DoubleLine – Loan Survivor

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DoubleLine Floating Rate Webcast - Loan Survivor

DoubleLine Floating Rate webcast hosted by Robert Cohen and Phil Kenney, for the month of April 2018, titled, “Loan Survivor.”

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Q1 hedge fund letters, conference, scoops etc

TAB I - Market Overview

U.S. Conference Board Leading Economic Indicator

DX2 Capital LP: Working From Home Trend Won’t Last

New York-based long/short equity fund DX2 Capital LP added 4.8% in the month of April according to a copy of its April investor update, which ValueWalk has been able to review. Q1 2020 hedge fund letters, conferences and more Following this performance, for the year to the end of April, the fund was down -5.7% Read More

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

DoubleLine Floating Rate Webcast - Loan Survivor

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

DoubleLine Floating Rate Webcast - Loan Survivor

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)

DoubleLine Floating Rate Webcast - Loan Survivor

Source: Bloomberg, DoubleLine

Unemployment Vs. 24 Month Moving Average

DoubleLine Floating Rate Webcast - Loan Survivor

Source: Bloomberg, DoubleLine

SMAVG = Simple Moving Average

High Yield Spreads

DoubleLine Floating Rate Webcast - Loan Survivor

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

DoubleLine Floating Rate Webcast - Loan Survivor

Source: LCD, an offering of S&P Global Market Intelligence

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