DoubleLine Portfolio Manager Eric Dhall and Analyst Mark Kimbrough recap market performance for the week of June 23-27 as well as the month and second quarter, which was a pretty good run for asset holders. They review the healthy performances for stocks (00:18) and bonds (2:48), recap a rough period for commodities (4:04), check in on the safe-haven assets of gold and Bitcoin (5:02) and discuss the economic bellwether of copper and the U.S. dollar (5:42). Over in Macro Land (7:01), prints include prelim U.S. PMI numbers for June that reflect a decent expansion period; home prices in April experiencing their second month of contraction (9:31); a new Q1 GDP estimate (11:19), which prompts Eric and Mark to note the importance of waiting for the merged data for trade-flow-impacted Q1 and Q2; and PCE numbers that are moving in the Fed’s direction (17:53).
There will be no episode next week with Friday’s holiday, but the show will return July 11.
Have a Happy Fourth of July!
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Mr. Dhall joined DoubleLine in 2013. He is a Portfolio Manager 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 B.S. in Physics with a secondary emphasis in Business from the University of California, Berkeley and an M.S. in Financial Engineering from the UCLA Anderson School of Management.
Mr. Kimbrough joined DoubleLine in 2012, where he worked primarily on Agency Mortgage Backed Securities and the Fixed Income Asset Allocation process as a member of the Risk Analyst team. He transitioned to his current role in 2019 where he serves as an Analyst on the Macro Asset Allocation team. Prior to DoubleLine, Mr. Kimbrough was at Western Asset Management working on systems monitoring and development within the Risk Department. He holds a BS in Business Administration with a concentration in Real Estate Finance and a minor in Economics from the University of Southern California. Mr. Kimbrough is a CFA® charterholder.
