DoubleLine | 2026 investment outlook: Global multi-sector fixed income
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[CIBC Asset Management]
[DoubleLine]
[2026 investment outlook: Global multi-sector fixed income]
[Renaissance Flexible Yield Fund]
[Featuring Jeff Mayberry, Portfolio Manager, DoubleLine]
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My name is Jeff Mayberry. I'm a portfolio manager at DoubleLine. I've been working with the team for 26 years, and I focus mostly on our fixed income asset allocation products.
Our outlook for 2026 is one where we're at a weird point in the market where the market is trying to decide whether going into a recession in the US or we're not. And if we're not, then you want to be in risk, heavier assets, and things that are going to do well in that type of market environment.
But also you want to be have the fight-to-quality, the flight-to-safety assets like US treasuries and agency mortgages, so that if the US does go into recession and we're about a 50/50 probability of that happening in 2026, you have something that's going to do well that can offset the rise in risk asset spreads. And also be at a place where you can use those assets that have that will have gone up as a way to have dry powder to invest in those assets.
So keep an eye on the US economy, keep an eye on the US labor market. And that's really going to be the key towards whether risk asset spreads widen out over 2026 or they tighten. I would kind of weigh us equally in both camps and really trying to position the portfolio to take advantage of that.
The portfolio is positioned today in a way to take advantage of our outlook in terms of whether we're going into a US recession or not. And so you want to have two portions of your portfolio. One is your risk assets, where you're going to still do well and earn your income and earn your carry. In the scenario where the portfolio or the US economy continues to chug along and spreads grind tighter, your risk assets are going to do well.
Now. We don't want to go reach for yield. We want to lever up. We don't want to go down to very low credit quality assets, because those are the assets that are most exposed to the default risk and most exposed to the US economy. So you want to be a little bit up in credit in your risk assets, but also have a portion of your portfolio in your flight-to-quality assets, your U.S. treasuries and your agency mortgages, and you want to have that as your sleep at night portion of the portfolio.
So something that's going to do well, if the U.S. economy turns down and you can use those assets when they rally a lot, go up a lot and price sell those and buy the risk assets that have widened out a lot and really try to take advantage of that market opportunity. And so for us really trying to position the portfolio to take advantage of either scenario in the US economy — still earn, you know, higher than market yields and really try to be at a place where no matter what happens, the portfolio is going to do well over the next 12 months.
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[The information contained in this material are the views of DoubleLine and compiled by CIBC Asset Management Inc.
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This video was created on 01/15/2026. Past performance may not be repeated and is not indicative of future results.
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