2011年共同基金業五虎

DoubleLine核心固定收益基金

????基金經理：杰弗里?岡拉克

????交易代碼： DBLFX

????資產規模：10億美元

????美國中期債券平均回報率：5.5%

????今年迄今回報率：10.6%

????目前看好的投資：抵押支持債券（MBS）

????岡拉克一直在買進的MBS債券是那些大幅折價、收益率介于10%-11%之間、沒有得到房地美（Freddie Mac）等美國政府機構擔保的債券。

????毫無疑問杰弗里?岡拉克是今年市場中的大贏家。但2011年最讓他高興的或許是9月份贏得的一場官司。當時，洛杉磯法院判定他將從老東家TCW獲賠6,700萬美元；2009年他從TCW離職，引發了雙方你來我往的一場激戰?，F年52歲的岡拉克長期以來都是債券市場的明星。在離開TCW之前的十年，他管理基金的表現好于99%的同業。自從建起自己的新公司DoubleLine Capital之后，岡拉克也保持著良好的紀錄，新公司的資產管理規模已從2010年的70億美元飆升至今年的200億美元。

????走到哪里都惹人注目的岡拉克既有敏銳的智慧【他曾是耶魯大學（Yale）數學專業博士生】，也有在保守的債券基金世界中罕見的夸夸其談。他每天早晨6點開始在家辦公，然后開車前往位于洛杉磯市區的辦公室，一路上聽著聽眾熱線廣播?！翱赡苈犉饋碛行┋偪?，但我做得最有成效的一件事情就是聽熱線廣播，”他說，因為他從中學到了人們是如何傳播影響市場的消息。岡拉克的大部分時間都呆在DoubleLine的交易間里，公司有一半的交易都是他親自經手。

????他今年最大的押注是預計美國國債價格將上漲——大多數債券經理由于預計年底利率上升，錯過了這個獲利機會。他還進行了其他精明的投資。今年一季度，垃圾債券價格反彈后，他大幅縮減了基金對垃圾債券的配置；后來，垃圾債券果然出現了暴跌。而且，他也回避持有哪怕是一分錢的歐元計價債券。他說，他不打算購買任何歐元計價債券。

????最近，岡拉克一直在增持沒有美國政府擔保的冷門MBS債券。他說，這些債券的價格太便宜了，即便房地產市場繼續沒有起色，他也能賺錢。這聽起來不錯，因為他預計一段時間內債務問題還將繼續困擾美國經濟。他警告說：“平衡預算的努力很可能會導致再次出現經濟衰退?！?/p>

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.