DoubleLine Investment Grade Corporate Bond Portfolio Manager Mariya Entina asks, “As a lender, would you prefer the U.S. government as your debtor or Microsoft?” Growing fiscal challenges raise serious concerns about the creditworthiness of U.S. government. In contrast, top-rated corporate credits – like Microsoft – are backed by ample cash-generating assets and significant corporate treasury reserves. After an assessment of the two issuers in terms of cash flow, debt burden, interest coverage, yield to maturity, credit ratings and other factors, Ms. Entina finds “it might well be time to give high-grade corporate issuers a second look.”
Ms. Entina joined DoubleLine in 2019. She is a Portfolio Manager on the Global Developed Credit team, focusing on investment grade corporate bonds. In addition, she is a contributing member of the Fixed Income Asset Allocation Committee and a corporate sector specialist on DoubleLine’s Responsible Investment team, overseeing and monitoring the Responsible Investment integration for the Global Developed Credit team. Prior to DoubleLine, Ms. Entina was an Investment Research Analyst at Pacific Life, where she covered transportation, aerospace & defense, automotive OEMs, captive finance, auto parts suppliers, diversified manufacturing and infrastructure credit. Prior to Pacific Life, she held roles at Capital Group and KPMG LLP. She holds a B.A. in Economics and Accounting from the University of California, Los Angeles. Ms. Entina is a licensed CPA, CFA® charterholder, SASB FSA Credential Holder and has earned the CFA Institute Certificate in ESG Investing.
