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Jeffrey Gundlach: Amount Of Bonds With Negative Yield Went From $3.5 To $1.5 Trillion

On July 7, 2015, Chief Executive Office and Chief Investment Officer Jeffrey Gundlach held a webcast discussing the DoubleLine Core Fixed Income Fund (DBLFX/DLFNX) and the DoubleLine Flexible Income Fund (DFLEX/DLINX) titled “Asset Allocation Webcast.”

This recap is not intended to represent a complete transcript of the webcast. It is not intended as solicitation to buy or sell securities. If you are interested in hearing more of Mr. Gundlach’s views, please listen to the full version of this webcast on under the blue “Events” tab. You can use the “Jump To” feature to navigate to each slide. You can also learn more about future webcasts by viewing the 2015 webcast schedule at www.doublelinefunds.comunder “Events.”

Also see Gundlach vs Morningstar Blood Feud

Jeffrey Gundlach: Global Overview

  • Global Bond yields
    • Amount of bonds with negative yield has fallen from $3.5 trillion in January to about $1.25 trillion in June
    • 2015 German Bund is behaving very similar to the reversal in the U.S. Bond Market during 2013
  • Gross Domestic Product (GDP) Projections
    • The Federal Reserve’s (Fed) growth assessment for 2015 is lower than any other over the past 2 years; this does not give the Fed a good reason to raise rates
  • China
    • Shanghai Composite currently looks eerily similar to the 1999 NASDAQ Composite Index
    • Copper has plunged to a new low this year; most people believe copper is a Harbinger Group Inc (NYSE:HRG) of economic activity

Fixed Income Overview

  • Winners
    • High Yield (HY) +2.8% year-to-date (YTD) as measured by the BoA/ML JOAO...