DoubleLine’s Jeffrey Gundlach is the fixed-income guru you’ve probably never heard of. But you should listen to what he says.
When Jeffrey Gundlach talks, people listen. The colorful and dynamic fund manager isn’t a household name, but to the cognoscenti of the fixed-income world his word is gold, and they tune in to his regular webcasts to hear Gundlach’s view of the markets and the economy. // Why? Because he’s a brilliant bond investor. Gundlach called the subprime mortgage market an “unmitigated disaster” in June 2007, more than a year before the worst losses of the financial crisis hit. In mid 2016, he correctly predicted that 10-year Treasury interest rates would begin to rise, while others expected them to fall. And he’s steered his most popular funds, DoubleLine Total Return Bond (a longtime Kiplinger 25 member) and DoubleLine Core Fixed Income, to the top of the charts, posting five-year annualized returns that beat 90% of their peers and the bond benchmark, the Bloomberg Barclays U.S. Aggregate Bond index.
But Gundlach, a DoubleLine founder and its chief executive and chief investment officer, is a good listener, too.
Every month, 40 investment team members gather in the so-called Warhol room in DoubleLine’s downtown Los Angeles office (an Andy Warhol original hangs there). It’s the firm’s biggest conference room, but at these meetings, it’s standing room only. The team, led by Gundlach, is there to discuss how the firm’s money will be best put to work in the bond market.
The meeting is a window on the strategy of an actively managed fund shop that, for the most part, is beating its benchmarks—a rarity in the investing world. Of the six DoubleLine funds with five-year track records, four portfolios—Core Fixed Income, Low Duration Bond, Shiller Enhanced CAPE and Total Return Bond—outpaced their bogeys over the past five years on an annualized basis.
この記事は Kiplinger's Personal Finance の February 2019 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は Kiplinger's Personal Finance の February 2019 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
My Top 30 Index: An Update
A year ago, I put together what I called \"my own reinvention\" of the Dow Jones industrial average, the popular 142-year-old large-cap index.
Balance Your Risk and Reward
These new ETFs let you cut stock market losses. But you'll sacrifice some gains.
IS A HYBRID CAR RIGHT FOR YOU?
Hybrids offer a fuel-saving option for drivers who have reservations about all-electric vehicles. But there are trade-offs.
HOW TO REACH YOUR INVESTING GOALS
Patience helped these four investors make their portfolios work for them.
WHERE TO INVEST NOW
Expect a lot of midyear churn, with a rally toward the end of 2024.
TIPS FOR FINANCING A HOME PROJECT
I recently had a call with a client who was looking to fund the construction of a swimming pool at his house.
MORE WOMEN THAN EVER ARE STARTING BUSINESSES
Retail and travel businesses, along with health, beauty and fitness, are popular with women entrepreneurs.
Finding Home Health Care
It’s important to hire a caregiver you trust.
UNDERSTANDING BOND FUND YIELDS
What's a 30-day SEC yield? A trailing 12-month yield? A yield to maturity? We explain what each measure says about an income fund.
ANSWERS TO YOUR QUESTIONS ON STUDENT LOANS
If you have federal student loans, you may benefit from new government policies. Here's what you need to know.