Channel 11: The Land of Pain - Part Deux

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DoubleLine Portfolio Manager Ken Shinoda breaks down the “Land of Pain” in March across equities, commodities and fixed income, reviewing market performance with an eye on risk management, global allocation, duration strategy and where opportunities might emerge as markets reprice risk. Most sectors of the S&P 500 Index turned negative on the month, with the index having been stalled since mid-2025 in the face of continued weakness in mega-cap tech and the Mag 7. Energy remained a key outlier, supported by a sharp rise in oil prices, while global markets were pressured by a stronger U.S. dollar and renewed geopolitical tensions. On the AI front, Mr. Shinoda highlights ongoing divergence within the sector, with semiconductors holding up while software and hyperscalers face valuation resets and capital expenditure scrutiny.

On the macroeconomic side, rising oil prices and resilient PMIs are complicating the inflation outlook and pushing U.S. Treasury yields higher, with the long end of the curve approaching key resistance levels. In fixed income, spread widening has begun across high yield and bank loans, though not yet at levels that signal broad value. Short duration continues to outperform while higher-quality credit and select securitized sectors are becoming more attractive.

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