DoubleLine Portfolio Managers Ken Shinoda and Morris Chen take a look at macro issues facing the markets and sector opportunities in this webcast recorded May 16, 2023. Mr. Shinoda begins by breaking down performance in the fixed income markets, noting that it has been a decent year so far. He reviews yields across sectors, discusses the bond market’s expectation for an interest rate cut this year (5:40) and gets into what’s cheap out there (7:36). Mr. Shinoda then dives into the big macro topic: inflation (11:57). He looks at the three core components of the current inflation picture, and how undersupply in housing and strong wages are complicating the Fed’s inflation fight. Mr. Shinoda then goes over how fallout from the banking crisis could impact prospects for a recession (20:21).
Mr. Chen takes over to run through positioning opportunities in securitized credit, particularly in commercial real estate (22:32).
Mr. Shinoda joined DoubleLine at inception in 2009. He is Chairman of the Structured Products Committee and oversees the non-Agency RMBS team specializing in investing in non-Agency mortgage-backed securities, residential whole loans and other mortgage-related opportunities. Mr. Shinoda is co-Portfolio Manager on the Total Return, Opportunistic Income, Income, Opportunistic MBS and Strategic MBS strategies. He is also lead Portfolio Manager overseeing the Mortgage Opportunities private funds. Mr. Shinoda is also a permanent member of the Fixed Income Asset Allocation Committee, as well as, participating in the Global Asset Allocation Committee. In addition, he hosts DoubleLine’s “Channel 11 News” (Twitter @DLineChannel11, dline11@doubleline.com), a webcast series that provides market insights and commentary with peers and industry experts. Prior to DoubleLine, Mr. Shinoda was Vice President at TCW where he worked in portfolio management and trading. He holds a B.S. in Business Administration from the University of Southern California and is a CFA® charterholder.
Mr. Chen joined DoubleLine at its inception in 2009. He is a Portfolio Manager leading the CMBS/CRE Debt Investment team and CRE New Investment Review Group, and is responsible for the oversight and management of all CRE Debt related investments at DoubleLine. Mr. Chen is a permanent member of the Fixed Income Asset Allocation and Structured Products Committees providing valued insight into the CMBS sector. He is also an active participant and speaker at CREFC events. Prior to DoubleLine, Mr. Chen was a Vice President at TCW where he was responsible for CMBS credit analysis and trading from 2004-2009. He holds a BS in Business Administration with concentrations in Business Development and Finance from the University of California, Riverside.
