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Structured Products

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Competitive Advantage

  • Seasoned portfolio management team with structured products AUM over $100 billion1
  • Portfolio managers have an average 23 years of industry experience and 21 years working together through many market cycles
  • Time-tested investment process focusing on managing risk and convexity
  • Established track record that speaks to successful portfolio construction, optimization and risk management

Strategies

Senior team members have managed portfolios together for over two decades. Structured Products include: agency and non-agency residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS), collateralized loan obligations (CLOs) and asset-backed securities (ABS)

Strategies include: Government-guaranteed only portfolios including a liability-driven investment (LDI) alternative, intermediate-term offerings and an opportunistic strategy

Philosophy

DoubleLine believes structured products often deliver a yield advantage with lower effective duration than other fixed income assets, as well as, exhibiting a lower correlation to the S&P 500 relative to corporate credit alternatives

Process

DoubleLine’s structured products team has consistently implemented the same investment process for over twenty 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.


Structured Products Committee meets weekly to assess relative value and potential risks across sectors

  • Market Outlook: Incorporates macro research of DoubleLine’s Fixed Income Asset Allocation (FIAA) and Global Asset Allocation (GAA) Committees
  • Portfolio Positioning: Strategy and portfolio evaluation, allocation and duration management decisions
  • Sub-sector Implementation: Fundamental research, relative value and security selection

 

Structured Products Committee

 


1. As of 6/30/19

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DoubleLine

333 S. Grand Ave.
18th Floor
Los Angeles
CA 90071

213.633.8200

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