Channel 11 host and DoubleLine Portfolio Manager Ken Shinoda welcomes Graham Hopper, head of the firm’s Relationship Management, Advisor Group, to talk about what’s going on in the markets, themes to follow in 2022 and what’s on the mind of DoubleLine clients in a period of tightening Federal Reserve policy. They begin with a look at back at the topics discussed in 2021 (1:15) before turning to factors that might impact the new year with an eye on sources of return in fixed income, equities and alternatives such as private debt and commodities (3:40). Mr. Hopper quotes a client’s term, “benchmark hell,” to describe the challenge of pursuing returns in an environment overshadowed by the S&P 500’s performance. Subjects tackled include inflation (10:38), market expectation for rate hikes (19:40), keeping short duration (27:13), historic response to the Fed hiking rates (30:58), what is the level of the 10-year Treasury that cracks equities (47:40) and value versus growth in equities (54:15), among other topics. This episode was recorded Feb. 4, 2022.
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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.
