DoubleLine Total Return launched less than two years ago, but lead manager Jeffrey Gundlach has been investing in mortgage bonds for 25 years. The secret sauce, he says, is to balance government-agency mortgage-backed securities (46% of the portfolio at last report)—which carry no default risk but a lot of interest-rate risk—with non-agency mortgage-backed bonds (38% of assets), which have little interest-rate risk but high default risk. The result: a low-volatility fund with an 8% yield and a 12-month return that is near the top of the intermediate-bond category. Gundlach insists he isn’t a gunslinger: “If I were trying to shoot out the lights, I wouldn’t have 15% in cash right now.”
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