Jun 2023

DoubleLine Fund Commentary

June marked the end of a mixed run for financial assets in the second quarter. The S&P 500 Index increased 6.61% in June and finished the quarter up 8.74%, though stocks experienced significant return dispersion, as most of the gains were led by a small group of large-capitalization growth technology stocks. Meanwhile, bonds fell 0.36% on the month and 0.84% on the quarter, as tracked by the Bloomberg US Aggregate Bond Index. The negative performance in traditional bonds can largely be attributed to increasing U.S. Treasury rates, as expectations have shifted toward the Federal Reserve keeping monetary policy tighter for longer. Economic data showed mixed signals as the labor market remained robust while manufacturing metrics displayed signs of contraction.

Download the PDF to read more about the second quarter’s market and financial sectors including attribution on each DoubleLine mutual fund.