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Monday, July 01, 2013|
More Apologies From Bond Fund Managers
The bond fund kings continue to focus on damage control after recent outflows have left the market looking grim. In addition to Bill Gross' campaign to convince investors that everything is alright with the world, Jeffrey Gundlach, manager of DoubleLine[profile] Total Return Bond Fund, has joined in.
Gundlach first apologized to investors in an interview with the WSJ for not anticipating the Fed announcement:
"I was wrong," Gundlach said, adding that he didn't anticipate the selloff in the bond market.In a Bloomberg story, Gunlach was returned to positivity, however:
“I do believe July will not be the same type of month,” Gundlach, chief investment officer of Los Angeles-based DoubleLine, said yesterday in a webcast for investors. “There’s profits to be made in the bond market between now and the end of the year.”Considering the damage done in the bond market recently, with bond funds losing 2.65 percent in June, Gundlach and Gross' optimism are striking. The bond market has stabilized however from the panicked state it experienced a couple weeks ago.
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