Robert Cohen, DoubleLine Director of Global Developed Credit, begins with an in-depth review of the DoubleLine Multi-Sector Income ETF (DMX), highlighting its differentiated allocation approach across corporate and securitized credit sectors. With a goal of generating a high level of income while maintaining a low-duration posture (typically two to four years), DMX targets 150 basis points (bps) to 300 bps of excess yield over the Bloomberg US Universal Total Return Index. Mr. Cohen emphasizes the Fund’s active management mandate and its flexibility to rotate among sectors as relative value and credit risk shift. He concludes his section of the webcast with a breakdown of corporate credit fundamentals, noting that investment grade and high yield issuers remain fundamentally healthy, supported by solid EBITDA growth, conservative leverage and a positive 2:1 upgrade-to-downgrade ratio.
Ken Shinoda, DoubleLine Structured Products Portfolio Manager, outlines the securitized component of DMX, encompassing non-Agency RMBS, CMBS, CLOs and ABS. Mr. Shinoda stresses that securitized credit offers granular, data-driven risk targeting and valuable diversification versus traditional corporates – yielding superior spread per unit of duration.
Together, the Fund’s integrated credit approach is positioned to enable dynamic allocation across credit cycles, combining corporate credit strength with the structural robustness of securitized markets.
00:00 – Introduction and Housekeeping00:02:22 – DMX Fund Overview and Performance (Robert Cohen)00:04:29 – Portfolio Composition and Duration Targeting00:06:23 – Corporate vs. Securitized Allocation Outlook00:09:14 – Differentiation From Core and Core-Plus Strategies00:12:01 – Corporate Credit Market Update00:14:13 – Credit Spreads and Sector Dispersion00:17:29 – AI Capex and Issuance Outlook00:21:05 – Investment Grade and High Yield Credit Quality Trends00:23:32 – Bank Loan and Private Credit Developments00:28:04 – Securitized Credit Discussion (Ken Shinoda)00:30:35 – RMBS, CMBS and ABS Market Dynamics00:35:05 – Collateral Analysis and Credit Structuring00:38:17 – Improved Underwriting Post-GFC00:43:21 – U.S. Housing Supply and Price Support00:45:47 – Commercial Real Estate Recovery and Sector Insights
Past performance does not guarantee future results. Investing involves risk including the risk of principal loss.
For Important Information about this ETF, please visit: https://doubleline.com/funds/multi-sector-income-etf/
Link to the DoubleLine Multi-Sector Income ETF Prospectus
DoubleLine ETFs are distributed by Foreside Fund Services, LLC.
Mr. Shinoda joined DoubleLine at inception in 2009. He is Chairman of the Structured Products Committee and oversees the non-Agency RMBS team specializing in investing in non-Agency mortgage-backed securities, residential whole loans and other mortgage-related opportunities. Mr. Shinoda is co-Portfolio Manager on the Total Return, Opportunistic Income, Income, Opportunistic MBS and Strategic MBS strategies. He is also lead Portfolio Manager overseeing the Mortgage Opportunities private funds. Mr. Shinoda is also a permanent member of the Fixed Income Asset Allocation Committee, as well as, participating in the Global Asset Allocation Committee. In addition, he hosts DoubleLine’s “Channel 11 News” (Twitter @DLineChannel11, dline11@doubleline.com), a webcast series that provides market insights and commentary with peers and industry experts. Prior to DoubleLine, Mr. Shinoda was Vice President at TCW where he worked in portfolio management and trading. He holds a B.S. in Business Administration from the University of Southern California and is a CFA® charterholder.
Mr. Cohen joined DoubleLine’s Global Developed Credit (“GDC”) Group in 2012. He is a Portfolio Manager and the Director of the GDC group. He is also a permanent member of the Fixed Income Asset Allocation Committee. Prior to DoubleLine, Mr. Cohen was a Senior Credit Analyst at West Gate Horizons Advisors (and its predecessor ING Capital Advisors) where he worked as an Analyst covering bank loans and high yield bonds. Prior to ING, he was an Assistant Vice President in the Asset Management Group of Union Bank where he managed a diversified portfolio of leveraged loans as well as a portfolio of CDO securities. Previous to Union Bank, he was an Associate Director of Corporate and Investment Banking at the Bank of Montreal in its Natural Resources Group. Mr. Cohen holds a B.A. in Economics from the University of Arizona and an MBA from the University of Southern California. He is a CFA® charterholder.
