Ken Shinoda: Are You Long Tech Twice? | Bloomberg TV

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DoubleLine Portfolio Manager Ken Shinoda joins Bloomberg’s The Close to break down the Federal Reserve’s unanimous decision to hike. Mr. Shinoda notes markets had already priced in a hike with better than 90% confidence, so the real story is how quickly the bond market gave back its initial rally. He points out that a good chunk of the tightening work is really being done by the two-year U.S. Treasury rather than the Fed, and with the markets implying up to three additional hikes into 2027, he continues to favor the front end of the Treasury curve. On the long end, Mr. Shinoda thinks 5% on the 10-year might be the middle of a new higher trading range rather than a ceiling, pointing to hyperscaler capital expenditures and conflict in the Middle East as reasons inflation could stay elevated for longer.

On positioning, he says the boring trade keeps winning: shorter-duration, high-quality credit that clips a steady coupon without chasing duration risk further out the curve. He likes new-production Agency mortgages picking up roughly 120 basis points over Treasuries and is blunt about DoubleLine’s philosophy: “We’re just trying not to lose you money.” On the broader credit picture, growth and earnings remain solid and investment grade spreads sit near historic tights, but Mr. Shinoda flags a growing structural concern as more corporate bond issuance concentrates around tech, AI and data centers: Credit portfolios are quietly becoming just as correlated to equities as the stock portfolios investors already hold. “You’re long all this tech in your equity portfolio, do you want to be long that in your credit portfolio as well?”

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DoubleLine Capital LP

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DoubleLine has been managing money for insurers since its inception in 2009. The firm's focus on securitized fixed income and risk management positions it well to manage money for insurers. The firm offers an array of fixed income strategies including dedicated ABS, private ABF, CLOs, infrastructure debt, non-QM, commercial and residential loans, multi-sector fixed income and EM. We understand that the needs of each insurer can vary, and our insurance team is focused on providing our clients with unparalleled access to the investment team and creating custom solutions to meet their distinctive objectives. DoubleLine wants to be your fixed income partner.
 

Paul Schroeder, CFA   
Relationship Manager- Insurance  
paul.schroeder@doubleline.com
Direct: 213-372-3123
Main: 813-791-7333
 

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