An unusual absence of traditional buyers has given rise to lofty yield spreads in across residential mortgage-backed securities (RMBS), commercial real estate (CRE) debt, collateralized loan obligations, asset-backed securities and corporate credit. These set-ups include bonds that are potentially money good even under dire stress. In this DoubleLine Roundtable moderated by Product Specialist Phil Gioia, the heads of three of the firm’s credit teams explore the opportunities for active credit selection. They are Ken Shinoda, Chairman of DoubleLine’s Structured Products Committee and Portfolio Manager overseeing the non-Agency RMBS team; Morris Chen, Director of the firm’s Commercial Mortgage-Backed Securities (CMBS) and Commercial Real Estate (CRE) Debt team; and Robert Cohen, Director of the Global Developed Credit team (corporate bonds and bank debt).
2023 Fixed Income Returns (2:00)Investment Grade Credit (5:57)Investment Grade Corporates (10:24)High Yield Corporates (17:22)Leveraged Loans (19:39)Commercial Real Estate (26:00)CMBS (29:27)Non-Agency RMBS (35:00) Agency RMS (38:16)
Mr. Chen joined DoubleLine at its inception in 2009. He is a Portfolio Manager leading the CMBS/CRE Debt Investment team and CRE New Investment Review Group, and is responsible for the oversight and management of all CRE Debt related investments at DoubleLine. Mr. Chen is a permanent member of the Fixed Income Asset Allocation and Structured Products Committees providing valued insight into the CMBS sector. He is also an active participant and speaker at CREFC events. Prior to DoubleLine, Mr. Chen was a Vice President at TCW where he was responsible for CMBS credit analysis and trading from 2004-2009. He holds a BS in Business Administration with concentrations in Business Development and Finance from the University of California, Riverside.
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, firstname.lastname@example.org), 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.
Mr. Cohen joined DoubleLine’s Global Developed Credit (“GDC”) Group in 2012. He is a Portfolio Manager and the Director of the GDC group. He is also a permanent member of the Fixed Income Asset Allocation Committee. Prior to DoubleLine, Mr. Cohen was a Senior Credit Analyst at West Gate Horizons Advisors (and its predecessor ING Capital Advisors) where he worked as an Analyst covering bank loans and high yield bonds. Prior to ING, he was an Assistant Vice President in the Asset Management Group of Union Bank where he managed a diversified portfolio of leveraged loans as well as a portfolio of CDO securities. Previous to Union Bank, he was an Associate Director of Corporate and Investment Banking at the Bank of Montreal in its Natural Resources Group. Mr. Cohen holds a B.A. in Economics from the University of Arizona and an MBA from the University of Southern California. He is a CFA® charterholder.