DoubleLine Portfolio Manager Jeff Mayberry and Macro Asset Allocation Strategist Ryan Kimmel on May 8 review a stock market (0:39) dominated over the month by a handful of tech giants, a fixed income market (3:32) earning its carry while Treasuries danced to oil’s war tune. Commodities ended the month mixed with energy lower amid gains for industrial and precious metals.
The week’s macro news (7:41) was led by stronger-than-expected nonfarm payrolls in April, with Ryan noting improving breadth in terms of sectors adding vs. detracting jobs as well as more jobs in the cyclically sensitive sectors. On the inflation front, he points out a trend of higher prices paid within the ISM services report for April. Consumer prices, Ryan adds, appear to be outpacing income, as registered in May by the lowest reading on the University of Michigan Consumer Sentiment Index since its inception in January 1978.
For the May 11-15 week, the April CPI report (due Tuesday) and PPI report (due Wednesday) will land on the top of Jeff and Ryan’s desks. They also will be on the lookout for Thursday’s jobless claims report and for retail sales, in particular, the inputs into the consumer spending component of gross domestic product.
Mr. Mayberry joined DoubleLine in 2009. He is a Portfolio Manager on DoubleLine’s Strategic Commodity Strategy while working in portfolio management and trading for derivatives‐based and multi‐asset strategies. Mr. Mayberry is a Strategist on the Fixed Income Asset Allocation (FIAA) committee and a contributing member on our Global Asset Allocation committee. He also co-hosts DoubleLine’s weekly “Minutes” podcast (X @DLineMinutes, Minutes@Doubleline.com). Prior to DoubleLine, Mr. Mayberry was a Senior Vice President at TCW for nine years within the Mortgage Group, where he specialized in portfolio and fund monitoring and analytics. He holds a B.S. in Engineering from Harvey Mudd College and an M.S. in Financial Engineering from the Peter F. Drucker Graduate School of Management at Claremont Graduate University.
Mr. Kimmel joined DoubleLine in 2013. He is a Strategist on the Macro Asset Allocation team, the Fixed Income Asset Allocation (FIAA) Committee and a contributing member on our Global Asset Allocation Committee. Mr. Kimmel also co-hosts DoubleLine’s weekly “Minutes” podcast (X @DLineMinutes, Minutes@Doubleline.com). Prior to DoubleLine, he was a Proprietary Trader at Gelber Group. Prior to that, he was an Investment Banking Analyst at Morgan Stanley. Mr. Kimmel holds a B.A. in Business Economics from the University of California, Los Angeles (UCLA), and an MBA from the Anderson School of Management at UCLA.
