DoubleLine’s Bill Campbell, head of the global sovereign and emerging markets team, joins Bloomberg’s The Close to discuss questions about the AI buildout and its impact on the credit market. Mr. Campbell notes the problem is the underwriting assumptions baked into projected earnings, and he points out the factors creating a circular logic that could turn into a cyclical headwind for risk markets. After the recent hot CPI print that sent yields up and then right back down, he says that stocks and bonds behaved the way a risk parity portfolio would expect: “Fixed income is doing what it should be doing in your portfolio.”
With yields where they are, Mr. Campbell says the value proposition for fixed income is “probably the highest it’s been in recent memory.” DoubleLine is focused on higher-quality credit and the belly of the U.S. Treasury curve, where investors can collect a healthy coupon and still benefit if yields rally. He also still sees value in emerging markets local debt, which held up remarkably well during the recent sell-off.
Mr. Campbell joined DoubleLine in 2013. He oversees the firm’s Global Sovereign & Emerging Markets team 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.
