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Gundlach: U.S. High Yield Spread Heading Into Recession

Published Wed, 14 Nov 2018 02:05:00 -0500 on Seeking Alpha

Original Post
Jeffrey Gundlach's DoubleLine Asset Allocation webcast for the month of November 2018, discussing the U.S. high yield spread heading into recession.
TAB I - Global Overview G4 Central Banks' Balance Sheets

Fed = Federal Reserve, BOJ = Bank of Japan, ECB = European Central Bank, BOE = Bank of England
G4 Central Banks' Balance Sheets & Global Equities

Fed = Federal Reserve, BOJ = Bank of Japan, ECB = European Central Bank, BOE = Bank of England
S&P 500 vs. MSCI ACWI (ex-US) Normalized 1/26/18

Source: Goldman Sachs as of September 4, 2018
U.S. = S&P 500 Index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. MSCI ACWI Index is a free-float weighted equity index for developed and emerging market countries (ex-US). EPS = Earnings per share. You cannot invest directly in an index.
U.S. Outperformed the Rest of the World

Source: Goldman Sachs as of September 4, 2018
U.S. = S&P 500 Index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. MSCI ACWI Index is a free-float weighted equity index for developed and emerging market countries (ex-US). EPS = Earnings per share. You cannot invest directly in an index.
Gross Domestic Product - Real and Nominal

Source: Bloomberg
YoY - year-over-year; GDP = Gross Domestic Product includes the total amount of goods... Read more

Stock name Last trade   P/E Earnings/Share Dividend/Share Dividend yield
CORNERSTONE TOTAL RETURN FUND 11.78   0.0 0.00 2.99 23.15
CLOUGH GLOBAL EQUITY FUND 12.20   0.0 0.00 0.00 11.61
MFS INTERMEDIATE HIGH INCOME FUND 2.25   0.0 0.00 0.00 10.75
CS HIGH YIELD BOND FUND 2.30   0.0 0.00 0.00 10.48
WELLS FARGO ADV INCOME OPP FUND 7.57   0.0 0.00 0.00 9.65
CREDIT SUISSE ASSET MANAGEMENT INCOME FUND 2.87   0.0 0.00 0.27 9.40
PIONEER HIGH INCOME TRUST 8.32   0.0 0.00 0.00 9.35
WA HIGH INCOME FUND II 5.97   0.0 0.00 0.00 9.13
BLACKROCK CORPORATE HIGH YIELD FUND VI 9.64   0.0 0.00 0.00 9.00
ARES DYNAMIC CREDIT ALLOCATION FUND 14.53   0.0 0.00 0.00 8.89
BLACKROCK DEBT STRATEGIES FUND 10.30   0.0 0.00 0.00 7.97
NEUBERGER BERMAN HIGH YIELD STRATEGIES FUND 10.34   0.0 0.00 0.81 7.93
MASSMUTUAL CORP INV 15.09   0.0 0.00 1.20 7.88
FIRST TRUST STRATEGIC HIGH INCOME FUND II 12.35   0.0 0.00 0.00 7.77
SPDR BARCLAYS CAPITAL HIGH YIELD BOND ETF 34.70   0.0 0.00 1.97 5.72
ISHARES IBOXX $ HIGH YIELD CORPORATE BOND FUND 83.31   0.0 0.00 4.47 5.39
ROYAL BANK OF CANADA 69.76   10.7 6.52 2.95 4.28
ISHARES MSCI ACWI INDEX FUND 67.03   0.0 0.00 1.47 2.19
SPDR DOW JONES INDUSTRIAL AVERAGE ETF TRUST 245.88   0.0 0.00 5.17 2.11
POWERSHARES QQQ TRUST SERIES 1 165.10   0.0 0.00 1.31 0.80
 

CORNERSTONE TOTAL RETURN FUND - CRF
CORNERSTONE TOTAL RETURN FUND - CRF  


Older articles featuring Cornerstone Total Return Fund (CRF):
The Inverting Treasury Yield Curve And The S&P 500
The Yield Curve Is Not Forecasting A Recession
More Yielding To Yields Next Week?
Dividends By The Numbers For September 2018 And 2018-Q3
Bond Yields Climbing: Could The Chinese Weaponize U.S. Debt?
Virtus Total Return Has A 13% Distribution Yield But Trades At A 6% Discount
Inverted U.S. Yield Curve? Recession? Not So Fast
New High For High Yield Debt
The Chemist's CEF Report - July 2018: Treasury Yield Spread Continues To Narrow
Peter Schiff Talks Yield Curves, Inflation And The Looming Recession

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