DoubleLine Global Bond Portfolio Manager Bill Campbell, April 4, 2025, discusses the impact of tariffs and geopolitical policies on the dollar and global investment trends. He explains how recent price actions and changes in U.S. policies are prompting foreign investors to reconsider their capital allocations, potentially leading to a repatriation of funds and increased dollar hedging. Campbell also highlights the effects of retaliatory tariffs from China on emerging markets and the broader economic outlook, emphasizing the importance of regional trade agreements and the shift towards a multipolar world in global trade and investment portfolios.
00:00 Introduction and Dollar Price Action
00:44 Foreign Investment and U.S. Economic Policies
01:43 Emerging Markets and Global Economic Outlook
02:48 Currency Differentiation and Global Trade
04:11 Inflation and Global Trade Barriers
06:05 Future of Global Trade and Investment Portfolios
Mr. Campbell joined DoubleLine in 2013. He oversees the firm’s Global Sovereign Debt team and serves as a Portfolio Manager of the DoubleLine Emerging Markets Local Currency and Global Bond 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 holds an M.A. in Mathematics, with a focus on Mathematical Finance, from Boston University.
