Jeffrey Gundlach Highway To Hell

Jeffrey Gundlach: Highway To Hell

Jeffrey Gundlach’s DoubleLine Total Return Bond Fund webcast slides titled, “Highway To Hell.”

TAB I Global Economy

Central Bank Balance Sheets vs. MSCI ACWI

Jeffrey Gundlach Highway To Hell

Source: Bloomberg, DoubleLine

MSCI ACWI ‐ A market‐capitalization‐weighted index designed to provide a broad measure of stock performance throughout the world, including both developed and emerging markets. BOJ: Bank of Japan, ECB: European Central Bank, Fed: Federal Reserve. BOE: Bank of England. You cannot invest directly in an index.

Global Economic Momentum Heatmap (Since 2014)

Citi Economic Data Change

Jeffrey Gundlach Highway To Hell

Source: DoubleLine, Bloomberg, Citi

Based on z‐scores since 1/31/2014

G10: Is made up of eleven industrial countries (Belgium, Canada, Francce, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom and the U.S.)

Economic Data Change: U.S., Global, Europe, and EM

Jeffrey Gundlach Highway To Hell

Source: DoubleLine, Citibank, Bloomberg

Citi Economic Data Change Index ‐ Measure data releases relative to their 1‐year history. A positive reading means that data releases have been stronger than their 1‐year average, and a negative reading means that data releases have been worse than their 1‐year average. You cannot invest directly in an index.

Eurozone PMIs

Jeffrey Gundlach Highway To Hell

Source: Bloomberg; DoubleLine

PMI: Purchase Managers Index is an indicator of economic health for manufacturing and service sectors. You cannot invest directly in an index.

Global Trade Volume

Monthly; As of 12/31/18

Jeffrey Gundlach Highway To Hell

Source: DoubleLine, CPB, Bloomberg

TAB II – U.S.

U.S. Conference Board Leading Economic Indicator

Jeffrey Gundlach Highway To Hell

Source: Bloomberg, DoubleLine

Conference Board US Leading Index Leading indicators include economic variables that tend to move before changes in the overall economy including average workweek, production, jobless claims, new order manufacturing, build permits, S&P 500 stock index, leading credit index, average consumer expectations, etc.. You cannot invest directly in an index.

U.S. ISM PMI New Orders

Jeffrey Gundlach Highway To Hell

Source: Bloomberg, DoubleLine; As of October 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.

See the full slides below.

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