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dsenx explainer

davidrmorandavidrmoran
in Fund Discussions
from the DSENX report end September:

\\ In the six-month period ended September 30, 2014, the DoubleLine Shiller Enhanced CAPE returned 7.39% and the S&P 500 Index returned 6.42%. The DoubleLine Shiller Enhanced CAPE performance was due to a 6.05% return from exposure to the Shiller Barclays CAPE U.S. Sector Total Return Index and a 1.34% return from the fixed income portfolio. Hence the key driver of outperformance was the fixed income portfolio. The Shiller Barclays CAPE U.S. Sector Total Return Index was exposed to the healthcare, industrials, technology and energy sectors throughout the six-month period. All four of these sectors contributed positively to return with technology contributing the largest amount (2.58%) and industrials contributing the least (0.36%). The fixed income collateral pool was primarily driven by a rally in emerging market debt and mortgage-backed securities. The worst performing sector of the bond market was the high yield sector as new issuance was in excess of investor demand.

Don't know whether to transfer retirement equity fund moneys into this or not.

Comments

  • AndyJ
    edited December 2014
    I listened to the last conference call on DSENX, and that was a main point - the stock piece has trailed slightly but the bond sleeve pushes it ahead. Before, I'd been wondering why, on a few (only a few) equity-down days, the fund lost more than anything else on my U.S. watchlist - must have been whatever credit-currency risk there is in the bond sleeve.
  • davidrmorandavidrmoran
    edited December 2014
    @AJ,
    Thanks for insight, interesting especially about down days. But if you chart it by month back to its inception, ~13 I believe, it stays consistently ahead of everything I care to measure it against (SPY, SCHD, PRBLX, FLPSX, FCNTX, YAFFX), per every month accumulation. Weird.

    I guess this is what it's supposed to do. Trying to find flaws before I commit more, including downside protection if any.
  • AndyJ
    Hey David, I didn't mean all down days, just a few here and there, which surprised me because of how well it charts overall. But after hearing the presentation, it seemed to make sense that every once in a while, it must be that one of the invested sectors takes an outsized hit or the bond sleeve drops a little in price.

    It's still on the shortlist at this house for the U.S. stock piece in a rollover IRA that'll happen later in '15.
  • kevindowkevindow
    @davidrmoran

    I would not overthink this fund, as it continues to be above its 20/50/100EMAs. This fund is working and I would have no problem owning it until the charts break down.

    Kevin
  • davidrmorandavidrmoran
    edited December 2014
    Thanks both of you. I do not follow MA charts enough to make that sort of decision, but I can tell when things have swung to some extent. I will be selling other things next year and moving more into DSENX; the 13-month thing is most impressive, but then 13 months is not a long time.
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