For those lured by past returns as a promising prologue for the future, TIPS might tempt. However, I believe the time is at hand to limit or even reduce allocations to Treasury inflation-Protected Securities. This opinion is based on pricing … Read More
Unconstrained bond funds generally fall into a broad category of fixed income strategies that defy the neat categorization investors have come to expect from the investment fund landscape. Morningstar defines the unconstrained category as funds that use both tactical duration … Read More
As the pandemic continues to trouble the world’s economies and challenge policymakers, the advent of effective vaccines in the U.S. has, for now, led to a significant decline in daily new cases and has helped push state and local economies … Read More
DoubleLine’s Phil Gioia, CFA and Sam Nussbaum discuss what transpired last quarter across structured products and discuss the fundamentals and technicals of Agency mortgage-backed securities (MBS), residential and commercial real estate (CRE) credit, and asset-backed securities (ABS).
To listen to the … Read More
DoubleLine has partnered with Professor Robert Shiller to create an equity offering. Can you describe the motivation for the strategy and how the DoubleLine Shiller Enhanced CAPE® Strategy enhances DoubleLine’s current suite of products?
First off, CAPE® stands for Cyclically Adjusted … Read More
DoubleLine Product Specialists Sam Nussbaum and Corey Clermont discuss fundamental and technical factors affecting both the short-end and long-end of the U.S. Treasury market. As Treasury yields fell after the start of the second quarter of 2021, investors looked to … Read More
Following the drop in mortgage rates to historic lows, Agency MBS prepayments have climbed to the highest levels since the refinance wave of the early 2000s. For a majority of the last year, prepayment speeds were above 30 constant prepayment … Read More
Are Central Banks Whistling Past the Crypto Graveyard?
Many have embraced cryptocurrencies in an attempt to escape debasement of the world’s fiat currencies. Crypto champions, however, are missing the supreme irony: They themselves are printing money at a rate that dwarfs … Read More
The Total Return Strategy concept, which I started nearly 30 years ago, began as a result of observing that it was possible to have the same or higher income with the same or lower risk than that of the Bloomberg … Read More
After reaching historic levels of cheapness by the end of 2019, value stocks underperformed growth stocks by a country mile in 2020, setting an all-time record for value’s cheapness relative to growth.1 Given the more-than-decades-long underperformance of value, proclamations of … Read More