State Street IG Public & Private ABS ETF (PRAB)
AMEX AMEX Primary Summary
State Street's Paglia Highlights Firm's Private Credit Suite
Last month at the Exchange conference in Las Vegas, Anna Paglia, State Street Investment Management's chief business officer, discussed how the firm's private credit lineup came to be and how the firm sets about developing some of its products.
State Street IG Public & Private ABS ETF (PRAB) FAQ
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State Street IG Public & Private ABS ETF Profile
| AMEX Exchange | US Country |
Overview
The State Street IG Public & Private ABS ETF (PRAB) is an actively-managed investment fund that primarily focuses on investment grade asset-backed securities (ABS). This includes a mix of both public and private ABS, allowing for a diverse range of investments through an active security selection process. The PRAB seeks to maximize risk-adjusted returns while providing current income to its investors.
Managed by State Street Investment Management’s Active Fixed Income Team, the fund employs a careful risk-aware strategy that integrates a top-down investment approach with a bottom-up security selection methodology. This strategy enables the portfolio managers to construct a portfolio that aims to overweight the most attractive sectors and issuers in the ABS market. Furthermore, PRAB may invest in private ABS sourced from reputable partners, including Apollo Global Securities, LLC (AOS Investments), with allocation percentages that may vary based on market conditions and opportunity.
Products and Services
- Investment Grade Asset-Backed Securities (ABS)
PRAB primarily invests in investment-grade asset-backed securities, which may include various stakeholders' interests and cash flows from underlying assets like mortgages, loans, and other receivables. This exposure helps to enhance the fund's risk-return profile. - Public ABS
The fund allocates capital to publicly offered ABS, which are typically more liquid and transparent, allowing for easier trading and a clearer understanding of underlying asset performance. - Private ABS
PRAB also invests in private ABS, which often provide unique opportunities but may come with different risk profiles. These securities may be sourced through partnerships with firms such as AOS Investments. - Collateralized Loan Obligations (CLOs)
The fund may include CLOs within its portfolio, which are complex securities backed by a pool of loans, typically corporate loans. CLOs can offer high yield while diversifying risk across multiple underlying borrowers. - Residential and Commercial Mortgage-Backed Securities
PRAB invests in both residential and commercial mortgage-backed securities, which are securities that are backed by mortgage loans. These investments provide potential income through interest payments and can help in stabilizing returns.
