Robert Cohen, Director of DoubleLine’s Global Developed Credit team, talks market macro with a look at interest rates and a possibly too rosy prediction of Federal Reserve cuts, inflation and a yet-resilient job market (2:34) and recession-watch data (4:30). Mr. Cohen then turns to the outlook for bank loans, including how their short duration is benefiting from today’s rates environment (6:11), how the asset class holds up in different potential scenarios (8:15), bank loans’ recent performance versus high yield credit (10:33) and the current relative value of loans compared to other asset classes (12:19). Mr. Cohen concludes by noting bank loans’ historically consistent positive returns. This webcast was recorded May 23, 2023.
Mr. Cohen joined DoubleLine’s Global Developed Credit (“GDC”) Group in 2012. He is a Portfolio Manager and the Director of the GDC group. He is also a permanent member of the Fixed Income Asset Allocation committee. Prior to DoubleLine, Mr. Cohen was a Senior Credit Analyst at West Gate Horizons Advisors (and its predecessor ING Capital Advisors) where he worked as an Analyst covering bank loans and high yield bonds. Prior to ING, he was an Assistant Vice President in the Asset Management Group of Union Bank where he managed a diversified portfolio of leveraged loans as well as a portfolio of CDO securities. Previous to Union Bank, he was an Associate Director of Corporate and Investment Banking at the Bank of Montreal in its Natural Resources Group. Mr. Cohen holds a BA in Economics from the University of Arizona and an MBA from the University of Southern California. He is a CFA® charterholder.
Mr. Kenney joined DoubleLine's Global Developed Credit Group in 2013 and has been Director of Corporate Research since 2016. Prior to DoubleLine, he worked at Crescent Capital for two years as an Analyst with a focus on high yield bonds and leveraged loans. Mr. Kenney began his career at Nomura Corporate Research and Asset Management where he worked as a High Yield Bond Analyst covering Autos, Paper, Publishing, Food, and Restaurants. Mr. Kenney holds a BA in History, cum laude from Yale University and is a CFA® charterholder.