Biography

Stephen L’Heureux is a Global Commercial Real Estate and CMBS Strategist for the Structured Finance Team at Loomis, Sayles & Company. Stephen is also a Co-Portfolio Manager for select securitized credit investment strategies. He has 41 years of investment industry experience.

Stephen joined Loomis Sayles in 2008 from Cambridge Place Investment Management, where he was the senior credit analyst for US commercial real estate, CMBS and ABS, responsible for approving high-capacity acquisitions of floating rate CMBS, business loans and aircraft ABS, developing loan-level asset and structured liability models, sourcing and underwriting acquisitions, direct equity investment for global real estate assets, and building a credit score model of default rates for sub prime residential borrowers. He spent eight years at AEW Capital Management in various capacities, including portfolio manager specializing in structured debt and responsible for trading and management of CMBS, produced transaction oversight, developing proprietary analytics for real estate and mortgage underwriting, supervising CMBS performance accounting, structuring high-yield investment vehicles and providing institutional marketing of investment programs. Previously, Stephen was at Hancock Real Estate Advisors supporting direct equity real estate investment programs, and at DRI/FW Dodge building econometric models of the nation’s real estate markets.

Stephen earned a BA from McGill University and an MA from the University of Toronto. He is a CFAĀ® charterholder.

CFAĀ® and Chartered Financial AnalystĀ® are registered trademarks owned by the CFA Institute.

Latest Insights by Stephen L’Heureux, CFA

Alpha Engine Perspectives
June 27, 2023 • 4 min read

Is Commercial Real Estate the Next Domino to Fall?

Markets are starting to worry about commercial real estate. Stephen L’Heureux, Global Commercial Real Estate Portfolio Manager & CMBS Strategist, shares his[…]
Structured Finance
Alpha Engine Perspectives
December 24, 2019 • 3 min read

Is Retail Exposure a Problem for CMBS?

It’s no secret that the retail sector has been under a lot of pressure. Retailers are facing significant headwinds, including high competition,[…]
Structured Finance