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Mortgage-Backed Securities

Strategies
DoubleLine’s mortgage team is widely recognized as one of the leading experts in the sector. Team members have managed mortgage portfolios together for over two decades. MBS strategies vary in risk/reward profiles, ranging from a cash alternative discipline to government-guaranteed intermediate term to distressed non-agency only strategy. This product line requires extensive knowledge and analysis of both agency and nonagency securities.

Philosophy
DoubleLine’s mortgage team believes the most reliable way to enhance returns is to exploit inefficiencies within the subsectors of the mortgage market while maintaining active risk management constraints.

For nearly 20 years, the team now at DoubleLine has refined our analysis stress testing, using our refined and tested prepayment methodologies, to compare securities across differentiated interest rate scenarios. In addition to our security selection processes, subsector tactical allocation decisions at the portfolio level is what sets DoubleLine’s Mortgage team apart from competitors.

Process
DoubleLine's mortgage team has consistently implemented the same investment process for nearly 20 years.

Top-Down Macro economic and market sector analysis discussions are led by Jeffrey Gundlach. Portfolio managers, research team and traders participate in evaluating market trends and identifying sector opportunities.

Bottom-Up security selection using extensive scenario "stress testing" provides analysis for buy/sell decision.

 

Process