There is a compelling case for adding credit in client portfolios as both a complement to traditional core bonds and as a competitive investment to equities given current valuations. We believe an active and diversified approach to credit offers the most opportunities for investors and has the potential to generate better risk-adjusted returns than passive and single-asset products. Further, a diversified credit portfolio can potentially offer a yield of 8% or higher, which is comparable to the long-run average return of equities. And given the current interest-rate environment, this high-single-digit yield could be achieved without taking on substantial credit risk.
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.
