Channel 11 News host and DoubleLine Portfolio Manager Ken Shinoda welcomes DoubleLine Deputy Chief Investment Officer Jeffrey Sherman back to the show to discuss asset class performances since Mr. Sherman’s visit at the close of Q3 2021. Messrs. Shinoda and Sherman begin by looking at how their observations from What Now!? (S2 E3) panned out (1:09) in the fixed income, equities and commodities sectors. They begin their current review with a look at the macro environment (14:43), including GDP forecasts, economic surprise data (16:26), core CPI (21:22) and the Fed’s balance sheet (43:47). The two then take a deep dive into fixed income (46:28) and the volatility affecting the sector (50:32), with Mr. Sherman noting concerns about the Fed’s balance sheet plans. “Until we know what the Fed’s doing, the bond market is going to be super nervous,” he says. Messrs. Shinoda and Sherman then move to equities (1:03:23), where they maintain their support of the value trade and discuss what Mr. Shinoda calls “a pretty decent repricing” of stocks (1:09:12). They conclude with commodities (the real land of gains) (1:11:30) with talk of the challenges in the sector for individual investors and the nickel drama playing out on the London Metal Exchange. This episode was recorded March 18, 2022.
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.
As DoubleLine’s Deputy Chief Investment Officer, Jeffrey Sherman oversees and administers DoubleLine’s Investment Management sub-committee coordinating and implementing policies and processes across the investment teams. He also serves as lead portfolio manager for multi-sector and derivative-based strategies. Mr. Sherman is a member of DoubleLine’s Executive Management and Fixed Income Asset Allocation Committees. He can be heard regularly on his podcast “The Sherman Show” (Twitter @ShermanShowPod, ShermanShow@Doubleline.com) where he interviews distinguished guests, giving listeners insight into DoubleLine’s current views. In 2018, Money Management Executive named Jeffrey Sherman as one of “10 Fund Managers to Watch” in its yearly special report. Prior to joining DoubleLine in 2009, Mr. Sherman was a Senior Vice President at TCW where he worked as a portfolio manager and quantitative analyst focused on fixed income and real-asset portfolios. He was a statistics and mathematics instructor at both the University of the Pacific and Florida State University. Mr. Sherman taught Quantitative Methods for Level I candidates in the CFA LA/USC Review Program for many years. He holds a B.S. in Applied Mathematics from the University of the Pacific and an M.S. in Financial Engineering from the Claremont Graduate University. Mr. Sherman is a CFA® charterholder.
