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Doubleline Global Bond Fund launches November 30th (lip)
There is no need to hurry to buy. Doubleline isn't the type of firm which quickly closes its funds. Wait. Make certain JG performs well vs. the competition, and read a couple of their annual/semis FIRST to make sure their positioning makes sense to you.
@Sven Given its abysmal performance (-7+%, 1 yr) and its failure to distribute any dvd YTD, I don't think D&C Global should be considered a part of any conversation. We were too hopeful, too optimistic. Just as with just about all global bond funds, there is no apparent reason to want to own it.
It seems that the ECB is able to paper over European financial system failures with funny numbers for about 2 yrs and then the center can't hold. Panic grows and bonds swoon until the numbers can be re-jiggered and all is well. It feels like we could be approaching one of those moments again, in which case another buying opportunity into a Hasenstaub fund could emerge. Until then, I'm with @Edmond as far as holding firm to principles and insisting on getting a sensible deal with this fund type, or else.... nyet!
Got that base covered with TRP global multi-asset bonds PRSNX. The only negative performance number is for 1 year back, other time-measurements are positive. 3.57% over 5 years for a bond fund is nothing to sneeze at in these ZIRP days. Monthly div. is consistently over .03 cents. Ya, I know the Fed will raise rates soon. Unbelievable, the negative German rates. Why on earth would anyone put their money into those instruments? PRSNX: half portf. is in US. Germany, Mexico, Brazil, Indonesia round out the top 5. http://www.morningstar.com/funds/XNAS/PRSNX/quote.html
Crash, that's the first I've heard of PRSNX in a while ... owned it once, right out of its gate, when I had quite a bit of $ with Price. It was known as Strategic Income then; did they change the investment strategy, or just the name? Looks about mid-pack for global FI, which is okay- it's the category that hasn't been so hot for a while, and maybe won't be for at least a while longer.
Most of the ones I have on a watchlist (which I admit I'm failing to watch very much) are in the 0-1% range ytd, which means a few percent capital loss. The last global bond funds I owned were PFORX last year and, in 2013, GBOAX.lw, which hasn't budged much off zero since I sold it. Of the funds on the watchlist, PYGFX has done a little better; haven't studied it but might be worth a look.
I agree with heezsafe about DODLX - an unsuccessful fund in an unsuccessful category. Run away!
Last thought in a random post: I wonder if the Pimco $ funds (PFORX, PGBIX) might make another run if the Fed moves in Dec. and gooses the US$.
>>>3.57% over 5 years for a bond fund is nothing to sneeze at in these ZIRP days.<<<
We could debate that statement. The average junk muni is over 6% annualized for the same time period with a few twice that 3.57%. But still in an ugly bond category PRSNX is a standout.
@AndyJ: I recall running into a statement to the effect that the NAME was changed to better reflect what it was already supposed to be doing. I'll keep it. I've lately added PNM and just the other day, COP. Got enough irons in the fire. All of it is long-term stuff. Got out of PRESX sometime early this year or late last year. All of that European QE doesn't seem to have done that fund much good.
>>>Right. I just never think about munis. No tax advantage for me.<<<
I trade them in my IRA as well as my taxable. Last year some were up in the 19% range, this year only 4%. Tax advantage or no tax advantage it increases your nest egg at those % gains.
Actually, for anyone looking for a global bond fund, I'd suggest they look at a not-so-obvious choice which is right in front of us... Pimco's BOND ETF.
Ostensibly, its an intermediate/core bond ETF. However it seems to be able to deploy allocations anywhere, within certain limits: Its prospectus allows up to 30% to be deployed to non-USD denominated foreign debt (with no apparent limit on USD-denominated foreign debt). It currently has a net-short allocation to developed foreign, and a ~ 17% allocation to EM. The EM position has probably hurt them a bit here. But EM looks cheap to me, relative to other bond-market sectors. It is certainly unloved. BOND will probably never have a measurable chunk of assets in Ukraine (a la Hassenstab). But that may be a good thing.
Gross' departure in late 2014 struck me as a positive for management of the PIMCO funds --- he struck me as erratic in the 2-4 years before he left. (Very bizarre that M* seems 'conflicted' about that event.) The current troika running the ETF strike me as among the strongest in the bond-management industry. AUM in BOND and its much bigger, but similarly-managed OEF cousins (PTTRX etc.) has shrunk dramatically. -- Frankly, I never thought the large AUM was an issue, but for those who did, that issue should now be off the table.
Anyway, for someone wanting a global bond, one probably tamer than most, and with a strong management pedigree, BOND might be one to consider.
Edmund's got a good point - BOND does look like a global fund these days. It looked much more like a conventional IT-TR bond fund when I owned it in 2012-13.
Comments
It seems that the ECB is able to paper over European financial system failures with funny numbers for about 2 yrs and then the center can't hold. Panic grows and bonds swoon until the numbers can be re-jiggered and all is well. It feels like we could be approaching one of those moments again, in which case another buying opportunity into a Hasenstaub fund could emerge. Until then, I'm with @Edmond as far as holding firm to principles and insisting on getting a sensible deal with this fund type, or else.... nyet!
PRSNX: half portf. is in US. Germany, Mexico, Brazil, Indonesia round out the top 5.
http://www.morningstar.com/funds/XNAS/PRSNX/quote.html
Most of the ones I have on a watchlist (which I admit I'm failing to watch very much) are in the 0-1% range ytd, which means a few percent capital loss. The last global bond funds I owned were PFORX last year and, in 2013, GBOAX.lw, which hasn't budged much off zero since I sold it. Of the funds on the watchlist, PYGFX has done a little better; haven't studied it but might be worth a look.
I agree with heezsafe about DODLX - an unsuccessful fund in an unsuccessful category. Run away!
Last thought in a random post: I wonder if the Pimco $ funds (PFORX, PGBIX) might make another run if the Fed moves in Dec. and gooses the US$.
Best, AJ
We could debate that statement. The average junk muni is over 6% annualized for the same time period with a few twice that 3.57%. But still in an ugly bond category PRSNX is a standout.
D&C had it in pre launch six years prior to the 2012 launch. Doesn't seem like the Royce kind of shop which develops offerings just to garner AUM.
I trade them in my IRA as well as my taxable. Last year some were up in the 19% range, this year only 4%. Tax advantage or no tax advantage it increases your nest egg at those % gains.
Ostensibly, its an intermediate/core bond ETF. However it seems to be able to deploy allocations anywhere, within certain limits: Its prospectus allows up to 30% to be deployed to non-USD denominated foreign debt (with no apparent limit on USD-denominated foreign debt). It currently has a net-short allocation to developed foreign, and a ~ 17% allocation to EM. The EM position has probably hurt them a bit here. But EM looks cheap to me, relative to other bond-market sectors. It is certainly unloved. BOND will probably never have a measurable chunk of assets in Ukraine (a la Hassenstab). But that may be a good thing.
Gross' departure in late 2014 struck me as a positive for management of the PIMCO funds --- he struck me as erratic in the 2-4 years before he left. (Very bizarre that M* seems 'conflicted' about that event.) The current troika running the ETF strike me as among the strongest in the bond-management industry. AUM in BOND and its much bigger, but similarly-managed OEF cousins (PTTRX etc.) has shrunk dramatically. -- Frankly, I never thought the large AUM was an issue, but for those who did, that issue should now be off the table.
Anyway, for someone wanting a global bond, one probably tamer than most, and with a strong management pedigree, BOND might be one to consider.
JMO.