DoubleLine | 2026 mid-year investment outlook: Global multi-sector fixed income

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[2026 mid-year investment outlook: Global multi-sector fixed income]

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[Featuring Jeff Mayberry, Portfolio Manager, DoubleLine]

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Jeffrey Mayberry, a portfolio manager at DoubleLine.

2026 has been a volatile year, to say the least, or at least so far. And certainly there's a lot of geopolitical risk out there. What we've been calling ‘headline ping pong’, where the war in Iran either seems to be over every weekend and then flares up and markets sell off, and oil goes up during times of more active military action. But financial markets have kind of looked through the short -term turmoil there, and the global fixed income assets have done very well. The kind of riskier side of things have done very well. So your high yield has done very well for the first part of the year. Your securitized credit has done very well. Things that are kind of a little bit more isolated from the noise of the war in Iran. And then given the outlook and the fact that maybe the Federal Reserve isn't going to be cutting interest rates like the markets have predicted, the floating rate assets have done very well, such as CLOs and bank loans. So overall your kind of riskier side of things did very well. And your flight-to-quality such as your US governments and your agency mortgages were, though positive on the year, are kind of laggards in there.

I think that in the going forward for the rest of the year, while the US economy still looks very strong, I think risky assets will continue to do well. And that really when you're looking at it, because we've weathered the volatility that we've had so far this year in 2026, I see no reason for that to change for the second half of 2026.

We're taking a ‘steady as she goes’ approach to our asset allocation process. We've made a few changes in the first half of the year. I think that we'll continue to make a few changes in the second half of the year. But generally our theme is to be up in credit, not necessarily to be moving into your ‘flight to quality’ sectors, but because spreads are so tight, credit curves are so flat, that it makes sense to buy up in credit. So buy your AAA credit rated securities and sell your single A credit rated securities because their spreads and yields are very similar. It makes sense to be a little bit on the safer side of things. Certainly looking at the outlook with the Fed pricing in no cuts for the for the rest of the year—though, when Kevin Warsh has his first meeting, we'll have to see how that plays out—but really when we're looking at it, we see kind of a ‘steady as she goes’ approach. The US economy seems pretty strong. Second quarter GDP estimated right now to be around 3%. So really we're just trying to be at a place where we are taking a little bit of duration risk. So we're two years duration. But try to avoid the longer end of the curve, because that's really where you're seeing the inflation hitting that side of the US Treasury market, given the fact that oil is up a lot, 50% or so from the beginning of the year, hitting that inflation side of things and really putting pressure on the longer end of the yield curve across the globe. And so when you look at it: stay short duration, be ready to move and be up in credit, take advantage of some opportunities, and I think we're positioned very well for that type of outlook.

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[The information contained in this material are the views of DoubleLine® and compiled by CIBC Global Asset Management. CIBC Global Asset Management does not undertake any obligation or responsibility to update such opinions. This video was created on 07/20/2026.

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