Info-Graphs

Gundlach: Growth Slows Despite Massive Debt Ramp

DoubleLine Asset Allocation webcast slides for the month of May 2019, hosted by Jeffrey Gundlach.

TAB I- Global Overview

G4 Central Banks’ Balance Sheets

G4 Central Banks Balance Sheets

Fed = Federal Reserve, BOJ = Bank of Japan, ECB = European Central Bank, BOE=Bank of England

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Q1 hedge fund letters, conference, scoops etc

G4 Central Banks’ Balance Sheets & Global Equites

G4 Central Banks Balance Sheets

Fed = Federal Reserve, BOJ = Bank of Japan, ECB = European Central Bank, BOE=Bank of England

U.S. Outperformed the Rest of the World

Gundlach

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.

S&P 500 vs. MSCI ACWI (ex‐US) Normalized 1/26/18

Gundlach

Source: Bloomberg, DoubleLine

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). You cannot invest directly in an index.

Deutsche Bank and Credit Suisse Near Lows

Gundlach

Source: DoubleLine, Bloomberg

DoubleLIne Core Fixed Income Fund and DoubleLIne Flexible Income Fund own 0% of Deutsche Bank and 0% of Credit Suisse as of October 31, 2018.

Gross Domestic Product – Real and Nominal

Gundlach

Source: Bloomberg

YoY ‐ year‐over‐year; GDP = Gross Domestic Product includes the total amount of goods and services produced within a given country. Nominal GDP is adjusted for inflation. You cannot invest directly in an index.

U.S. Outstanding Debt by Sector

G4 Central Banks Balance Sheets

Source: Bloomberg, DoubleLine

FOF = Financial Accounts of the United States, Federal Reserve Bank

Federal Spending and Revenue as a Share of U.S. GDP

G4 Central Banks Balance Sheets

Source: DoubleLine, Bloomberg, Office of Management and Budget

GDP: Gross Domestic Product is the amount of goods and services produced within a given country.

U.S. Total Public Debt Outstanding

G4 Central Banks Balance Sheets

Source: DoubleLine, Bloomberg

GDP: Gross Domestic Product is the amount of goods and services produced within a given country.

U.S. Government Debt to GDP

DoubleLine

Source: Bloomberg, DoubleLine

GDP = Gross Domestic product is the amount of goods and services produced within a given country.

See the full slides below.