6-27-13 JEG Market Update

7/28/2019 6-27-13 JEG Market Update

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Announcements

We castNews

JeffSherman July9,2013

1:15pmPDT/4:15pmEDT

LuzPadilla July23,2013

merg ng ar e s xe ncome

1:15pmPDT/4:15pmEDT

JeffreyGundlach

September

10,

2013

o a e urn ore xe ncome

1:15pmPDT/4:15pmEDT

ToReceivePresentationSlides:

Youcan

email

[email protected]

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WhatintheWorldis

o ng

n

e ux

LiveWebcasthostedby:

JeffreyGundlach

ChiefExecutiveOfficer

June27,2013


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HeadlineCPIYoY

Current: 1.40%

Average: 3.91%

3Data

Source:

Bureau

of

Labor

Statistics

(CPI

YOY)

CPI= ConsumerPriceIndexproducesmonthlydataonchangesinthepricespaidbyurbanconsumersforarepresentativebasketofgoodsandservices.

Aninvestmentcannotbemadedirectlyinanindex.


5/36

USPersonalConsumptionExpenditureCorePriceIndex

Current: 1.05%

Average: 3.47%

4Data

Source:

Bureau

of

Labor

Statistics

(CPI

YOY)

CPI= ConsumerPriceIndexproducesmonthlydataonchangesinthepricespaidbyurbanconsumersforarepresentativebasketofgoodsandservices.



6/36

WherestheInflation? GoldSpotIndex

Year

End

2007

through

June

26,

2013

Source:Bloomberg

Financial

Services,

DoubleLine

Capital

LP

GOLDS=ThegoldspotpriceisquotedinUSDollarsperTroyounce.


5


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WherestheInflation? CRBCommodityIndex

Year

End

2007

through

June

24,

2013

Source:BloombergFinancialServices,DoubleLineCapitalLP

Note:TheTR/JCRBCommodityExcessReturnIndexisanarithmeticaverageofcommodityfuturespriceswithmonthlyrebalancing.


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S&PGSCICommodityIndices RecentMonths

April

30,

2013

through

June

26,

2013


Pleaseseeappendixforindexdefinitions.


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S&PGSCICommodityIndices YearToDate2013

December

30,

2012

through

June

26,

2013


Pleaseseeappendixforindexdefinitions.


8


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GlobalCommodityMarkets(normalized):

Gold,

Silver,

Grains,

Energy,

Softs All

in

local

CCYJune25,2012throughJune25,2013


GOLDSandSILV=thespotpriceofgoldandsilvermeasuredintroyounces.DJUBS(DJUBSGR)=DowJonesGrainsIndexcomprisedoffuturescontractsoncorn,soybeans

andwheat. DJEnergy(DJUBSEN)=DowJonesEnergyIndexcomprisedoffuturescontractsoncrudeoil,heatingoil,unleadedgasolineandnaturalgas.DJExSofts(DJUBSXSO)=DowJonesExSoftsIndexiscomprisedoffuturescontractsandphysicalcommoditiesexcludingthesoftssector.

Pleaserefertotheappendixforindexdefinitions.Aninvestmentcannotbemadedirectlyinanindex.

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GlobalFXMarkets(normalized):

EUR,JPY,AUD,GBP,CAD AllinLocalCCYJune25,2012throughJune26,2013


EUR,JPY,AUD,GBP,CAD=CurrenciesoftheEuropeanUnion(EUR),JapaneseYen(JPY),AussieDollar(AUD),BritishPoundSterling(GBP)andtheCanadianDollar(CAD)


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GlobalEquityMarkets(normalized):

SPX,Eurostoxx,SHCOMP,NKYAllinlocalCCYJune25,2012throughJune25,2013



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13/36

S&P500/MSCIEMIndex

June

25,

2012

through

June

25,

2013



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BrazilIndexJanuary4,2010throughJune26,2013


IBOVIndex

=The

Ibovespa

is

aacross

total

return

index

weighted

by

traded

volume

and

is

comprised

of

the

most

liquid

stocks traded

on

the

Sao

Paulo

Stock

Exchange.


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ShanghaiIndexDecember31,2009throughJune26,2013


Note:The

Shanghai

Stock

Exchange

Composite

is

acapitalization

weighted

index

tracking

daily

price

performance

of

all

A

and

B

shares

listed

on

the

Shanghai

Stock

Exchange.ThisindexwasdevelopedDecember19,1990withabasevalueof100.


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ChinaInterbankOfferedRate:PBoCTightening

June26,2012throughJune26,2013

Source:

Bloomberg

Financial

Services,

DoubleLine

Capital

LPPBoc=PeoplesBankofChina

SHIFON=ShanghaiInterbankOfferedRateFixingpublisheddaily.Aninvestmentcannotbemadedirectlyinanindex.

15


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USUnemploymentRateandEmploymentto

PopulationRatio

,

,

16Source:USCensusBureau,Bloomberg,DoubleLineCapital


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30YearU.S.MortgageRatesDecember31,2007throughJune26,2013

Source:BloombergFinancialServices,Bankrate.com

ILM3NAVG=The

Overnight

National

Average

of

the

U.S.

30

year

Treasury

interest

rate.

They

help

consumers

see

the

movement

of rates

day

to

day.

Subject

to

one

daylag.


1818


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10Yearto2YearTreasuryYieldSpreads

4%

SlopeofYieldCurve

2%

ield

to

Matu

rity

013

0%

1%

us2

YearTreasury

31,1

977

June25,2

-1%

10

YearTreasurymi

January

-3%

-2% Current: 2.20%Average: 0.90%

DataSource:Bloomberg(USYC2Y10)


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HighYield ETFDecember31,2012throughJune26,2013

21

Source:BloombergFinancialServices

JNK=SPDRBarclaysHighYieldBondETFisanexchangetradedfundincorporatedintheUSA.TheFundsseeksinvestmentresultsthatcorrespondtothepriceandyieldofthe

BarclaysHigh

Yield

Very

Liquid

Bond

Index.

Youcannotdirectlyinvestinanindex.


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ABXAAA071IndexDecember31,2007throughJune26,2013


TheABX

07

1AAA

Index

is

abasket

of

home

equity.

Constituted

from

reference

obligations

issued

by

20

issuers

of

residential

mortgage

backed

securities.

Aninvestmentcannotbemadedirectlyinanindex.22


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InvestmentGradeCorporates ETFDecember31,2012throughJune26,2013


LQD=iSharesiBoxxInvestmentGradeCorporateBondFundisanexchangetradedfundincorporatedintheUSA.TheFundseeksresultsthatcorrespondtothepriceandyield

performanceof

asegment

of

the

US

Investment

Grade

Corporate

bond

market

as

defined

by

the

iBoxx

$liquid

Investment

Grade

Index.

Youcannotdirectlyinvestinanindex.23


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TIPS ETFDecember31,2012throughJune27,2013


TIP=iSharesBarclaysUSTreasuryInflationProtectedSecuritiesFundisanexchangetradedfundincorporatedintheUSA.Theindexmeasurestheperformanceof inflation

protectedpublic

obligation

of

the

US

Treasury,

also

known

as

TIPS.



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MunicipalBond ETFDecember31,2012throughJune26,2013


MUB=iSharesS&PNationalAMTFreeMunicipalBondFundisanexchangetradedfundincorporatedintheUSA.TheFundsseeksinvestmentresultsthatcorrespondtothe

performanceof

the

S&P

Municipal

Bond

Index,

which

tracks

municipal

bond

securities

issued

by

the

state

and

local

municipalities

whose

interest

is

exempt

form

federal

income.



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EmergingMarkets ETFDecember31,2012throughJune26,2013


EMB=iSharesJPMorganUSDEmergingMarketsBondFundisanexchangetradedfundincorporatedintheUSA.TheFundsseeksinvestmentresultsthatcorrespondtotheprice

andyield

of

the

JP

Morgan

Emerging

Markets

Bond

Index..



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AnnalyCapitalManagement MortgageREITDecember31,2012throughJune26,2013

27


NLY=Annaly

Capital

Management,

Inc.

is

areal

estate

investment

trust

which

owns

and

manages

assets

and

funds

on

behalf

of

institutional

and

individual

investors

worldwide.

Youcannotdirectlyinvestinanindex.


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IndexDescriptions

EuroStoxx (SX5E)TheEuro Stoxx 50Index,Europe'sleadingbluechipindexfortheEurozone providesabluechiprepresentationofsupersector leadersinthe

Eurozone.

Nikkei225(NKY) TheNikkei225stockaverageisapriceweightedaverageof225topratedJapanesecompanieslistedintheFirstSectionoftheTokyoStock

Exchange.

iShares(MSCIEM)iSharesMSCIEmergingMarketsIndexisanexchangetradedfundincorporatedintheUSA.TheFundseeksresultsthatcorrespondgenerallyto

thepriceandyieldperformanceoftheMSCITREmergingMarketsIndex.

Japan(G0Y0) BofAMerrillLynchJapanGovernement IndextrackstheperformanceofJPYdenominatedsovereigndebtpubliclyissuedbytheJapanese

governmentinitsdomesticmarket.

Brazil(GDBR)

Bof A

Merrill

Lynch

US

Dollar

Brazil

Sovereign

Index

racks

the

performance

of

Rial

denominated

sovereign

debt

publicly

issued

by

the

Brazilian


Mexico(GDMX) Bof AMerrillLynchUSDollarMexicoSovereignIndexrackstheperformanceofPesodenominatedsovereigndebtpubliclyissuedbytheMexican


n e ng on o err ync o ar n ex rac s eper ormanceo e r s oun enom na e sovere gn e pu c y ssue y

theBraziliangovernmentinitsdomesticmarket.

Russia(GDRU) Bof AMerrillLynchUSDollarRussianSovereignIndexrackstheperformanceofRubledenominatedsovereigndebtpubliclyissuedbytheRussian


Germany(G0DO) Bof AMerrillLynchGermanGovernmentIndextrackstheperformanceofEurodenominatedsovereigndebtpubliclyissuedbytheGerman

governmentin

its

domestic

market.

France G0FO Bof A Merrill L nch French Government Index tracks the erformance of Euro denominated soverei n debt ublicl issued b the French


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36/36

Announcements

We castNews

JeffSherman July9,2013

1:15pmPDT/4:15pmEDT

LuzPadilla July23,2013merg ng ar e s xe ncome

1:15pmPDT/4:15pmEDT

JeffreyGundlach

September

10,

2013

o a e urn ore xe ncome

1:15pmPDT/4:15pmEDT

ToReceivePresentationSlides:

You

can

email

[email protected]

35

Documents

6-27-13 JEG Market Update