Here is the sector break down as of 11/2014 according to Double line
DLFNX
Cash 9.1%
Government 17.7%
Mortgage-Backed Securities 29.6%
Emerging Markets 13.4%
Investment Grade Corporate 10.2%
Commercial Mortgage-Backed Securities 6.6%
Bank Loans 5.0%
High Yield Corporate 4.5%
Collateralized Loan Obligations 3.9%
Total 100.0%
DLTNX
Cash 12.1%
Treasury 5.1%
Agency Passthroughs 24.1%
Agency CMO 21.3%
Non Agency Residential MBS 25.5%
Commercial MBS 6.4%
Collateralized Loan Obligations 4.8%
Other 0.6%
Total 100.0%

Do you have an exit point or strategy? Would you let a profitable trade turn into a losing one or willing to give back the majority of your profits?

Junkster,
My thought is that this situation will last for at least 1 year and maybe as long as 4. It will take some time for people to recognize/admit the deflationary pressure.
HYD's all time high is 33.57, now 31.34. I will be watching that high and as/if we get close to it I would consider changing the dividends from re-investing to cash. Then watch to sell. Other things I would be watching is the yield on the 10 year and the US$. I really think with the relative high 10 year rate and the strong $ the USA will be importing deflation. The FED would make the situation worse by raising rates.
I'm watching the $ because it high yield foreign bonds might be a good buy on $ strength.
Many of those analysist have pushed their est for a FED increase to the 3rd quarter.

FYI:
Regards,
Ted
http://wealthtrack.com/recent-programs/hyman-kim-exclusive-new-year-outlook-part-two/
Part One (Last Week In Case You Missed It)
http://wealthtrack.com/recent-programs/hyman-kim-new-year-outlook-2015-part-one/

Hi @Charles
You noted: "All that said, he's selling bonds.
Which means that either naturally or with intent, he's always building a wall of worry."
>>>Yes, he is a bond fella. Do you feel his "pitch" is for this only; and that his statements and/or views reflect a wall of worry? Or is he only expressing what he feels he has discovered "at the moment, subject to change"?
My most simple view of available investments today remains with the fact that the overwhelming exposure via any form of media remains equity-centric. Flag wavers of every notion regarding the direction of equity investments in one sector and/or country are on the opposite side of the fence every business day of the week; and they are in full expression on tv, printed articles and internet sites, of course. Some of these folks also express what could be called a "wall of worry"; although they are equity folks, by nature.
Equity folks may often note that bond folks are "worried" about something.
The equity stock folks may protect against "the wall" using equity shorts or put options. This could be their method.
A bond person may use bonds in the same fashion (protection), if they perceive a problem in equity/general economic areas, which could also include another bond type, the junk bond.
One could suspect those who choose to hold what they feel are decent equity style funds, even in shaky market periods; but who do not choose to use inverse funds for protection, may rely on investment grade bonds for a cushion; which could be a mix of gov't and corp. type.
Mr. Gundlach and company sells bond funds for a fee, of course. As long as he does not charge an arm and leg more than a similar active managed bond fund; I don't find an effort at his being a shill for his own fund groups to offer enough monetary reward. He has enough money. I suggest, that he is proud of and aware of his skills in this area of investments and his overview of many other areas that affect investments.
If I do not have to pay extra for his ego and/or lose money holding his funds; he may demostrate as he feels the need.
We do not hold any DoubleLine products.
'Course, in the end; the above may be a very good argument for holding 5 of the best long term balanced or equity-income funds and relax, eh?
We remain U.S. centered with equity and bond holdings; with the exception of international exposure to companies held and their earnings generated, via a fund's holdings.
Regards,
Catch

---- 312 posts on the MORNINGSTAR CONVERSATION FORUM --- 312 !!!!!!!
INCLUDING 44 IN AN " OPEN LETTER TO M* CIO AND CEO " as follows =
As discussed HERE, HERE, HERE and HERE, the recent crash of the Portfolio Manager is just another example of extremely poor System Testing and User-Acceptance Testing prior to deployment. M* does a lot of things right, but one thing they do VERY POORLY is follow a traditional structured IT lifecycle development and deployment process which would catch 95% of these issues before they affect their customers.
I honestly have never seen another company push out such "buggy" or error-prone code into a live customer-facing environment, and I have worked with dozens of organizations both large and small throughout my consulting career. This has been at least a quarterly, if not monthly occurence for YEARS and shows no sign of changing.
This is a leadership issue, not a technical issue, and has crossed from "mistake" to "problem."
If your IT folks have the authority to make changes to the live production environment without a sign-off first from some sort of business or marketing person, that's a problem.
A complete re-vamp of the pre-deployment QA / Testing process up to normal customer-facing marketplace standards should be underway, as measured by a sharp reduction in customer-impacting outages and post-deployment bug reports.
Ultimately, you're going to lose this Premium customer along with many others if this continues without any hope of systemic changes at the IT leadership level.
Please advise.

Just so everyone knows. His very popular chart about never 7 years of positive returns is not correct.

8 years 1982-1989 and 9 years 1991-1999. Just trying to kill the myth .

FYI:
Regards,
Ted
WSJ Slant:
http://www.wsj.com/articles/u-s-stock-futures-decline-1421414692
Bloomberg Slant:
http://www.bloomberg.com/news/print/2015-01-16/u-s-index-futures-sink-as-swiss-currency-fallout-roils-markets.html
Reuters Slant:
http://www.reuters.com/assets/print?aid=USKBN0KP1B720150116
MarketWatch Slant:
http://www.marketwatch.com/story/us-stocks-end-sharply-higher-but-still-register-weekly-loss-2015-01-16/print
Markets At A Glance: http://markets.wsj.com/us
Sector Tracker: http://www.sectorspdr.com/sectorspdr/tools/sector-tracker
Current Futures: http://finviz.com/futures.ashx

Dex, being superstitious, I hope your post doesn't mark some kind of top (low in yields) for the Treasury bond market

Not with stuff like this going on.
Gasoline dampens U.S. inflation; mid-year rate hike in doubt
http://www.reuters.com/article/2015/01/16/us-usa-economy-idUSKBN0KP1H620150116

ducrow, I find their premium membership of value, especially (for me) the premium search tool. BUT, I do not pay for the premium membership. I get it for free thru TROWE PRICE who will pay the fee for you IF you have $100,00 invested with them. I do via two 529 college savings plans.
Just another thought.
Matt

Was just about to add this. You also get M* research and tools at TDAmeritrade, and Schwab just started giving access to M* analyst reports for stocks.
I might pay for the something like what Josh Peters provides. Not so much the rest since you can get it elsewhere.

ducrow, I find their premium membership of value, especially (for me) the premium search tool. BUT, I do not pay for the premium membership. I get it for free thru TROWE PRICE who will pay the fee for you IF you have $100,00 invested with them. I do via two 529 college savings plans.
Just another thought.
Matt

The premium content on the Portfolio pages and the one-stop etf/cef data is what's kept me on their subscriber list.
It's usually easy to tell on the P-pages where the mistakes and stale content are. That stuff at M* is mostly a convenience, not a necessity (the fund sites report essentially all of it), but the convenience to moi is still worth it.
Note on negotiating the price: they used to be pretty accommodating if asked for a price reduction, but the last time I re-upped, the CSR got really surly about it, and would only drop the price $50 when I just said straight-out that I was done with Premium if she wasn't able to reduce the price.

In the case of the Vanguard 500 Index Fund, if Vanguard were to sell shares of companies they felt did not abide by their standards, then it would not be an index fund any longer.

@Lewis: Your beating a dead horse !!!!

While I applaud this step in the right direction by Vanguard, it is not enough in my view. As usual, I am in agreement with Bogle. If you own shares of a Vanguard 500 Index fund, you are also owners of its underlying stocks--Apple, Exxon, Walmart. Why shouldn't you be able to know what Vanguard is doing with your money when it negotiates with these companies regarding crucial issues of corporate governance--issues such as executive compensation and board structure that a large body of research show have a significant impact on shareholder returns?
The idea that private, i.e., secret negotiations are more effective at eliciting change in companies as opposed to open public pressure seems a little ridiculous to me. Also, I disagree with this notion that "Vanguard lacks leverage because its index funds cannot pressure executives by threatening to sell shares." If Vanguard as the largest shareholder of many companies started voting against certain directors it disapproved of and executive compensation packages that are excessive and instead started voting for shareholder proposals to positively change companies, it would have a huge impact. The problem is the idea that a private negotiation without any real public, legally binding action in the proxy votes seems toothless.

FYI: I will link interview as soon as it becomes available.
Regards,
Ted
http://www.moneylifeshow.com/upcomingGuests.asp

Morning Coffee,
Per Ms. Dee Lee, from the article related to MFO: "Also utilize the Mutual Fund Observer newsletter for research on funds. They don’t tell you when to buy mutual funds but when to sell a mutual fund.
If only it was this simple, eh? Buy whatever one wants and wait for MFO to indicate a sell signal.
Me thinks she does not grasp the intention(s) of the MFO site.
The full article containing other comments related to investing, is just below
.
WBZ, Dee Lee article
Take care,
Catch

@Ted
Shame, shame! I linked this last July (http://www.mutualfundobserver.com/discuss/discussion/comment/43546/#Comment_43546) and maybe another time before that!
(In all seriousness, an excellent video and well worth the watch. The whitepaper is also worth reading. Think Professor Snowball linked it in his DODLX review.)

FYI: Vanguard Group's decision to publish details about how it uses its huge shareholder clout to influence corporate governance issues is a step in the right direction, but does not go far enough, according to the founder of the mutual fund company.
"We still have a long way to go," said Jack Bogle, who now runs a market research group funded by Vanguard, but no longer has an executive role at the company he founded in 1975.
Regards,
Ted
http://wealthmanagement.com/print/industry/vanguard-should-say-more-how-it-influences-companies-founder

Regarding the cash component of this fund, M* shows this statistic. The first number is net percentage, second is percentage short, and third is percentage long.
Cash -106.15 237.97 131.83

How many of the 30 are one manager over the 20y? I wager none. Can you parse similarly for 10 and 15y? Can you parse for one manager? Forgive me if I have missed these capabilities.