DoubleLine Floating Rate webcast hosted by Robert Cohen and Phil Kenney, for the month of April 2018, titled, “Loan Survivor.”
Q1 hedge fund letters, conference, scoops etc
TAB I - Market Overview
U.S. Conference Board Leading Economic Indicator
Source: Bloomberg, DoubleLine
Conference Board U.S. Leading Index = Leading indicators include economic variables that tend to move before change in the overall economy. These indicators give a sense of the future state of an economy. YoY = year-over-year. You cannot invest directly in an index.
ISM PMI Leading Up to Recessions
December 31, 1947 to March 30, 2018
Source: Bloomberg, DoubleLine as of March 31, 2018
ISM = Institute of Supply Management. Purchase Manager’s Index (PMI) is an indicator of the economic health of the manufacturing sector and is based on: new orders, inventory levels, production, supplier deliveries and the employment environment. YoY = year-over year. You cannot invest directly in an index.
This chart aggregates the 6 recessions that have occurred since 1947 and uses the 25-75 percentile of PMI in the months leading up to and after each recession. The black line assumes a recession is one year away from March 31, 2018
Measures Of Business And Consumer Sentiment
Source: Bloomberg, DoubleLine as of March 31, 2018
Z-score indicates how many standard deviations an element is from the mean. Standard deviation measures the dispersion of a set of data from its mean. You cannot invest directly in an index.
U.S. Real Gross Domestic Product (GDP)
Source: Bloomberg, DoubleLine
Unemployment Vs. 24 Month Moving Average
Source: Bloomberg, DoubleLine
SMAVG = Simple Moving Average
High Yield Spreads
Source: Bloomberg, DoubleLine as of April 23, 2018
High Yield as measured by Bloomberg Barclays U.S. High Yield 2% issuer capped OAS.
The option-adjusted spread (OAS) is the measurement of the spread of a fixed-income security rate and the risk-free rate of return, which is adjusted to take into account an embedded option
Leveraged Loan YoY EBITDA 12-Month Growth
Source: LCD, an offering of S&P Global Market Intelligence
See the full PDF below.
