While remaining cautiously bearish about the possibility of inflation and keeping a vigilant eye on near-term risks in the mortgage arena, investors at Conn.-based Hartford Investment Management Co. (HIMCO) are taking advantage of a market in which everything currently seems to look cheap.

"When you talk in terms of value nowadays, we believe that it is important to stay more liquid," said Peter P. Perrotti, senior vice president at HIMCO. "We will tend to keep pass-throughs over collateralized surrogates and collateralized mortgage obligations.

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