DoubleLine believes the U.S. dollar peaked in September 2022. We would view any near-term strength in the dollar as an entry point to add to a short dollar position via emerging markets (EM) hard currency, EM local currency, non-dollar developed markets bonds or foreign exchange forwards. DoubleLine maintains the view that the dollar will decline over the medium term. Factors that could lead to DoubleLine’s base case of dollar weakness include: a large current account and trade deficit, high hedging costs for international investors, net international investment position, potential easing by the Federal Reserve, the U.S. fiscal deficit and cheaper international valuations.
Mr. Campbell joined DoubleLine in 2013. He oversees the firm’s Global Sovereign Debt team and serves as a Portfolio Manager of the DoubleLine Emerging Markets Local Currency and Global Bond strategies. He is a permanent member of the Fixed Income Asset Allocation Committee. Prior to DoubleLine, Mr. Campbell worked for Peridiem Global Investors as a Global Fixed Income Research Analyst and Portfolio Manager. Prior to that, he was with Nuveen Investment Management Co., first as a Quantitative Analyst in the Risk Management and Portfolio Construction Group then as a Vice President in the Taxable Fixed Income Group. Mr. Campbell also worked at John Hancock Financial as an Investment Analyst. He holds a B.S. in Business Economics and International Business, as well as a B.A. in English, from Pennsylvania State University. Mr. Campbell holds an M.A. in Mathematics, with a focus on Mathematical Finance, from Boston University.
