In this month’s Channel 11 episode, DoubleLine Portfolio Manager Ken Shinoda recaps October’s rally and the macroeconomic themes driving it. With the Federal Reserve taking a dovish turn and economic data temporarily off the air – thanks to the government shutdown – Mr. Shinoda leans on the few numbers that are available to make sense of the market. He tracks the 10-year U.S. Treasury yield’s rise back above 4%, a steepening Treasury curve and the U.S. dollar testing resistance while keeping an eye on signs of froth fading in Bitcoin, small-cap stocks and gold.
On the fixed income side, Mr. Shinoda highlights where value still exists – Agency MBS, CMBS and other securitized markets – while cautioning on leveraged loans and private credit as stress builds at the margins.
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.
