DoubleLine Portfolio Manager Eric Dhall and Fixed Income Allocation Strategist Ryan Kimmel review markets for the week ended Dec. 19 and close a year that saw gains across equities and fixed income as well as stellar precious metals. Stocks (0:52) registered a meager return for the week but gained nearly 18% YTD. In fixed income (3:11), Treasury yields fell across the curve on the week. The Bloomberg Aggregate has returned more than 7% YTD. Broad commodities (4:32) are up almost 15% for the year and flattish for the week. Silver and gold continued to surge to new all-time highs and platinum to its highest level since 2008.
The week’s macro review (9:06) included somewhat weak labor market readings and a surprisingly weak consumer price index for November. Both reports, Eric and Ryan caution, should be taken with a grain of salt, given effects of the recent government shutdown and seasonality. With the holiday season, the Dec. 22-26 week ahead promises to be a quiet one for data releases. One of the few notable prints will be the updated estimate due Tuesday of 3Q2025 gross domestic product.
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Mr. Dhall joined DoubleLine in 2013. He is a Portfolio Manager on the Macro-Asset Allocation team where he works with portfolio management performing analysis and trading for derivatives-based and multi-asset strategies. Mr. Dhall’s research and analysis has contributed to the team’s development of DoubleLine’s smart-beta suite of strategies. Prior to DoubleLine, he worked at Capital Group performing quantitative analysis in fixed income. Prior to Capital Group, Mr. Dhall was an instructor in finance at the UCLA Anderson School of Management and a research instructor at the UCLA Samueli School of Engineering. Previous to that, he worked in International Finance at Gulf Machinery Company. Mr. Dhall holds a B.S. in Physics with a secondary emphasis in Business from the University of California, Berkeley and an M.S. in Financial Engineering from the UCLA Anderson School of Management.
Mr. Kimmel joined DoubleLine in 2013. He is a Strategist on the Macro Asset Allocation team and Fixed Income Asset Allocation (FIAA) and Global Asset Allocation Committees. He also co-hosts DoubleLine’s weekly Minutes (Twitter @DLineMinutes, Minutes@Doubleline.com) podcast. Prior to DoubleLine, Mr. Kimmel was a Proprietary Trader at Gelber Group, trading currencies for the Foreign Currency Group. Prior to that, he was an Investment Banking Analyst in Morgan Stanley’s Mergers and Acquisitions Group. Mr. Kimmel holds a B.A. in Business Economics from the University of California, Los Angeles (UCLA), and holds an MBA from the Anderson School of Management at UCLA.
