DoubleLine’s Asset-Backed Strategy aims to maximize total return and current income by investing in securities directly secured by cashflowing assets. It takes a distinct approach to credit investing by accessing a diversified mix of asset-backed securities (ABS), including consumer-related debt pools and tangible commercial assets operating in a diverse set of industries. Through a time-tested investment process, our experienced team of dedicated ABS professionals seeks to enhance risk-adjusted returns relative to traditional credit sectors through a market cycle.
In the last decade, growing issuer and investor demand has led to significant growth in the size and breadth of the ABS market, but the asset class remains under-allocated within broad-based fixed-income portfolios. We believe this paradigm is shifting, as ABS offer attractive attributes versus traditional credit sectors, including diversification and market correlation optimization, excess yield with historically low default rates and investor-friendly structural protections. Investments in the ABS sector are directly secured by the underlying assets and provide a cash-flow-rich investment opportunity to enhance existing credit exposures.
Mr. Hsu joined DoubleLine at its inception in 2009. He is a Portfolio Manager for the DoubleLine Total Return and ABS/Infrastructure Income strategies. Mr. Hsu is a permanent member of the Fixed Income Asset Allocation and Structured Products Committees. Prior to that, he was responsible for analysis and trading of structured products, where his focus included residential MBS and ABS transactions. Mr. Hsu’s responsibilities have also included structuring and negotiating terms on new-issue transactions and forming strategic partnerships with issuing entities in order to participate in key transactions. Prior to DoubleLine, he worked at TCW from 2002, where he focused on credit analysis for structured product securities and co-managed two structured product funds centered on debt and equity investments. During that time, Mr. Hsu was actively involved with portfolio management decisions and investment analysis, including reverse engineering complex CDO/CLO structures. He holds a BS in Finance from the University of Southern California and is a CFA® charterholder.
Ms. Wong joined DoubleLine in 2009. She is Portfolio Manager on the Global Infrastructure Investment and Asset-Backed Securities team. Prior to DoubleLine, Ms. Wong was an Assistant Vice President at TCW where she was a Structured Products Risk Analyst. She holds a B.S. in Mathematics/Economics from the University of California, Los Angeles.
