2011年共同基金业五虎

DoubleLine核心固定收益基金

    基金经理：杰弗里•冈拉克

    交易代码： DBLFX

    资产规模：10亿美元

    美国中期债券平均回报率：5.5%

    今年迄今回报率：10.6%

    目前看好的投资：抵押支持债券（MBS）

    冈拉克一直在买进的MBS债券是那些大幅折价、收益率介于10%-11%之间、没有得到房地美（Freddie Mac）等美国政府机构担保的债券。

    毫无疑问杰弗里•冈拉克是今年市场中的大赢家。但2011年最让他高兴的或许是9月份赢得的一场官司。当时，洛杉矶法院判定他将从老东家TCW获赔6,700万美元；2009年他从TCW离职，引发了双方你来我往的一场激战。现年52岁的冈拉克长期以来都是债券市场的明星。在离开TCW之前的十年，他管理基金的表现好于99%的同业。自从建起自己的新公司DoubleLine Capital之后，冈拉克也保持着良好的纪录，新公司的资产管理规模已从2010年的70亿美元飙升至今年的200亿美元。

    走到哪里都惹人注目的冈拉克既有敏锐的智慧【他曾是耶鲁大学（Yale）数学专业博士生】，也有在保守的债券基金世界中罕见的夸夸其谈。他每天早晨6点开始在家办公，然后开车前往位于洛杉矶市区的办公室，一路上听着听众热线广播。“可能听起来有些疯狂，但我做得最有成效的一件事情就是听热线广播，”他说，因为他从中学到了人们是如何传播影响市场的消息。冈拉克的大部分时间都呆在DoubleLine的交易间里，公司有一半的交易都是他亲自经手。

    他今年最大的押注是预计美国国债价格将上涨——大多数债券经理由于预计年底利率上升，错过了这个获利机会。他还进行了其他精明的投资。今年一季度，垃圾债券价格反弹后，他大幅缩减了基金对垃圾债券的配置；后来，垃圾债券果然出现了暴跌。而且，他也回避持有哪怕是一分钱的欧元计价债券。他说，他不打算购买任何欧元计价债券。

    最近，冈拉克一直在增持没有美国政府担保的冷门MBS债券。他说，这些债券的价格太便宜了，即便房地产市场继续没有起色，他也能赚钱。这听起来不错，因为他预计一段时间内债务问题还将继续困扰美国经济。他警告说：“平衡预算的努力很可能会导致再次出现经济衰退。”

DoubleLine Core Fixed Income

    Manager: Jeffrey Gundlach

    Ticker: DBLFX

    Assets: $1 billion

    U.S. intermediate-term bond average: 5.5%

    Year-to-date return: 10.6%

    What he likes now: Mortgage-backed debt

    Gundlach has been buying steeply discounted mortgage securities, yielding 10% to 11%, that aren't guaranteed by U.S. agencies like Freddie Mac.

    There's no doubt that Jeffrey Gundlach was a big winner in the market this year. Yet his most satisfying victory of 2011 might have come in a Los Angeles courtroom in September, when he won a $67 million judgment from his former firm, TCW, after a bitter battle over his exit in 2009. Gundlach, 52, has long been a bond market star. At TCW he outperformed 99% of his peers in the decade before his departure. And he's stayed right on track since founding his new firm, DoubleLine Capital, where assets skyrocketed this year to $20 billion from $7 billion in 2010.

    The flamboyant Gundlach combines a sharp intellect (he was a Ph.D. candidate in mathematics at Yale) with a braggadocio rare in the reserved world of bond funds. He starts work at home at 6 a.m., then drives to his downtown L.A. office listening to talk radio. "One of the most productive things I do, and it sounds crazy, is listen to the radio," he says, because he learns how people are spinning news that moves markets. Gundlach spends most of his time on DoubleLine's trading floor and handles 50% of the firm's trades himself.

    His biggest bet this year was that U.S. Treasury prices would rise -- a profitable move missed by the majority of bond managers, who expected a rise in interest rates by year's end. He made other savvy moves too. He slashed the fund's allocation to junk bonds after they rallied in the first quarter; they later crashed. And he has avoided owning even a cent of euro-denominated debt and says he doesn't plan to buy any.

    Recently Gundlach has been loading up on unpopular mortgage-backed securities not guaranteed by the U.S. government. He says they're so cheap that he'll make money even if real estate stays depressed. That's good, because he believes debt problems will continue to plague the U.S. economy for some time. "It's very likely the next recession comes due to an attempt to balance the budget," he warns.