Relative value in credit vs equities and the rise of multi-asset credit
INTERVIEWSERIES
David Rosenberg, Head of Liquid Performing Credit and Co-Portfolio Manager, Oaktree Capital Management
October 2025
In this exclusive interview, David shares his perspectives on the relative value of credit versus equities in a higher-yield environment, he discusses pockets of credit markets offering best-in-class opportunities and the drivers behind the rise of multi-asset credit.
Watch the full interview which covers:
00:17 - How would you compare the value proposition of credit versus equities, in the current environment?
01:29 - What factors are most important for successfully investing in sub-investment grade credit?
02:04 - To what do you attribute the rise in popularity of multi-asset credit?
03:00 - Where are you finding best pockets of value across credit markets?
03:58 - Where are you seeing risks forming across credit markets?
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David Rosenberg, Head of Liquid Performing Credit and Co-Portfolio Manager, Oaktree Capital Management
David serves as Oaktree’s Head of Liquid Performing Credit and a co-portfolio manager of the U.S. High Yield Bond, Global High Yield Bond, Global Credit Investment Grade and Global Credit strategies. He is also a founding member of the Global Credit Investment Committee.
David joined Oaktree in 2004 following graduation from the University of Southern California with an M.B.A. in business administration. Before attending graduate school, he served as an associate in the Franchise Systems Finance group at J.P. Morgan.
David also holds an M.P.A. in professional accounting with a concentration in finance and a B.A. degree in business administration from the University of Texas at Austin. He is a Certified Public Accountant (inactive).
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