Ken Shinoda, Portfolio Manager at DoubleLine Capital and Chairman of the firm’s Structured Products Committee, reviews April performance in the markets and macro activity in the latest episode of Channel 11, “Tranquilo.” The name references the calming effect that the dovish tone struck at the FOMC meeting at the end of April seems to be having on the markets at the beginning of May. But in the April rundown (1:21), Mr. Shinoda recounts the bloodbath in longer-duration paper in fixed income, noting, “Only if you were floating rate or very short duration did you withstand the move in April.” A return visit to equities, March’s “Land of Gains,” finds a deflated S&P 500 and struggling small caps amid negative sentiment for and negative performance of risk assets (2:30). The April review also includes a look at commodities and Bitcoin (4:42).
In this month’s What Looks Cheap?, Agency mortgages stand head and shoulders above the crowd (6:12). Mr. Shinoda concludes the episode with a discussion of economic and inflation factors (9:44), and he provides support for the base case of one cut to the federal funds rate, which is likely to come toward the end of the year.
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.
