DoubleLine Round Table: Structured Products – Subsectors, Risk-Return Profiles, Change and Outlooks

In this edition of DoubleLine Capital’s Round Table series, Deputy Chief Investment Officer Jeffrey Sherman moderates a discussion with the leaders of the firm’s investment teams for structured products (aka securitized assets). The episode was recorded Oct. 29, 2020.

Portfolio managers Morris Chen, Samuel Garza, Andrew Hsu, Vitaliy Liberman and Ken Shinoda discuss the risk-return characteristics of this large, diverse asset class, their outlooks for its subsectors, the evolution of those markets over the past decade and the place of structured-product securities within investor portfolios.

Structured products securitize a wide variety of underlying assets. The latter include residential and commercial mortgages, bank debt, student and auto loans, credit card receivables, aircraft leases and, among other receivables, increasingly those of energy and transportation assets.

Morris Chen heads DoubleLine’s investment team for commercial mortgage-backed securities and commercial real estate debt. He recently authored the paper “Commercial Real Estate Credit in Post-COVID-19 World.”

Ken Shinoda heads DoubleLine’s investment team for non-Agency residential mortgage-backed securities, whole residential loans and other mortgage-related opportunities. He is co-author of the recent paper “Residential Market Update in the Year of the Pandemic and Economic Shock.”

Samuel Garza heads DoubleLine investments for macro-asset allocation and collateralized loan obligations.

Andrew Hsu heads DoubleLine’s investment team for asset-backed securities and infrastructure debt.

Vitaliy Liberman heads DoubleLine’s investment team for Agency residential mortgage-backed securities.

• This material contains the opinions of the manager as of the date it was recorded and such opinions are subject to change without notice.

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