DoubleLine Portfolio Manager Jeff Mayberry and Asset Allocation Strategist Ryan Kimmel review the month of September in markets and the week’s macro news. The S&P 500 (1:01) gave ground in September across all sectors except for gains in tech and a flat communications services sector. Fixed income (4:57) fell to rising rates across the curve with bank loans, thanks to their floating-rate mechanism, the lone holdout. Jeff and Ryan also take note of spread-widening in riskier corporate credit, with higher rates possibly jeopardizing refinancing prospects for some companies. Commodities (9:58) rose, led by energy, amid some of the closest correlation in years between energy prices and interest rates.
Among the week’s macro prints (13:00), Ryan noted softer-than-expected job openings in August and softening consumer confidence in September, concerning prices-paid in the ISM manufacturing report for September and a weaker-than-expected nonfarm payroll creations in the month.
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.
