Skip to contentHome page Seeking Alpha - Power to InvestorsOct 27, 2026, 5:44 AM ETPDIIX, PHMIX, PIMIX, PFORX, PIGIX, PFIIX, PFMIX, PAIDX, PSCSX, PTTRX, MBB, BKT, VABS, MBSD, JMBS, MTGP, CMBS, LMBS, JLSPIMCO2.78K FollowersAgency mortgages, when you look at their returns across the full business cycle, have, one, delivered returns better than Treasuries across the full cycle.Second, when we think about the opportunity set today, agency mortgages are historically cheap, or the spread is historically wide, presenting an opportunity for investors.When we look at mortgage-backed securities, we see attractive starting yields plus total return potential, so making money from the normalization of those spreads.yokaew/iStock via Getty ImagesAgency mortgage spreads remain unusually wide, creating attractive opportunities in high-quality fixed income. Portfolio Manager Daniel Hyman discusses where active managers may find value in agency MBS and why certain market participants can create pricing inefficiencies.This article was written byPIMCO2.78K FollowersPIMCO is a global leader in active fixed income. With our launch in 1971 in Newport Beach, California, PIMCO introduced investors to a total return approach to fixed income investing. In the 50 years since, we have worked relentlessly to help millions of investors pursue their objectives – regardless of shifting market conditions. As active investors, our goal is not just to find opportunities, but to create them. To this end, we remain firmly committed to the pursuit of our mission: delivering superior investment returns, solutions and service to our clients. Visit PIMCO’s blog. Subscribe To Get PIMCO Insights Delivered Directly to Your Inbox.CommentsTo ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.Is this happening to you frequently? Please report it on our feedback forum.If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.