Bill Campbell, DoubleLine's head of Global Sovereign & Emerging Markets, argues that developed markets have lost the institutional immunities—fiscal credibility, central bank independence, and low inflation—that once shielded them from the term premium long demanded of emerging markets. As heavy government spending and geopolitical stress erode policy credibility in the West, Campbell sees a multi-year inflow cycle building in emerging market local currency bonds, driven by capital deepening and growing domestic asset bases. He explains why fixed income, rather than tech-heavy EM equities, is the cleaner way to capture this convergence; why DoubleLine favors the three-to-seven-year "belly" of the yield curve; and why the firm's transparent, cash-bond approach avoids leverage and overlay strategies.
Mr. Campbell joined DoubleLine in 2013. He oversees the firm’s Global Sovereign and Emerging Markets teams and serves as the lead Portfolio Manager for the firm’s emerging markets and international strategies. He is a permanent member of the Fixed Income Asset Allocation Committee. Prior to DoubleLine, Mr. Campbell worked for Peridiem Global Investors as a Global Fixed Income Research Analyst and Portfolio Manager. Prior to that, he was with Nuveen Investment Management Co., first as a Quantitative Analyst in the Risk Management and Portfolio Construction Group then as a Vice President in the Taxable Fixed Income Group. Mr. Campbell also worked at John Hancock Financial as an Investment Analyst. He holds a B.S. in Business Economics and International Business, as well as a B.A. in English, from Pennsylvania State University. Mr. Campbell also holds an M.A. in Mathematics, with a focus on Mathematical Finance, from Boston University.
