DoubleLine Portfolio Manager Ken Shinoda reviews financial markets for the month of April and year-to-date through April 3, 2025, including the significant sell-offs in equities and rallies in bonds amid growth concerns driven by recent tariff news. He describes the current market environment as the "land of pain," contrasting it with previous gains. He discusses the impact of recent tariff news on growth forecasts, the collapse in sentiment among small businesses and consumers, and the dilemma faced by the Federal Reserve in balancing expectations of slowing growth with rising inflation. Shinoda also highlights the reversal of "Trump trades," the performance of global equities, and the strong returns in precious metals. He concludes by discussing the widening of credit spreads and the attractiveness of credit relative to equities, advising patience and looking for opportunities in credit as spreads widen. This segment of Channel 11 was recorded April 3, 2025.
00:00 Market Overview: The Land of Pain
00:41 Impact of Tariffs and Growth Concerns
02:05 Economic Data and Federal Reserve Dilemma
04:01 Speculative Fervor and Market Reversals
06:09 Global Equity Performance and European Trends 08:08 Commodities and Precious Metals
10:11 Treasury Yields and Credit Markets
12:05 Investment Opportunities and Outlook
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.
