In a webcast presented by Portfolio Manager Ken Shinoda for the DoubleLine Mortgage-Backed Securities ETF (ticker: DMBS), filmed on February 11, 2025, Shinoda shares insights on the current state of the mortgage-backed securities market, investment strategies, and the benefits of including MBS in investment portfolios. He highlights the attractive valuations of MBS, the different types of mortgage-backed securities, and the importance of active management. Shinoda also discusses the historical performance of MBS, the impact of economic factors, and strategies for managing MBS portfolios, concluding with final thoughts on market opportunities.
00:00 - Introduction Ken Shinoda introduces the DoubleLine Mortgage-Backed Securities ETF (DMBS) and sets the stage for the discussion.
00:08 - Overview of DMBS Shinoda provides details on the DMBS and DCRE ETFs, including yield to maturity, expense ratios, and assets under management.
00:45 - Valuation and Market Conditions Discussion on the current valuations of mortgage-backed securities and their relative value compared to other asset classes.
01:17 - Types of Mortgage-Backed Securities Explanation of agency and non-agency mortgage-backed securities, their risks, and benefits. 03:11 - Market Size and Importance Overview of the $10.8 trillion MBS market and its significance in the global fixed income market.
04:04 - Risk Analysis Analysis of prepayment and credit risks associated with mortgage-backed securities.
06:11 - Benefits of MBS in Portfolios Discussion on the benefits of adding MBS to investment portfolios, including lower volatility and diversification.
08:01 - Active Management Strategies Overview of active management strategies in the MBS market, including coupon selection and CMOs.
10:00 - Portfolio Composition Details on the current portfolio composition of the DMBS ETF, highlighting its higher yield and shorter duration compared to the MBS index.
12:00 - Historical Performance and Market Trends Shinoda discusses the historical performance of MBS in various market conditions and the current trends affecting the market.
15:00 - Detailed Analysis of MBS Spreads In-depth analysis of the spread history of different MBS sectors and their relative value.
18:00 - Impact of Economic Factors on MBS Discussion on how economic factors like interest rates and quantitative easing impact the MBS market.
21:00 - Strategies for Managing MBS Portfolios Shinoda explains the strategies used to manage MBS portfolios, including duration management and yield curve positioning.
24:00 - Case Studies and Examples Real-world examples and case studies illustrating the benefits of active management in the MBS market.
30:00 - Conclusion and Final Thoughts Shinoda wraps up the webcast with final thoughts on the opportunities in the mortgage-backed securities market and the potential for outperformance.
Summary Prospectus: https://pex.broadridge.com/summary.aspdoctype=spro&cid=dbline&fid=25861R402
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.
