes.Gryphon’s approach is rooted in what Burtenshaw calls their “knowledge advantage” – a proprietary loan-level database dating back 15 years.“We’ve seen everything,” he says.“Ultimately, it’s all in the data. We’re not guessing, we’re measuring,\" he says.While both funds benefit from the team’s data-driven approach, BLIS is designed to pl","collect":0,"end_time":0,"defaultTopTitle":"livewiremarkets.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4585":"ETF&股票定投概念","BK4141":"半导体产品","RMBS":"Rambus","BK4111":"出版","BLIS":"Beliss Corporation","GCI.AU":"GRYPHON CAPITAL INCOME TRUST","GCI":"甘尼特","RMBS.AU":"Vaneck Australian Rmbs Etf"},"translate_title":"隐藏的2万亿美元市场提供强劲、稳定的收入","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BLIS":1,"GCI":1,"GCI.AU":1,"RMBS":1,"RMBS.AU":1},"content_text":"Australia’s residential mortgage-backed securities (RMBS) market has quietly grown into a $2 trillion behemoth. But despite its size and resilience, it remains overlooked by many income investors.\nAshley Burtenshaw, Co-Portfolio Manager at Gryphon Capital Investments, a Barings company, says this oversight creates opportunity. \nIn this Q&A as part of Livewire’s 2025 Income Series, he explains how a data-driven edge, decades of market insights, and a laser focus on risk management are helping Gryphon deliver compelling income returns.\n“RMBS bonds have never defaulted in the history of the Australian market – and that goes back more than 30 years,” Burtenshaw notes.\nIt starts with the data\nGryphon’s approach is rooted in what Burtenshaw calls their “knowledge advantage” – a proprietary loan-level database dating back 15 years.\n“We’ve seen everything,” he says. \n“European bank crises, the housing boom and bust, Covid, the royal commission. It’s all in there.”\nToday, Gryphon actively tracks around 205,000 residential loans and over 100,000 consumer loans, capturing up to 40 data points per loan. That’s more than 10 million data points updated monthly.\n“We’re focused on predictability,” Burtenshaw says. \n“Things like loan seasoning, mortgage rates, and loan-to-value ratios tell us a lot about a borrower’s ability and willingness to repay.”\nThis granularity allows the team to identify high-risk loans (like large loans in remote towns) and steer clear of troubled spots before they affect performance.\n\n\n\n\n\n\n\n\n\nChris Conway interviewing Ashley Burtenshaw\nWhat the data says about mortgage\nstress\nWith interest rates rising, many investors worry that higher defaults are on the horizon. Burtenshaw pushes back on that narrative.\n“Small loans, small problems. Big loans, big problems,” he says.\nAccording to Gryphon’s data, some performance erosion did occur among borrowers with larger loans during the 2023-24 rate peak. But even then, most found ways to stay current, often working with lenders or re-budgeting.\nWhat made a bigger difference, he says, was the mid-2024 combination of wage growth and tax cuts. Many borrowers used the extra income to catch up on payments.\n“Ultimately, it’s all in the data. We’re not guessing, we’re measuring,\" he says.\nWhy BLIS is different\nBurtenshaw also discusses the Barings Liquidity Investment Strategy (BLIS), a new fund managed by Gryphon Capital Investments, a Barings company.\nThe idea behind BLIS is simple: seek out return potential that could compensate investors for taking small amount of liquidity risk. Unlike GCI (Gryphon Capital Income Trust – ASX: GCI), which is a return-seeking strategy, BLIS focuses on high-quality, short-duration RMBS with limited mark-to-market volatility and strong liquidity characteristics.\n“We’re overcompensated for the liquidity risk,” Burtenshaw explains. “That’s the core of the BLIS opportunity.”\nWhile both funds benefit from the team’s data-driven approach, BLIS is designed to play a more defensive role in client portfolios, focusing on capital preservation, income stability, and consistent liquidity.\nHow Gryphon builds resilient\nportfolios\nConstructing a resilient portfolio starts with assigning a probability of default, which is strongly influenced by how long a borrower has been paying (“loan seasoning”) and their mortgage rate.\nA higher rate usually indicates a higher-risk borrower. But Gryphon doesn’t stop there. It looks at original, current, and indexed loan-to-value ratios, as well as the location of the security.\nCertain postcodes are flagged as higher risk, especially high-density areas or single-industry towns. By avoiding these, Gryphon aims to reduce both default probability and loss severity.\n“We want to know: where is this loan? What’s the asset quality? What happens if things go wrong?” Burtenshaw says.\nWhat April told us about the\nmarket\nApril 2025 was a case study in market dislocation and opportunity.\nIn the early part of the month, liquidity dried up in secondary markets and bid-offer spreads widened. But as global volatility subsided, spreads tightened, and confidence returned.\n“It was a healing process,” Burtenshaw says. “That gave us conviction to deploy capital.”\nBLIS took advantage, putting cash to work in both secondary and primary markets. Meanwhile, bank credit spreads had already tightened significantly – creating a relative value opportunity in RMBS.\nWhy Gryphon still sees value in\nRMBS\nOne of the biggest advantages of RMBS, according to Burtenshaw, is relative value.\nFor example, a double-A-rated RMBS bond might trade at a yield premium over a similarly rated bank credit. But thanks to Gryphon’s data, the team can identify bonds with characteristics more akin to triple-A, while still priced like a lower-rated security.\n“We know the bonds. We know the borrowers. We can see the real risk,” he says.\nThat insight, paired with the market’s complexity and lack of transparency, creates inefficiencies and opportunities for active managers.\nActive vs passive: Why downside\ncapture matters\nBurtenshaw is the first to admit it’s hard for active managers to consistently beat passive benchmarks in upside markets. But where active management earns its stripes, he argues, is in protecting capital in downside markets. \n“If you capture 100% of the downside, you’re a dead man walking,” he says.\nBy focusing on downside protection, Gryphon believes it can offer a more resilient income stream. And a smoother ride for investors.\n\n\n\nLIT\nGryphon Capital Income Trust (GCI)\nAustralian Fixed Income\n\n\nView\n\n\n\n\n\n\n\nNever miss an update\n\n    Enjoy this wire? Hit the ‘like’ button to let us know. \n    Stay up to date with my current content by \n    following me below and you’ll be notified every time I post a wire","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"code":"91000000","status":"200"}}}