Amid the highest market volatility so far this year, the CRTx® Aggregate posted a -0.22% decline in August as spreads widened and seasoned paper once again lagged. 2015/2016 LMEZZ deal vintages, and now the 2017 vintage, came under more pressure last month as paydowns remain elevated. Balancing out the CRT complex, 2018/2019 deals continued to outperform, returning 41bps overall in August, while B-pieces in aggregate came in with a solid 73bps return as SUB spreads held in relatively well. Equities were down for the month, while the major fixed income sector indexes benefited heavily from another 40-50bp rally in the curve, especially the longer duration IG segment which continues to be the leading bond sector for the year. While CRT has understandably lagged into the rate rally, excess return volatility is still better contained relative to other major market sectors.