In the inaugural episode of DoubleLine’s Sherman Says, Deputy CIO Jeffrey Sherman and Strategist Ryan Kimmel are led by Relationship Manager Nick Dalgety through a discussion of the current macro and market landscape. The focus is on persistent inflation pressures driven by energy price volatility, tariffs and elevated services inflation, which continue to challenge the Federal Reserve’s policy path.
From an investment perspective, the group emphasizes disciplined positioning in an increasingly complex fixed-income environment, where starting yield and security selection remain critical. As Sherman notes, “The dirty secret in the bond market is that one of the highest Sharpe ratios almost always sits at the front of the curve. You want to be in things that are shorter in nature, higher quality and more analyzable – especially with an unpredictable policy environment.” The team also highlights relative value opportunities and areas where valuations remain more attractive on a historical basis.
Jeffrey Sherman, DoubleLine’s Deputy Chief Investment Officer, is a thought leader, portfolio manager and public speaker in the industry. Mr. Sherman is a member of DoubleLine’s Fixed Income and Global Asset Allocation committees, and he serves as lead portfolio manager for the firm’s multi-sector and derivative-based strategies. In his role, Mr. Sherman guides the investment teams in developing top-down macro views and collaborative asset allocation processes throughout a market cycle. Additionally, he is a member of DoubleLine’s Executive Management Committee. In 2018, Money Management Executive named Mr. Sherman as one of “10 Fund Managers to Watch” in its yearly special report. Prior to joining DoubleLine in 2009, Mr. Sherman was a Senior Vice President at TCW, where he worked as a portfolio manager and quantitative analyst focused on fixed income and real-asset portfolios. Prior to that, he was a statistics and mathematics instructor at the University of the Pacific and Florida State University. Mr. Sherman taught Quantitative Methods for Level I candidates in the USC/CFALA CFA® Review Program for many years. He holds a B.S. in Applied Mathematics from the University of the Pacific and an M.S. in Financial Engineering from Claremont Graduate University. Mr. Sherman is a CFA® charterholder.
Mr. Dalgety joined DoubleLine in 2013 and is responsible for managing our National Accounts and Retirement teams. He has more than 20 years of experience in the financial service industry. Prior to DoubleLine, Mr. Dalgety was a Vice President with Goldman Sachs. Within that role, he worked with financial intermediaries on manager selection, asset allocation decisions and practice management. Mr. Dalgety later worked as a Financial Adviser to high net worth clients and business owners. He has been a speaker at various industry conferences and has served on the Scenemakers Board for the Goodman Theater in Chicago, Illinois. Mr. Dalgety holds a BBA in Finance from the University of Iowa. He is a CFP® certificant and holds the Series 7 and 63 Licenses.
Mr. Kimmel joined DoubleLine in 2013. He is a Strategist on the Macro Asset Allocation team and Fixed Income Asset Allocation (FIAA) and Global Asset Allocation Committees. He also co-hosts DoubleLine’s weekly Minutes (Twitter @DLineMinutes, Minutes@Doubleline.com) podcast. Prior to DoubleLine, Mr. Kimmel was a Proprietary Trader at Gelber Group, trading currencies for the Foreign Currency Group. Prior to that, he was an Investment Banking Analyst in Morgan Stanley’s Mergers and Acquisitions Group. Mr. Kimmel holds a B.A. in Business Economics from the University of California, Los Angeles (UCLA), and holds an MBA from the Anderson School of Management at UCLA.
