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Objective

Seeks a high level of current income by investing primarily in floating rate loans and other floating rate investments while diversifying across industries and issuers. Preservation of capital stands and satisfaction of credit and valuation criteria comes before incremental yield.

Philosophy and Process

The Global Developed Credit team seeks investments with the potential for outperformance based on credit fundamentals and does not sacrifice this quality to chase yield. This disciplined, patient approach historically has delivered competitive returns within strict credit quality and liquidity constraints. Preservation of capital stands as the prerequisite to maximization of total return. This means that satisfaction of credit and valuation criteria comes before considering the incremental yield of a prospective security. Pursuit of total return is guided by the following principles:

  • Long-term reliable income is the major source of corporate bond returns;
  • Diversification across industries and issuers is critical to managing idiosyncratic and sector risk;
  • Avoiding potential problem credits is just as important as selecting stable or improving credits.

The team utilizes a bottom-up approach to credit analysis encompassing individual issuer credit metrics in conjunction with economic and industry trends. Credit analysts and traders work closely together to value issues based upon credit fundamentals , relative value and market conditions. In this process, credit quality, value and yield spread form an integrated whole.

INSIGHTS

PORTFOLIO MANAGERS

Portfolio Managers

  • Robert Cohen, CFA

    Director

    Robert Cohen, CFA

    Director

    Mr. Cohen joined DoubleLine’s Global Developed Credit (“GDC”) Group in 2012. He is a Portfolio Manager and the Director of the GDC group. He is also a permanent member of the Fixed Income Asset Allocation committee. Prior to DoubleLine, Mr. Cohen was a Senior Credit Analyst at West Gate Horizons Advisors (and its predecessor ING Capital Advisors) where he worked as an Analyst covering bank loans and high yield bonds. Prior to ING, he was an Assistant Vice President in the Asset Management Group of Union Bank where he managed a diversified portfolio of leveraged loans as well as a portfolio of CDO securities. Previous to Union Bank, he was an Associate Director of Corporate and Investment Banking at the Bank of Montreal in its Natural Resources Group. Mr. Cohen holds a BA in Economics from the University of Arizona and an MBA from the University of Southern California. He is a CFA® charterholder.

  • Philip Kenney, CFA

    Director of Corporate Research

    Philip Kenney, CFA

    Director of Corporate Research

    Mr. Kenney joined DoubleLine's Global Developed Credit Group in 2013 and has been Director of Corporate Research since 2016. Prior to DoubleLine, he worked at Crescent Capital for two years as an Analyst with a focus on high yield bonds and leveraged loans. Mr. Kenney began his career at Nomura Corporate Research and Asset Management where he worked as a High Yield Bond Analyst covering Autos, Paper, Publishing, Food, and Restaurants. Mr. Kenney holds a BA in History, cum laude from Yale University and is a CFA® charterholder.

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