Asset-Backed Securities Update
As the non-Agency Mortgage-Backed Securities (MBS) market continues to shrink, we have diversified our securitized credit exposure within our strategies. The large majority of this diversification has been into Commercial MBS (CMBS), Collateralized Loan Obligations (CLO) and esoteric Asset-Backed Securities (ABS)
The U.S. Dollar in 2016
The U.S. Dollar (USD) has rallied over 20% since mid-2014, reaching its strongest levels since 2004 at the end of January. Aggressive quantitative easing (QE) from the European Central Bank (ECB) and Bank of Japan (BoJ), on top of a Chinese led slowdown in global growth, has made buying the USD a winning trade for over two years. At the beginning of 2016, the majority of market participants reaffirmed their belief that the USD would strengthen further
Potential Opportunity Within Closed-End Funds
This year has been marked by increased volatility across global equity and credit markets. Falling commodity prices continued to question the health of the global economy and investors have been rightfully spooked. Many investors are left wondering when and where to invest capital. At DoubleLine we maintain that certain closed-end funds may serve as a partial replacement for an investor's equity exposure
Are We There Yet?
At DoubleLine, we find the Fed started explicitly tightening the shadow rate or the "effective" interest rate as early as June 2014. The Wu-Xia shadow rate reached its lowest level of -3.0% in May 2014 during the Fed's taper, just a few months before the Fed completed their bond buying program. Since then the shadow rate rose steadily back to zero in November last year, just before the Fed made its first interest rate hike.
DoubleLine Video & Articles
Jeffrey Gundlach - DoubleLine Overview
Fixed Income Asset Allocation
Global Developed Credit - Floating Rate
Long Duration Total Return
Low Duration Emerging Markets
Shiller Enhanced CAPE®
Information presented was current as of the date the material was prepared by an outside party. DoubleLine assumes no duty to update this information.
Tuesday, February 23, 2016 at 1:15 pm PT /4:15 pm ET
Joseph Galligan and Vitaliy Liberman host the "DoubleLine Long Duration Total Return Strategy" webcast.
Click here for replay
Click here for recap (PDF)