Alpha Exchange Wayne Dahl, Co-Portfolio Manager, Oaktree Capital Management
Apr 7, 2026
Wayne Dahl, Co-Portfolio Manager of Global Credit Strategy at Oaktree Capital, draws on a background in convertible arbitrage, structured credit, and multi-asset investing. He discusses managing sensitivities across rates, credit and equity. Topics include convertible arbitrage’s risk lessons, positioning in RMBS and short-duration credit, AI-driven dispersion, energy risks, and portfolio construction across sectors and structures.
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Convertible Arbitrage Trains Multi Dimensional Risk Management
- Convertible arbitrage trains multi-dimensional risk management across interest rate, credit, equity, and financing sensitivities.
- Wayne Dahl credits converts for forcing attention to hedges, financing costs, borrow availability, and avoiding large losses early in his career.
Oaktree's Philosophy Prioritizes Credit Fundamentals
- Oaktree sticks to credit fundamentals rather than macro forecasting, focusing on preserving capital and collecting income from performing credits.
- The firm avoids a chief-economist-driven approach and emphasizes patience across cycles to avoid big losses.
Be Patient Instead Of Reaching For Yield
- In tight spread environments, be patient and avoid reaching for yield; accept lower short-term returns until risk premia widen.
- Wayne says restraint in 2021 positioned investors to benefit when all-in yields became attractive after 2022.