In this monthly series, the DoubleLine Product Specialist team will explore DoubleLine’s latest thoughts on financial markets, macro events, and drivers of returns in various segments of the market. In this episode, Phil Gioia, CFA, and portfolio manager, Morris Chen, discuss the Commercial Real Estate (CRE) market, including how higher interest rates have impacted fundamentals, the potential effects of regional bank issues as it relates to CRE lending, a spotlight on the office sector, and where DoubleLine’s commercial mortgage-backed securities team is finding the most relative value. This episode was recorded on March 16, 2023.
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.