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Objective

Seeks current income with reduced volatility. The strategy is typically concentrated in U.S. dollar-denominated emerging markets fixed income securities and investment grade credits with a duration of less than 3 years, favoring corporate over sovereign debt.

Philosophy & Process

The Emerging Markets Fixed Income team seeks to deliver the best risk-adjusted returns using a value-oriented investment approach. Our research-driven process focuses on countries, sectors and companies with improving credit fundamentals and ratings. The team shares an investment philosophy that is anchored by four key principles:

•  Emerging Markets debt is a secularly improving credit story

•  Diversification across regions, countries, sectors and issuers is fundamental to portfolio construction and risk management

•  Avoiding potential problem credits and minimizing credit losses are a critical function of our credit analysis

•  Total returns will be derived from current income and capital gains

The team implements a time-tested 5-step investment process that combines bottom-up research with sovereign macro overlays. Through scenario analysis, we link credit fundamentals with market valuation to guide portfolio construction and investment decisions.

Low Duration Emerging Markets Process

INSIGHTS

PORTFOLIO MANAGERS

Portfolio Managers

  • Luz Padilla

    Director, International Fixed Income

    Luz Padilla

    Director, International Fixed Income

    Ms. Padilla joined DoubleLine in 2009 as the Director of the Emerging Markets Group and is the lead Portfolio Manager. In addition, she is a permanent member of the Fixed Income Asset Allocation Committee. Prior to DoubleLine, Ms. Padilla was a Managing Director at TCW. She began working at TCW in 1994, where she served in a number of roles including Credit Analyst, Director of Research, Co-Portfolio Manager, and lead Portfolio Manager. Ms. Padilla was involved in all aspects of building and managing TCW's Emerging Markets Fixed Income business including credit, securitization, trading and marketing. She holds a BA in Economics from Stanford University in Palo Alto, California and an MBA from the University of California at Berkeley as a fellow of the Robert A. Toigo Foundation.

  • Mark Christensen

    Portfolio Manager

    Mark Christensen

    Portfolio Manager

    Mr. Christensen joined DoubleLine in 2009 as an Emerging Markets Portfolio Manager and Co-Director of Corporate Research. He is a contributing member on the Fixed Income Asset Allocation committee. Prior to DoubleLine, Mr. Christensen was a Managing Director at TCW since 1991, where he had been involved in building and managing TCW’s Emerging Markets Fixed Income business, including Trading, Marketing, Credit Research, and Portfolio Management. He holds a BS in Business Management with an emphasis in International Finance from Brigham Young University.

  • Su Fei Koo

    Portfolio Manager

    Su Fei Koo

    Portfolio Manager

    Ms. Koo joined DoubleLine in 2009 as an Emerging Markets Portfolio Manager and Co-Director of Corporate Research. She is also a member of the Fixed Income Asset Allocation committee. Prior to DoubleLine, Ms. Koo was a Senior Vice President associated with TCW since 1998. In addition to credit analysis, she was involved in marketing and, beginning in 2006, performed increasing portfolio management duties. Previous to TCW, Ms. Koo was an Assistant Treasurer at Société Générale involved in Corporate Finance and prior to that, was an Assistant Vice President with Bank of America in the Financial Institutions Group. Ms. Koo holds a BS in Business Administration from the University of Houston and an MBA in Finance from the University of Southern California.

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