Robert Cohen, Head of DoubleLine’s Global Developed Credit team, returns to “Perspectives” with Client Portfolio Manager Chris Stegemann to assess today’s credit landscape and outlook through 2026. Mr. Cohen explains why he sees recent defaults as isolated events rather than systemic, why fears of a “credit bubble” are misplaced, and how tightening spreads and shifting lending standards are influencing risk and return across sectors. He also contrasts public and private credit in the post-pandemic era, noting that private has been underperforming public and now carries lower credit quality, higher industry concentration and more costly financing for borrowers. The discussion highlights where investment professionals can still find value in credit as growth remains positive and M&A activity and credit creation begin to accelerate.
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 B.A. in Economics from the University of Arizona and an MBA from the University of Southern California. He is a CFA® charterholder.
