DoubleLine Portfolio Manager Ken Shinoda provides a quarterly update on the DoubleLine Total Return Bond Fund, walking through performance and positioning. Longer duration assets like Treasuries have struggled this year while shorter duration and floating rate securities have outperformed, reflecting the fund's underweight to the long end and continued conviction that fiscal pressure will keep upward pressure on long-term rates. Within the portfolio, Ken highlights a shift toward higher coupon agency mortgages, continued growth in non-QM residential credit, and a rotation in ABS toward commercial and hard-asset exposure amid early signs of consumer credit deterioration. He also flags a notable divergence in corporate credit, where investment-grade-rated hyperscaler names like Oracle and SpaceX are trading with spreads closer to single-B high yield paper, one more reason the fund maintains zero direct corporate bond exposure.
Past performance does not guarantee future results. Investing involves risk including the risk of principal loss. For Important Information about the fund, click here.
Link to the Prospectus
DoubleLine Funds are distributed by Quasar Distributors, 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.
