Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
DoubleLine Capital sees securitized products offering compelling income in a higher-for-longer rate environment. Agency MBS outperformed Treasuries in Q2 with spreads at 107 bps, supported by strong demand and anchored prepayments. Record ABS issuance driven by digital infrastructure and AI financing reinforces the investment case. While broad spread tightening is limited, attractive carry and disciplined security selection across higher-quality assets position portfolios for resilient performance.
Full Quick Take
DoubleLine Capital sees securitized products offering compelling income in a higher-for-longer rate environment. Agency MBS outperformed Treasuries in Q2 with spreads at 107 bps, supported by strong demand and anchored prepayments. Record ABS issuance driven by digital infrastructure and AI financing reinforces the investment case. While broad spread tightening is limited, attractive carry and disciplined security selection across higher-quality assets position portfolios for resilient performance.
The Easterly Income Opportunities Fund outperformed its benchmark in Q4 2025, returning 1.93% net. The fund is actively rotating assets from CMBS into RMBS and high-multiple structured notes to position for continued interest rate curve steepening.
Full Quick Take
The Easterly Income Opportunities Fund outperformed its benchmark in Q4 2025, returning 1.93% net. The fund is actively rotating assets from CMBS into RMBS and high-multiple structured notes to position for continued interest rate curve steepening.
The Easterly Income Opportunities Fund (JSVIX) delivered a conservative 1.92% return in Q3 2025, slightly lagging its benchmark. The manager has raised cash and Treasuries to ~20% of the portfolio to navigate localized credit distress in subprime auto ABS and office CMBS.
Full Quick Take
The Easterly Income Opportunities Fund (JSVIX) delivered a conservative 1.92% return in Q3 2025, slightly lagging its benchmark. The manager has raised cash and Treasuries to ~20% of the portfolio to navigate localized credit distress in subprime auto ABS and office CMBS.