Since Donald Trump’s re-election with Republican congressional majorities, investors understandably have focused on changing U.S. policy as the instrumental mover of markets. That preoccupation, however, has diverted attention from the change in the structural landscape of the globe over the past half-decade. Deglobalization, Global Bond Portfolio Manager Bill Campbell writes, remains underappreciated and underpriced in developed markets (DM) while a parallel inattention likewise has missed opportunities in the potential next evolution in large emerging markets (EM). Many of these emerging markets, having benefited from globalization, today preside over much sounder economic and financial foundations than generally recognized by investors. As a result, more-astute investors can take advantage of an EM-DM convergence story shaped by these structural factors.
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.
