Channel 11 host and DoubleLine Portfolio Manager Ken Shinoda recaps market activity in August, another month in which investors waited and watched for definitive signs of a recession or soft landing. Mr. Shinoda kicks things off with equities (00:26), which are having a big run despite this being touted as the year for bonds earlier in 2023. Topics include the diverse performance of the Magnificent Seven and the S&P 493 (3:14) and interest coverage issues that small companies are facing (5:48). In his fixed income coverage (8:09), Mr. Shinoda looks at what he sees as one of the big value buys out there: U.S. Treasuries, running down factors that could have positive and negative impacts on yields.
This episode, recorded Sept. 6, 2023, concludes with What Looks Cheap (21:52), Agency mortgages and CMBS, and a review of the year-to-date excess return for credit assets (26:10) compared to last year’s rough performance.
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.
