The U.S.-Israel air strikes launched Feb. 28 against Iran has opened a fluid environment with future outcomes ranging from swift combat resolution and peaceful transition to protracted conflict and wider international involvement. In general, DoubleLine fixed income portfolios, notes Bill Campbell, portfolio manager and head of the Global Sovereign Debt team, were defensively postured ahead of the conflict and have minimal exposure to the Middle East. DoubleLine, he notes in this brief, has been positioning portfolios to avoid stretched valuations in credit. With respect to interest rate risk, DoubleLine has favored somewhat lower duration relative to fixed income benchmarks while underweighting the long end of the U.S. Treasury yield curve. The investment team, Mr. Campbell says, is closely following the conflict in the Middle East and its accompanying governmental, macroeconomic and market impacts as the firm seeks to manage the risks and locate opportunities ahead.
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.
