DoubleLine Portfolio Manager Samuel Lau and Quantitative Analyst Eric Dhall begin their review of the July 15-19 market week with returns in the red for stocks (0:52), bonds (2:18) and commodities (4:01). On the macro front (5:36), Eric Dhall notes three beats of analyst expectations: Retail sales, import prices and industrial production show that, despite some consumer belt-tightening, “the economic engine is still humming along.” Sam Lau took note of pricing in the futures market anticipating two fed funds rate cuts before year-end, although he added (14:04) Fed Chair Jerome Powell in recent public remarks remained coy as to timing.
Looking ahead to macro news for the week of July 22-26, Sam and Eric will be on the watch (18:35) for preliminary July readings on the S&P Global PMI for manufacturing and services (Wednesday July 24); advance second quarter GDP, and durable and capital goods orders (Thursday); headline and core PCE deflator, and personal spending and income (Friday).
Mr. Lau joined DoubleLine in 2009. He is a Strategist on the Fixed Income Asset Allocation (FIAA) Committee and a contributing member on the Global Asset Allocation and Macro Committees. Mr. Lau is a Portfolio Manager on DoubleLine’s strategic commodity strategy while working in portfolio management and trading for derivatives-based and multi-asset strategies, including DoubleLine's Shiller Enhanced CAPE®, Shiller Enhanced International CAPE®, Real Estate and Income, and Multi-Asset Trend strategies. He also co-hosts the Sherman Show (Twitter @ShermanShowPod, ShermanShow@Doubleline.com) and Monday Morning Minutes (Twitter @DLineMinutes, Minutes@Doubleline.com) podcasts. Prior to DoubleLine, Mr. Lau was a Vice President at TCW where he worked under Jeffrey Gundlach as a Research Analyst in the Mortgage Group. He holds a B.S. from the University of Wisconsin, Madison and an MBA from the Marshall School of Business at the University of Southern California.
Mr. Dhall joined DoubleLine in 2013. He is a Quantitative Analyst on the Macro Asset Allocation team where he works with portfolio management performing analysis and trading for derivatives-based and multi-asset strategies. Mr. Dhall’s research and analysis has contributed to the team’s development of DoubleLine’s smart-beta suite of strategies. Prior to DoubleLine, he worked at Capital Group performing quantitative analysis in fixed income. Prior to Capital Group, Mr. Dhall was an instructor in finance at the UCLA Anderson School of Management and a research instructor at the UCLA Samueli School of Engineering. Previous to that, he worked in International Finance at Gulf Machinery company. Mr. Dhall holds a BS in Physics with a secondary emphasis in Business from the University of California, Berkeley and an MS in Financial Engineering from the UCLA Anderson School of Management.
