What are the responsibilities and job description for the Fixed Income Portfolio Manager position at Colorado Public Employees' Retirement Association?
Job Details
PORTFOLIO MANAGER - FIXED INCOME
JOB SUMMARY
This position manages Fixed Income Investment Portfolio(s) with an established framework. Conducts fundamental fixed income research, economic research and strategy, and performance analysis and attribution. Responsible for buy, sell, and hold investment decisions based on research and analysis conducted.
IDEAL CANDIDATE
Our ideal candidate has experience in fixed income securitized products, with a focus on mortgage-backed securities, and a proven ability to outperform the market using their expertise. We are looking for a professional who can develop and clearly articulate sound investment strategy. The position requires a strong attention to detail, excellent time-management skills, and the ability to critically assess and navigate changing market conditions.
ESSENTIAL FUNCTIONS
- Develops and implements strategy for assigned asset classes
- Recommends and makes appropriate investment decisions based on fundamental, quantitative, qualitative and technical research. Uses technological tools to facilitate analysis and portfolio management
- Reviews macroeconomics analyses and contributes to the formulation of timely and appropriate investment strategies for the fixed income funds in assigned portfolio areas
- Sources and recommends investments while monitoring existing holdings for continued investment suitability
- Assists with the development and implementation of strategy for PERA’s Fixed Income asset class, including asset allocation decisions
- Manages funds to achieve performance above established guideline benchmarks
- Ensures assigned portfolio(s) comply with established investment policies and procedures
- Builds/maintains relationships with key broker counterparties to achieve competitive trade execution
- Participates in training, conferences, and educational opportunities for ongoing professional development
- May provide guidance to, and assist in the training and development of fixed income analysts
- Carries out other duties as assigned including ad hoc projects
QUALIFICATIONS
- Bachelor’s degree in finance, business, accounting, or economics; 5 years of investment experience; CFA and/or MBA in progress
- Proficiency in spreadsheet and word-processing software packages; experience with Bloomberg and/or portfolio analytics is preferred
- Quantitative aptitude, as evidenced by academic achievement and/or work experience
- Effective analytical, problem solving, and decision making skills
- Oral and written communication, presentation, and negotiation skills
- Understanding of financial markets, concepts, principles and theories
- Knowledge of macroeconomics and its influence on investments
- Working knowledge of fundamental, technical, and quantitative fixed income analysis and valuation techniques
- Ability to work effectively both independently and with others in a team environment
- Interpersonal skills including leadership, training, and conflict resolution
WORKING CONDITIONS
- Standard office environment with regular telephone communication, computer operation, and other office productivity machinery, such as a copy and printer machine.
- Occasional travel as necessary for business purposes
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All employees are expected to present themselves in a professional manner in alignment with the financial services industry
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.
Qualifications
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:
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Assuming the fed’s most recent projections are realized in the Summary of Economic Projections on GDP, inflation, forward interest rates, etc., and assuming you currently own the unlevered MBS index without the ability to take short positions (LUMSTRUU Index), where would you position on the coupon stack and why? What other places do you currently see value in the MBS market? (specs, G2/FN swaps, 15s30s, 20s30s, etc.) Remember, you are unable to short TBA against longs, this is a strictly long only book.
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Analyze FR RJ3335 Mtge (3142GTV52). What are some of the underlying characteristics of this bond that make it attractive/unattractive? Would you buy this bond at current BVAL prices vs selling something else in the index and why?
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If you were solely in charge of ABS, MBS, CMBS, and Treasuries with rough index weights of 25% for MBS, 44.5% for Treasuries, 1.5% for CMBS, and .5% for ABS, what changes would you make in asset allocation weights and why? (assume a targeted annual return of 30bp vs the index)
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Given the current landscape in commercial real estate and current economic conditions, how would you structure a CMBS portfolio? Specifically, how would you position in agency vs non-agency and what property types and tranches would you focus on overweighting vs underweighting vs the index and why?
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.
To learn more about life at PERA, watch this video or visit www.copera.org/careers.
Position Title: Fixed Income Portfolio Manager
Division: Investments – Fixed Income
Reports to: Director or Assistant Director of Fixed Income
Job Status: Full Time; Exempt
Salary: $190,000.00 to $230,000.00 commensurate with experience
Posting Dates: 03/25/2025 - until filled
Salary : $190,000 - $230,000
