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Objective

Seeks to achieve attractive risk-adjusted returns versus the fixed income market through active management of interest-rate and credit risks. Invests primarily in government-backed Agency MBS and U.S. Treasuries, and structured products credits rated investment grade in lieu of corporate bonds.

Approach

The credit spread and interest rate components of fixed income are decoupled to create a barbelled portfolio tailored to specific client needs. Interest rate exposure is managed through Agency residential mortgage-backed securities (RMBS), Agency commercial mortgage-backed securities (CMBS) and U.S. Treasuries while credit exposure is obtained by using all corners of the structured credit market. Agency RMBS and Agency CMBS can offer efficient duration management and additional spread while further reducing credit risk through Agency or government guarantees.

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INSIGHTS

PORTFOLIO MANAGERS

Portfolio Managers

  • Andrew Hsu, CFA

    Portfolio Manager

    Andrew Hsu, CFA

    Portfolio Manager

    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.

  • Vitaliy Liberman, CFA

    Portfolio Manager

    Vitaliy Liberman, CFA

    Portfolio Manager

    Mr. Liberman joined DoubleLine in 2009. He is part of the Portfolio Management and Trading team, specializing in trading mortgages and mortgage credit securities. Mr. Liberman is also a permanent member of the Fixed Income Asset Allocation Committee. Prior to DoubleLine, he was a Vice President at TCW, where he worked in portfolio management and trading. Mr. Liberman holds a BS from California State University at Northridge as well as an M.S. in Applied Mathematics. He is a CFA® charterholder.

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