For the week ended Feb. 6, DoubleLine Portfolio Manager Eric Dhall and Analyst Mark Kimbrough survey big industry and investment-style dispersions in the stock market (0:43), including winners and losers within tech; more underlying volatility in bonds than meets the eye (5:26); and commodities roiled by volatility as well as dispersion (8:31). They also take note of a massive ongoing decoupling of gold and the “purported digital gold,” bitcoin, that Eric says is putting both mid-tier bitcoin miners and crypto believers to the test.
On the macro front (12:41), the brief government shutdown delayed the Bureau of Labor Statistics’ January payroll and unemployment reports to Feb. 11. Mark finds expansionary signs in the ISM manufacturing and services reports for January, while cautioning not to read too much in one month’s data. Looking ahead (19:01) to the week of Feb. 9-13, Eric and Mark will be on the lookout for the January labor reports and consumer price index.
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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.
