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 4/30/20
