Morris Chen, Portfolio Manager and Head of CMBS & CRE Debt Investments at DoubleLine Capital, and Robert Stanbrook, Portfolio Manager for the firm's CRE Loan Platform, join the InsuranceAUM.com Podcast to discuss the role of commercial mortgage loans in insurance portfolios.
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DoubleLine sees the economy entering a late-cycle phase marked by slower growth, sticky inflation, and elevated interest rates. The firm favors high-quality fixed income, particularly securitized credit and selected emerging market opportunities, as yields remain attractive and valuations compare favorably to corporate bonds.
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April was defined by markets' shifting assessment of whether the Middle East conflict would de-escalate quickly or evolve into a longer-lasting energy shock with broader macroeconomic consequences.
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This briefing provides a quarterly overview of performance, fundamentals, and investment opportunities across fixed income sectors. It is designed to equip investors with timely insights on market dynamics, highlight where we see the most compelling relative value, and support conversations around how DoubleLine’s strategies are positioned to capitalize on these opportunities.
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Markets are moving higher, led by tech, semiconductors, and strong earnings, while the U.S. economy still looks resilient. The main risk is inflation, especially if long-term Treasury yields rise enough to pressure stocks and credit markets.
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The first-quarter 2026 briefing from DoubleLine Capital delivers a comprehensive analysis of the U.S. securitized products landscape, spotlighting evolving opportunities and risks across Agency and Non-Agency Mortgage-Backed Securities (MBS), Commercial MBS (CMBS), Asset-Backed Securities (ABS), and Collateralized Loan Obligations (CLOs).
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Powell’s tolerance of open dissent on the Fed’s policy committee may weaken the chair’s traditional control and constrain his successor’s ability to unilaterally shape monetary policy.
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Monthly nonfarm payrolls reporting by the Bureau of Labor Statistics, one of the Tier 1 barometers of the U.S. economy, has deteriorated in the reliability of its initial readings as reflected in the increasing amplitude of later revisions to the first prints. Moreover, the BLS over the past year has consistently overstated payroll gains in its initial reports, resulting in downward revisions, sometimes by drastic margins.
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DoubleLine Deputy CIO Jeffrey Sherman joins CNBC to break down the bond market’s latest moves, noting why the Federal Reserve should look past oil-driven inflation and stay focused on labor market conditions.
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The U.S.-Israel air strikes launched Feb. 28 against Iran has opened a fluid environment with future outcomes ranging from swift combat resolution and peaceful transition to protracted conflict and wider international involvement.
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DoubleLine CEO and CIO Jeffrey Gundlach delivers a sharp macro assessment spanning credit markets, interest rate dynamics, equity valuations, and the evolving role of gold in central bank reserves.
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An overview of DoubleLine’s current fixed income views and portfolio positioning across major sectors. The report highlights key opportunities, risks, and themes shaping our investment outlook.
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DoubleLine’s Fixed Income Outlook reviews 2025’s volatile market events and highlights strategic positioning and sector opportunities expected to shape fixed income performance in 2026.
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With policy rates on hold and rate-cut expectations still shifting, DoubleLine Portfolio Manager Ken Shinoda joins Bloomberg TV to break down where carry remains attractive, how the firm is positioning across duration and credit, and why select securitized and floating-rate assets continue to offer compelling risk-adjusted income. The conversation also addresses tight spreads, rising issuance and the importance of discipline in a late-cycle bond market.
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In the interview, Mr. Gundlach discusses key market themes, including U.S. dollar weakness, commodities and precious metals, global markets, and risks across bonds and credit. He also explains how institutional investors should think about portfolio positioning as macroeconomic conditions evolve. The conversation provides guidance for investors focused on navigating today’s Fed-driven market environment.
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In this Money Life conversation, DoubleLine Fixed Income Strategist Ryan Kimmel visits host Chuck Jaffe to speak about growing concerns over the reliability of U.S. economic data and its implications for markets. Mr. Kimmel explains why Bureau of Labor Statistics employment reports have become more prone to revisions due to declining response rates and increased reliance on statistical models, and how distorted labor market data can influence Federal Reserve policy, market volatility and recession forecasting. Their discussion also explores why traditional economic signals have been less reliable in the post-COVID-19 cycle, touching on rolling sector downturns, uneven job growth, tariff impacts and the role of alternative data in assessing the broader economic outlook.
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DoubleLine Deputy Chief Investment Officer Jeffrey Sherman joins CNBC’s Money Movers to talk fixed income markets, U.S. Treasury yields, inflation dynamics and portfolio positioning amid elevated geopolitical risk. Mr. Sherman also discusses the markets’ resilience, how real yields and duration impact DoubleLine’s strategy and what could trigger a breakout in interest rates as investors assess Federal Reserve policy, labor data and fiscal spending. He also shares insights on U.S. dollar trends, emerging markets local-currency bonds and where institutional investors might find attractive risk-adjusted yield opportunities in today’s global fixed-income landscape.
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In DoubleLine’s latest annual Just Markets webcast, “Clue,” CEO-CIO Jeffrey Gundlach frames his market outlook using the logic-based structure of the classic board game, focusing on identifying the who, where and what behind today’s economic and financial challenges. He argues that markets are providing clear signals – or “clues” – about the forces shaping the investment landscape, particularly U.S. fiscal policy, persistent budget deficits and rising government debt. The webcast opens with a detailed review of 2025 performance across equities, fixed income, currencies and commodities, setting the macroeconomic backdrop for 2026.
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The 2026 outlook from DoubleLine Capital delivers a comprehensive analysis of the U.S. securitized products landscape, spotlighting evolving opportunities and risks across Agency and Non-Agency Mortgage-Backed Securities (MBS), Commercial MBS (CMBS), Asset-Backed Securities (ABS), and Collateralized Loan Obligations (CLOs).
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DoubleLine CEO-CIO Jeffrey Gundlach joins Scott Wapner on CNBC’s “Closing Bell” after Federal Reserve Chair Jerome H. Powell’s FOMC press conference to break down what Mr. Gundlach views as a surprisingly dovish message from the Fed. He emphasizes Chair Powell’s repeated claim that the Fed is “well positioned,” along with the Fed chief’s notable suggestion that payroll gains might be overstated – both stances signaling the Fed potentially being more concerned about weakening employment than inflation. Mr. Gundlach also highlights that after the latest cut, the federal funds rate is finally aligned with the two-year Treasury yield, reinforcing his longstanding view that the Fed ultimately follows the front end of the Treasury yield curve.
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DoubleLine’s Phil Gioia, Client Portfolio Manager, sits down with Paul Schroeder, Relationship Manager for Insurance Clients, to discuss the evolving landscape of insurance asset management. The conversation dives into the distinctions among life, property and casualty, and health insurers – and how each company’s liability structure drives unique investment needs. Messrs. Gioia and Schroeder examine key portfolio considerations like risk-based capital (RBC) requirements, liquidity management and the balance between yield generation and solvency protection in a challenging market defined by policy and geopolitical uncertainty.
Read More The third-quarter 2025 briefing from DoubleLine Capital delivers a comprehensive analysis of the U.S. securitized products landscape, spotlighting evolving opportunities and risks across Agency and Non-Agency Mortgage-Backed Securities (MBS), Commercial MBS (CMBS), Asset-Backed Securities (ABS), and Collateralized Loan Obligations (CLOs).
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Insurance companies today face rising macroeconomic and geopolitical uncertainty, prompting the need for a shift toward resilient, income-generating assets. Securitized fixed income offers an attractive solution for insurance companies' portfolios in this uncertain market environment. However, securitized fixed income remains underrepresented in many insurers' portfolios. DoubleLine is here to partner with insurers in this uncertain market environment, as securitized fixed income is a hallmark of the firm. We have been partnering, providing custom solutions, and managing securitized fixed income portfolios for our insurance clients since the firm’s inception in 2009.
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DoubleLine Portfolio Manager Ken Shinoda reviews a June market environment shaped by easing energy prices, broader equity participation, Fed policy shifts and continued strength in short-duration and floating rate fixed income. He also discusses Mag 7 performance, inflation breakevens and why he believes the market is becoming more selective.
Read More DoubleLine Deputy CIO Jeffrey Sherman joins Bloomberg’s The Close with Katie Greifeld and Romaine Bostick to discuss the recent U.S. Treasury rally, attributing the front-end move primarily to relief in crude oil prices but cautioning that core inflation still has a problem.
Read More Robert Cohen discusses how war, inflation and AI investment are shaping corporate credit markets. He explains why DoubleLine limits AI exposure in fixed-income portfolios and favors lower-duration, actively managed strategies.
Read More DoubleLine CEO and CIO Jeffrey Gundlach discusses Fed Chair Kevin Warsh’s debut FOMC press conference and what it may signal for monetary policy. He also shares views on long-term Treasuries, U.S. equity concentration, AI capital spending, emerging markets and Fed independence.
Read More DoubleLine Portfolio Manager Ken Shinoda reviews a May market environment where equities rallied while bond yields repriced higher. He discusses tech and momentum leadership, global market divergence, commodity softness, resilient macro data and fixed income opportunities in floaters, short duration and securitized credit.
Read More DoubleLine CEO-CIO Jeffrey Gundlach and Felix Zulauf discuss the shift from a unipolar to multipolar world, structural inflation pressures, AI-driven market concentration and the fiscal outlook. They also examine long-term Treasury yields, private credit risks and the potential for a more challenging market cycle ahead.
Read More DoubleLine CEO Jeffrey Gundlach discusses why long-term interest rates may remain elevated, why inflation could prove more persistent than expected, and why market risks may extend across equities, commodities, private credit, AI, and global capital markets. The webcast also examines weakening consumer sentiment, affordability pressures, and the potential implications of a weaker U.S. dollar.
Read More DoubleLine Portfolio Manager Morris Chen discusses DCRE, DoubleLine’s active investment-grade commercial mortgage-backed securities ETF, and the importance of bottom-up selectivity in commercial real estate debt. He also shares his cautious view on data center CMBS when spreads do not compensate investors for the additional uncertainty.
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Morris Chen, Portfolio Manager and Head of CMBS & CRE Debt Investments at DoubleLine Capital, and Robert Stanbrook, Portfolio Manager for the firm's CRE Loan Platform, join the InsuranceAUM.com Podcast to discuss the role of commercial mortgage loans in insurance portfolios.
Read More DoubleLine’s Eric Dhall and Ryan Kimmel review a month when tech giants pushed the S&P 500 to new highs while bond yields eased and commodities declined. Listeners will hear their views on headline-driven market moves, inflation, real wage pressure and key labor market data to watch.
Read More DoubleLine’s Eric Dhall and Mark Kimbrough review a volatile week when stocks hit a new high before selling off as Treasury yields rose sharply. Listeners will hear their views on inflation pressure, bond vigilantes, Fed expectations and key economic data to watch.
Read More DoubleLine Portfolio Manager Bill Campbell joins Bloomberg’s The Close live from DoubleLine’s L.A. offices to discuss what he sees as a structural sea change in global bond markets – one where developed market sovereign debt is increasingly being scrutinized with the same rigor historically reserved for emerging economies.
Read More DoubleLine’s Jeff Mayberry and Ryan Kimmel review a market led by large technology stocks, while Treasuries responded to oil-driven volatility. Viewers will hear their take on jobs data, inflation pressure, weak consumer sentiment, and key economic reports to watch.
Read More DoubleLine Deputy CIO Jeffrey Sherman discusses why investors should focus on fundamentals instead of short-term headlines. Viewers will hear his views on stretched equity valuations, inflation pressure, emerging markets local currency bonds, gold, and why U.S. immigration policy may be one of the market’s most underpriced risks.
Read More DoubleLine Portfolio Manager Eric Dhall and Asset Allocation Strategist Ryan Kimmel welcome the market driver: signs belligerents in the U.S.-Iran war might de-escalate and re-open the Strait of Hormuz. Eric and Ryan, however, take a wait-and-see stance amid uncertainties on a hope-for road from ceasefire to lasting peace.
Read More 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.
Read More February delivered a sharp rotation across global markets, and in this episode of Channel 11, DoubleLine Portfolio Manager Ken Shinoda breaks down what’s driving the shift.
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In this episode of Perspectives, Client Portfolio Manager Phil Gioia sits down with Portfolio Manager Andrew Hsu to demystify the securitization process and address common misconceptions around transparency in securitized markets.
Read More In this 2026 Credit Market Outlook round table, DoubleLine’s Phil Gioia moderates a wide-ranging discussion with Portfolio Managers Robert Cohen, Ken Shinoda and Morris Chen, exploring how shifting macroeconomic dynamics, valuations and emerging structural themes – most notably AI-driven capital investment – are shaping today’s credit landscape.
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DoubleLine’s Andrew Hsu and Fifi Wong join the InsuranceAUM Podcast to explore how insurers can build resilient portfolios through structured credit, ABS, and asset-based finance.
Read More DoubleLine founder and CEO Jeffrey Gundlach joins CNBC's "Closing Bell" to discuss Federal Reserve chairman Jerome Powell's remarks after the central bank’s Federal Open Market Committee lowered its benchmark overnight borrowing rate to a range of 3.75%-4%.
Read More DoubleLine’s Phil Gioia, Client Portfolio Manager, sits down with Paul Schroeder, Relationship Manager for Insurance Clients, to discuss the evolving landscape of insurance asset management.
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DoubleLine Portfolio Manager Ken Shinoda joins Bloomberg TV following the FOMC’s 25-basis-point rate cut to share insights on the Fed’s cautious approach, the outlook for rate cuts and how fiscal risks are shaping the Treasury curve. Shinoda highlights opportunities on the short end of the curve, warns against reaching for yield amid tight credit spreads, and underscores the value of high-quality assets like agency MBS. He also discusses systemic risk concerns, private credit vulnerabilities, and the potential impact of an end to quantitative tightening.
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