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DoubleLine on Brexit
Posted: Friday, June 24th, 2016

While Britain’s historic independence vote has shocked financial markets and political centers, the asset valuation and economic themes forming DoubleLine’s outlook remain in force.

DoubleLine has been in a capital preservation posture, awaiting a time when sell-offs in risky assets such as credit and equities could open opportunities to take advantage of repricings in those asset classes.

The Brexit outcome suggests the public mood for change is even greater than we had thought. While the referendum result triggered selling in U.S. stocks and widening in credit spreads, and much greater repricings in risk assets on the Continent, we continue to emphasize capital protection while looking to take advantage of dislocations in select markets, including in the aftermath of the Brexit vote as Brussels and London implement Britain’s Independence Day.

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