Todd Rosenbluth, head of research at VettaFi, an ETF data and analytics company, joins The Sherman Show on Aug. 11, 2022. The talk with hosts Jeffrey Sherman and Samuel Lau begins (1:13) with Mr. Rosenbluth discussing his career that progressively saw him advance from client adviser to equities analyst to mutual fund and exchange-traded fund analyst to director of ETF research. Mr. Rosenbluth describes (3:08) the regrouping of ETF Trends, ETF Database, $14 billion of assets in index strategies and other business lines under the newly branded name VettaFi.
Turning to the state of the ETF world (6:53), Mr. Rosenbluth notes the U.S. market totals $7 trillion in assets, “boosted by $900 billion of net inflows in 2021. We are on pace to probably have about $600 billion of money go into ETFs this year,” which for inflows would make 2022 “the second strongest year ever.” Where the money is going (9:16) has been interesting, he says, with dividend ETFs enjoying a record year, and covered-call strategies and defensive equity strategies focused on the real estate sector also attracting assets.
After the hellish first half of 2022 for fixed income, Mr. Rosenbluth says (11:58), “Certainly tax-loss harvesting is playing a role.” But he also notes that “money is going into both the short end, ultrashort ETFs have been relatively popular,” and investment grade and high yield bond ETFs. While the ETF marketplace has been much quicker (21:21) than mutual funds to roll out niche and thematic products, Mr. Rosenbluth remains impressed by the prudence of advisers in limiting these products to the edges of diversified core bond ETF holdings.
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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. Lau joined DoubleLine in 2009. He is a Strategist on the Fixed Income Asset Allocation (FIAA) Committee and a contributing member on the Global Asset Allocation and Macro Committees. Mr. Lau is a Portfolio Manager on DoubleLine’s strategic commodity strategy while working in portfolio management and trading for derivatives-based and multi-asset strategies, including DoubleLine's Shiller Enhanced CAPE®, Shiller Enhanced International CAPE®, Real Estate and Income, and Multi-Asset Trend strategies. He also co-hosts the Sherman Show (Twitter @ShermanShowPod, ShermanShow@Doubleline.com) and Monday Morning Minutes (Twitter @DLineMinutes, Minutes@Doubleline.com) podcasts. Prior to DoubleLine, Mr. Lau was a Vice President at TCW where he worked under Jeffrey Gundlach as a Research Analyst in the Mortgage Group. He holds a B.S. from the University of Wisconsin, Madison and an MBA from the Marshall School of Business at the University of Southern California.
