Bloomberg reports that Jeffrey Gundlach’s hedge fund has gained 28 percent since its Sept. 1 start, driven by bets on mortgage-backed securities, according to an investor briefed on the returns.
The DoubleLine Opportunistic Income Fund, which invests in fixed-income securities, is up 16 percent through the first half of the year, net of fees, said the investor, who asked not to identified because the information is private. The Los Angeles- based fund gathered $566 million in investor deposits as of June 14, according to filings with the U.S. Securities and Exchange Commission.
Gundlach, 51, embroiled in a legal dispute with TCW Group Inc. since the Los Angeles-based company ousted him in December 2009, has built a $12.5 billion firm with President Philip Barach in less than two years by outperforming many rivals, including the TCW Total Return Bond Fund (TGLMX) run by his former employer. TCW sued Gundlach soon after he started his new company, claiming he stole trade secrets. The case is scheduled for trial later this month…..
http://www.bloomberg.com/news/2011-07-20/gundlach-hedge-fund-said-to-rise-28-on-mortgage-backed-bonds-since-start.html
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