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 in 2012 and serves as Director of Global Developed Credit. In this role, he oversees the firm’s corporate credit team and is the lead portfolio manager for investment grade, high yield and leveraged loan credit strategies. Mr. Cohen also developed DoubleLine’s leveraged finance investment platform, which is utilized across closed-end fund, floating-rate, CLO and multi-sector fixed-income strategies. In addition, he is a permanent member of the Fixed Income Asset Allocation Committee. Mr. Cohen has over 30 years of experience in corporate credit investing. Prior to joining DoubleLine, he held investment roles at West Gate Horizons Advisors, ING Capital Advisors, Union Bank and Bank of Montreal. 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.
