Read of the Day: What is Jeff Gundlach Buying These Days?

David Schawel recently wrote an excellent piece updating the latest moves from bond guru Jeff Gundlach.  It’s a very good deep dive into the holdings of one of the great fixed income investors of our time:

Few bond fund managers attract as much attention as DoubleLine Capital’s Jeffrey Gundlach. His firm has seen its assets under management grow to more than $45 billion in just over two years since its founding. Although these assets span a multitude of fund vehicles, by far the largest is the DoubleLine Total Return Fund (DBLTX), which held almost $35 billion as of 25 October. I am always anxious to see portfolio changes made in this fund, and I recently had the opportunity to take a close look at the fund holdings as of 30 September, which can give some valuable insight into how fixed income investors might consider positioning their portfolios.

Read more here.

For more from Gundlach see this CNBC Video in which he says he’s shorting Apple and sees a price target of $425.  He’s also not very optimistic about the resolution of the fiscal cliff.


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Cullen Roche

Mr. Roche is the Founder of Orcam Financial Group, LLC. Orcam is a financial services firm offering research, private advisory, institutional consulting and educational services.

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  1. DBLTX & DBLFX have been my core bond holdings since I dumped BND about a 1 1/2 years ago. So far it has been quite rewarding especially on a Sharpe Ratio basis.

    Hopefully getting bigger on the asset side doesn’t impact this performance in the future.

  2. First of all, Jeff spells his name wrong. Secondly, he doesn’t seem to have a great handle on how the monetary system really works. It is amazing to me that two of the best bond managers in the business (him and Gross) can do so well almost in spite of themselves. But I will concede that they both have an excellent understanding of the MBS/CMBS markets, which is where they appear to generate most of their excess returns.

  3. I spoke briefly with Jeff in SF a couple weeks back at a Doubleline event. He mentioned that although his short AAPL / Long Nat Gas thesis is still valid, his new favorite trade is long Shanghai and Short S&P500. He sees this as a win-win. Either China comes back and their market recovers, or we all sink into the Global Recession abyss with the US being the most vulnerable to correction (as it HAD not yet.) So far his call looks prescient.

    He is a big proponent of the barbell/pair trade – his bond funds all employ this strategy.