Apr 17, 2023 | Media Appearances

DoubleLine Portfolio Manager, Morris Chen on Bloomberg 4-17-23

DoubleLine Portfolio Manager, Morris Chen Discusses the Commercial Real Estate ETF (DCMB) on Bloomberg. The interview originally aired on April 17, 2023.

As of March 31, 2023 (the inception date of the ETF) the holdings consisted of 100 percent cash.

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Investing involves risk. Principal loss is possible. Equities may decline in value due to both real and perceived general market, economic and industry conditions. ETF investments involve additional risks such as the market price trading at a discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a fund’s ability to sell its shares. Investments in debt securities change in value because of changes in interest rates. The value of an instrument with a longer duration (whether positive or negative) will be more sensitive to changes in interest rates than a similar instrument with a shorter duration. There is the risk that the Fund may be unable to sell a portfolio investment at a desirable time or at the value the Fund has placed on the investment. Illiquidity may be the result of, for example, low trading volume, lack of a market maker, or contractual or legal restrictions that limit or prevent the Fund from selling securities or closing derivative positions. There is risk that borrowers may default on their mortgage obligations or the guarantees underlying the mortgage-backed securities will default or otherwise fail and that, during periods of falling interest rates, mortgage-backed securities will be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate.  Derivatives involve special risks including correlation, counterparty, liquidity, operational, accounting and tax risks.  These risks, in certain cases, may be greater than the risks presented by more traditional investments. The Fund is a “non-diversified” investment company and therefore may invest a greater percentage of its assets in the securities of a single issuer or a limited number of issuers than funds that are  “diversified.” Accordingly, the Fund is more susceptible to risks associated with a single economic political or regulatory occurrence than a diversified fund might be.

Index Disclosure

Bloomberg 1-3yr US Aggregate Bond Index – This index tracks the one- to three-year component of the Bloomberg US Aggregate Bond Index.

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  • Morris Chen

    Structured Products - CMBS

    Morris Chen

    Structured Products - CMBS

    Mr. Chen joined DoubleLine at its inception in 2009. He is a Portfolio Manager leading the CMBS/CRE Debt Investment team and CRE New Investment Review Group, and is responsible for the oversight and management of all CRE Debt related investments at DoubleLine. Mr. Chen is a permanent member of the Fixed Income Asset Allocation and Structured Products Committees providing valued insight into the CMBS sector. He is also an active participant and speaker at CREFC events. Prior to DoubleLine, Mr. Chen was a Vice President at TCW where he was responsible for CMBS credit analysis and trading from 2004-2009. He holds a BS in Business Administration with concentrations in Business Development and Finance from the University of California, Riverside.