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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 10.97   0.0 0.00 2.80 23.26
CLOUGH GLOBAL EQUITY FUND 12.93   0.0 0.00 0.00 10.69
MFS INTERMEDIATE HIGH INCOME FUND 2.59   0.0 0.00 0.00 9.43
CS HIGH YIELD BOND FUND 2.52   0.0 0.00 0.00 9.08
PIONEER HIGH INCOME TRUST 9.18   0.0 0.00 0.00 8.89
WELLS FARGO ADV INCOME OPP FUND 8.05   0.0 0.00 0.00 8.82
CREDIT SUISSE ASSET MANAGEMENT INCOME FUND 3.10   0.0 0.00 0.27 8.72
ARES DYNAMIC CREDIT ALLOCATION FUND 15.22   0.0 0.00 0.00 8.50
WA HIGH INCOME FUND II 6.56   0.0 0.00 0.00 8.43
BLACKROCK CORPORATE HIGH YIELD FUND VI 10.46   0.0 0.00 0.00 8.27
FIRST TRUST STRATEGIC HIGH INCOME FUND II 12.35   0.0 0.00 0.00 7.77
BLACKROCK DEBT STRATEGIES FUND 10.75   0.0 0.00 0.00 7.66
MASSMUTUAL CORP INV 15.81   0.0 0.00 1.20 7.36
NEUBERGER BERMAN HIGH YIELD STRATEGIES FUND 11.63   0.0 0.00 0.81 7.03
SPDR BARCLAYS CAPITAL HIGH YIELD BOND ETF 107.06   0.0 0.00 6.08 5.64
ISHARES IBOXX $ HIGH YIELD CORPORATE BOND FUND 85.65   0.0 0.00 4.59 5.33
ROYAL BANK OF CANADA 77.26   11.7 6.58 3.05 3.90
SPDR DOW JONES INDUSTRIAL AVERAGE ETF TRUST 256.12   0.0 0.00 5.37 2.08
ISHARES MSCI ACWI INDEX FUND 71.49   0.0 0.00 1.44 2.01
POWERSHARES QQQ TRUST SERIES 1 178.16   0.0 0.00 1.45 0.80
 

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


Older articles featuring Cornerstone Total Return Fund (CRF):
Equity CEFs: Where's The Beef In The Delaware Dividend & Income Fund?
Of Slopes And Flops: The Yield Curve Inversion
When A Yield Curve Inversion Means Recession
Ignore The Yield Curve, They Said...
Is The U.S. Yield Curve Signaling A U.S. Recession?
Short And Sharp: Yield Curve Inversion - A False Positive?
Weekly Edge: Yield Curve Sends Mixed Signals
Why An Inverted Yield Curve Is Important
Blue, Red And Grey: Yield Curve Inversions
Market Update: Sovereign Debt And The Yield Curve

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