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American Capital Agency's CEO Presents At Barclays Global Financial Services Conference (Transcript)

American Capital Agency Corp. (AGNC)

Barclays Global Financial Services Conference

September 12, 2012 10:30 am ET

Executives

Gary Kain - President and Chief Investment Officer, American Capital Agency Corp. President, American Capital AGNC Management, LLC

Analysts

Presentation

Unidentified Analyst



Good morning. I am pleased to introduce our next speaker, Gary Kain, American Capital Agency. Gary is the President and CIO of the company. I am sure many of you know him well. American Agency has evolved the mortgage REIT, has generated pretty dramatic alpha with average total returns in excess of 30% plus for the last several years.

With that I will hand it up to Gary. We look forward to your comments.

Gary Kain

Well, thank you and really thanks for the opportunity to present at the conference and also for that kind introduction. First off, I really want to thank everyone for your interest in AGNC, both, here, in the auditorium and people that are listening via the webcast.

Now, probably what you are expecting from what we usually do at these conferences, which is in some way or another a rehash of our last earnings presentation and kind of highlight a few things from that, but I think you are in luck if I am not going to do that this time. I mean, the bottom line is the biggest story in the markets right now, and this is true of the equity markets or the bond market, is QE3 and whether it's going to happen, whether Fed is going to embark on more quantitative using, and one of the implications for the mortgage market since interestingly while other markets are talking so much about it, I think it's kind of widely expected that if the Fed executes QE3, it's going to involve a large amount of purchases of agency MBS, and that's our market, it's clearly a big picture issue for us and for the space, so I figure I would kind of focus today's discussion on that topic.

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