Monthly Market Review
Channel 11 host and DoubleLine Portfolio Manager Ken Shinoda launches a monthly review webcast that will recap market and macro moves as well as offer Mr. Shinoda’s advice on What Looks Cheap. The episode begins with a review of a rough February for equities and fixed income (00:37), with Mr. Shinoda taking a deeper look at equity sectors (3:30), where last year’s losers have been today’s winners. Beware the noise, he cautions as he turns his attention to macro, with coverage including the market’s (misplaced?) optimism on growth (5:55), repricing of the terminal federal funds rate (8:54) and several metrics on how the Fed’s fight on inflation is progressing. “The data is going to be noisy,” Mr. Shinoda says. “Data is always noisy. We need to try to look past the noisy data and look at some long-term trends that will, I think, bring inflation down and eventually bring rates down.”
The What Looks Cheap segment concludes the webcast (17:41), with Agency mortgage-backed securities taking the focus in the fixed-income section before shifting to equity coverage guided by the Relative CAPE ratio (33:42). This episode was recorded March 2, 2023.
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, email@example.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.