Wayne Dahl, Co-Portfolio Manager, Oaktree Capital Management

Wayne Dahl, Co-Portfolio Manager, Oaktree Capital Management

From Alpha Exchange by Dean Curnutt

April 7, 2026 · 52 min · Episode 251

About this episode

Wayne Dahl discusses his investment strategies and insights on managing risk in credit markets.

It was a pleasure to welcome Wayne Dahl, Co-Portfolio Manager of Global Credit Strategy at Oaktree Capital Management, to the Alpa Exchange. We begin with Wayne’s path through convertible arbitrage, structured credit, and multi-asset investing, and how that foundation informs a framework centered on understanding sensitivities across rates, credit, and equity exposures. Convertible arbitrage, in particular, serves as an entry point into managing multiple dimensions of risk simultaneously, reinforcing a core principle: avoiding large losses is essential to long-term compounding. We explore Oaktree’s consistent investment philosophy—one that prioritizes credit fundamentals over macro forecasting and emphasizes patience in periods of compressed risk premiums. Wayne reflects on environments like 2021, where low yields and tight spreads challenge investors to remain disciplined, and contrasts that with the more attractive all-in yields that have emerged following the shift in rates since 2022. The conversation next considers today’s landscape. Here, Wayne walks through how the firm is positioning across liquid credit markets, highlighting areas such as residential mortgage-backed…

People in this episode

Host: Dean Curnutt

Guest: Wayne Dahl

Topics covered

  • convertible arbitrage
  • credit strategy
  • risk management
  • investment philosophy
  • liquid credit markets

Keywords

  • convertible arbitrage
  • structured credit
  • multi-asset investing
  • credit fundamentals
  • portfolio construction

Mentioned in this episode

Organizations: Oaktree Capital Management

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