DoubleLine Portfolio Manager Ken Shinoda recaps a hot streak for markets in August on the latest episode of Channel 11, with credit spreads tightening, equities hitting new highs and speculative fervor supporting Bitcoin and meme stocks. Mr. Shinoda highlights how investor sentiment has improved significantly since spring, with recession fears fading and small-cap equities rising 7% on the month. But he also warns about seasonal risks with the approach of September and October, a time when markets have historically cooled off after hot streaks.
Mr. Shinoda reviews the credit markets, fixed income performance and global equities, including the Russell 2000’s small-cap resurgence and surprising leadership in emerging markets. He also breaks down bifurcated stories in commodities, with gold and cattle soaring while oil and natural gas lag, and U.S. Treasuries, where the long end of the curve is struggling. Looking forward to September, Mr. Shinoda notes the market sees a Fed rate cut as all but assured. He concludes the episode with a look at What’s Cheap?, highlighting securitized sectors.
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.
