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PIMCO, DoubleLine, TCW big winners from Fed's QE3 assault
NEW YORK (Reuters) - The Federal Reserve's move to stimulate the economy by buying mortgage securities is proving to be manna from heaven for three of the biggest players in the bond fund business: Pacific Investment Management Company, DoubleLine Capital and TCW.
The three investment firms all manage mutual funds that loaded up on mortgage-backed securities well before the Fed announced last Thursday that it would start buying $40 billion in government-backed mortgage debt each month until there's a sharp improvement in the job market.
With U.S,hogan. Treasury yields at extraordinary low levels, bond investors like TCW, PIMCO and DoubleLine have migrated toward mortgage-backed securities as those securities not only provide higher yields but they perform well when interest rates are stable.
It is TCW's flagship fund that is outperforming the ones managed by PIMCO co-founder Bill Gross and DoubleLine founder Jeffrey Gundlach - the two money managers seen as the reigning kings of the bond investing world.
The $7.4 billion TCW Total Return Bond Fund, which has more than 80 percent of its assets invested in mortgage-backed securities, is up 10,borse prada Terms of Use for SFGate San Francisco.68 percent for the year.
The TCW fund is besting the 8.61 percent year-to-date return for the $272.5 billion PIMCO Total Return Fund - the world's biggest bond fund - and the 7.89 percent return posted by the $32 billion DoubleLine Total Return Bond Fund.
In the week since the Fed's announcement of new round of bond buying, known as quantitative easing,hogan outlet, Lipper reports that the TCW fund has gained 0.59 percent, while PIMCO has gained 0.565 percent and DoubleLine 0.53 percent,hogan.
Bond industry experts say the funds that may generate the best returns are ones with heavy exposure to so-called "private label" mortgage-backed securities, as opposed to mortgage debt backed by government-sponsored mortgage agencies Fannie Mae and Freddie Mac.
These private label mortgage securities have no government guarantee of principal repayment,moncler 2012, which distinguishes them from mortgage securities supported by Fannie Mae and Freddie Mac. The mortgages that back private label securities do not have the support of the government and as a result carry default risk, also called credit risk, a hazard absent in securities backed by the U.S. government.
Examples of private MBS securities include those issued by Wells Fargo,louis vuitton outlet, Goldman Sachs and New Century. Some private label securities are backed by prime loans while others are backed by subprime or alt-A loans.
The Fed's move might already have the unintended consequence of driving investors into private mortgage bonds because the central bank's action to buy government agency-backed mortgage debt is seen as driving down yields on bonds issued by Fannie and Freddie more than it will affect yields on mortgages securities that aren't backed by the agencies.
And with the housing market showing signs of recovery, managers say there's less risk for an investor in being more heavily weighted in mortgage-backed debt that isn't issued by Fannie or Freddie.
Government-backed mortgage debt has returned about 2,Moncler Outlet.48 percent through July and currently yields between 1.5 percent to 2.25 percent, according to data provided by Angel Oak Capital, a $900 million investment firm that specializes in bond investing. Meanwhile, non-government-backed mortgage debt has returned 15.45 percent and currently yields between 5.0 percent and 6.5 percent.
Bryan Whalen, a co-manager of the TCW Total Return fund,hogan sito ufficiale, said the lower rates on agency mortgage securities will eventually "push investor dollars" into the riskier non-agency mortgage securities.
"Over the long-term we still believe in the value of non-agency RMBS (residential mortgage-backed securities) and expect it to be a strong driver of performance,Mario Monti John Lloyd," said Whalen, who co-manages the fund with managing director Mitch Flack and Tad Rivelle, the firm's fixed income chief investment officer,scarpe hogan.
The TCW fund has about 34 percent of its assets in non-government-backed mortgage debt and 47 percent of its assets in government-backed mortgage securities.
"Without a doubt, agency MBS yielding less than 1.5 percent should be avoided and instead, investors should focus on private label distressed MBS,louis vuitton borse," said Tom Sowanick, co-president and chief investment officer at OmniVest Group LLC in Princeton, New Jersey.
FED'S SUGAR BOOST
The Fed is hoping that by purchasing agency-backed mortgage securities, it will push home mortgage rates down even further and provide an extra jolt to the housing market and the U.S. economy. Money managers say the impact of the Fed action on the economy is uncertain but some funds were buying up mortgage debt in advance of the announcement, which had been speculated on for months.
"Just with regards to last Thursday and Friday, it was probably more of an agency MBS story," Whalen said. But he said over the course of the year, "the large majority" of the fund's returns has come from its portfolio of non-government-backed mortgage securities.
The top performing fund since the Fed announcement is the Morgan Stanley Mortgage Securities Trust fund,Moncler cappotti, which has risen 0.62 percent and has about 72 percent exposure to government-backed mortgage securities.
Sheila Huang, the manager of the Morgan Stanley fund,意件和病毒, which has about 23.5 percent of its holdings in non-government-backed mortgages, said privately issued debt "may end up being the better performing sector going forward."
Brad Friedlander, the head portfolio manager of the Angel Oak Multi-Strategy Income Fund, said the yields on non-government-backed bonds boast are "still glaringly high." The $275 million fund is up 19.74 percent this year and has nearly 80 percent of its holdings in privately issued mortgage debt.
Friedlander said the Fed's stimulus "is just broadly beneficial to the housing market, and anything that's beneficial to housing typically will be beneficial to non-agencies."
(Editing by Matthew Goldstein, Jennifer Ablan and Steve Orlofsky)
Fifteen years ago today, on September 4, 1997, Dell stock closed at $86.69 per share; on a split-adjusted basis,hogan uomo, that works out to $10.84 per share today. The stock peaked at almost 5 times that level, in March 2000, but it’s not looking quite so hot any more: it’s now back down to $10.52 per share.
Over the course of the intervening 15 years, Dell has been solidly profitable, and in fact reached record earnings per share of $1.87 in 2011. It has never had an unprofitable year,Moncler Outlet, and the company’s total earnings since 1997 (if you exclude 1997′,Railway Minister India Insight;s earnings but include the $1.68 in 2012) total $15.40 per share.
How is it possible that Dell has earned more than $15 per share since 1997, has never lost any money, has never paid a dividend, and is now worth less than $11? The answer, of course, is :
Based on their annual 10K filings, from Fiscal Year 2005 to 2012, Dell has purchased approximately 989 million of its own shares at a cost of over $24bn Going back further to 1997 (through February 3, 2012), Dell has reportedly spent approximately $39 billion in share repurchases under a $45 billion repurchase program.
$39 billion is more than double Dell’s current market capitalization of $18 billion,Piumini Moncler, and it’s over a thousand times more than the $30 million that Dell actually raised from the market in its 1988 IPO,hogan sito ufficiale.
Dell, then, is an extreme example of a phenomenon that is actually typical of the market as a whole, which has net equity issuance of negative $287 billion in just the past ten years — and that’s not even counting dividends. Shareholders like to think of the stock market as a place where they fund companies with equity, take risks, and then reap returns. But in reality shareholders take out much more than they put in.
Every company says it wants buy-and-hold shareholders, who will stick with the firm for the long term. But a buy-and-hold shareholder in Dell is looking particularly idiotic right now. If you bought 15 years ago at $10.84, you should expect to have at least $15.40 in value at this point: after all: that’,giubbotti Moncler,Will Obama refer to Kashmir in public in India Pakistan Now;s how much the company has made since then. Instead,儿童安全, you have less than you started with,scarpe hogan. And all the extra money went to fickle shareholders who sold their stock back to the company.
In principle, I quite like buybacks over dividends: they’re a way of returning cash to shareholders, without sticking those shareholders with possibly-unwanted income. In theory, shareholders who want income will sell some percentage of their shares back to the company and get income that way, while shareholders who don’t want income will see the value of their shares rise, thanks to the fact that there’s extra demand in the market and the fact that the free float is shrinking.
In practice,Moncler, however, as we can see with Dell, it doesn’t always work that way. The company ends up overpaying for its shares when the stock is high, thereby essentially taking money which belongs to all shareholders, and distributing it only to those who are exiting. As a result,hogan rebel, the most loyal and faithful shareholders can end up with less than they started with,moncler 2012, even when the company has been solidly profitable all along.
If things were sensible, a company could simply declare a dividend, and then the investors who didn’t want the income could just reinvest that dividend back into the stock. In the UK, we have things called scrip dividends which serve that purpose*: you basically get your dividend paid in stock rather than cash. If you want to sell that stock and take the dividend you can, but if you don’t, you don’t have to.
If Dell had gone for a scrip dividend rather than buybacks, then at least our hypothetical 1997 buy-and-hold investor would have more stock now than she had originally, and the past 15 years’ profits wouldn’t have disappeared into the pockets of the lucky few who sold high on the secondary market. Those people would still have made money on the movement of the stock; they just wouldn’t have taken profits from other shareholders.
As for Dell’s statement, justifying its lack of a dividend, saying that “our earnings are best utilized by investing in internal growth opportunities, such as new products, new customer segments and new geographic markets” — well, it doesn’t pass the laugh test. Dell has spent all of the money from its earnings — and then some — on stock buybacks, rather than on new products or new markets. And stock buybacks are never an “internal growth opportunity”,louis vuitton outlet;.
(h/t )
*Update: Many commenters, along with , have pointed out that scrip dividends are basically just fractional stock splits, and don’t return any cash to shareholders. From a behavioral-econ perspective, shareholders might be more willing to sell their scrip to get a dividend check than they are to sell some percentage of the shares that they hold in a non-dividend paying stock. But unless the scrip dividend is optional, it doesn’t get cash off a company’s balance sheet. And if it is optional, then the new shares count as income for tax purposes.
As everybody knows our national image is hit badly during preparation for the games. Almost every media house is covering minute happening at the village. Unfortunately Little attention has been paid to the other parts of Delhi,Moncler Outlet. No body has paid attention towards the people of Delhi and their sufferings during the preparation. The cooperation extended by Delhi including 30,Moncler Outlet,000 volunteers is still being ignored even after free services,Moncler cappotti. According to Mr. Mani Shankar 77,000 crores is being spent during this mega event. Do you think that this money can change the image and the looks of Delhi,moncler sito ufficiale?. if yes,louis vuitton,then compare the progress overall Delhi as of now,scarpe hogan. Our government actually woke-up late and started work in a hurried manner whether it’,louis vuitton outlet,Sovereign ratings aren’t very important Fel;s sub standard equipments,purchases of various kinds raw material etc. Red tape played a vital role including every person involved. now comes the blaming policy and shifting the responsibility to other to save your skin from corruption.
who is responsible?
Chairman of OC says he is ready for the inquiry and also states that he deserves the appreciation Award also if not found guilty. he is ready with answers for the future inquiry which he is anticipating. Similarly others are also ready the same way,hogan sito ufficiale, and we would be fooled again and as the time passes people would forget it and politicians will start-up the new process to convince the masses again. This happens every time in our country,moncler 2012. Our attention is always diverted to other issues,hogan,Noise rating.
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And I always think that’s kinda dumb.? Why say the same thing that every other person says, when you could be asking,longchamp,prada scarpe,air jordan femme, “What were you drinking?”? Because the odds of a middle-aged film critic being a crack addict are very slim. But the odds of any newspaper writer, in general,polo lacoste, being an alcoholic . . . actually, those odds might be better than even.
So, as an expert on Scotch, having written one review, I received in the mail a few weeks ago,Political Animals,sac longchamp,sacs longchamp pliage, a bottle of The Glenrothes 1995 Single Malt Scotch, which is being released on January 25th, in honor of Burns Night (as in Robert Burns).? The Glenrothes don’t have any set age at which they release their Scotch.? They just wait until it’s right, and this Speyside single malt tastes right to me.? Flowery, with a honey quality, very different from the smoky, peaty Scotches I usually like.? So I’d recommend it to discerning Scotch aficionados.
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1. Town Hall
342 Howard St. (at ): Drawing from both California and New Orleans cuisine, Town Hall serves up lunch entrees including a seafood etouffee and buttermilk fried chicken for dinner among exposed brick walls and ornamental chandeliers. Desserts include a butterscotch and chocolate pot de crème. (415) 908-3900. .
198 Second St. (at Howard): As the name implies,peuterey prezzi,air jordan,prada, the Umbrian region is the focus of the food here. Dishes include the lasagna alla belinelli - an oven-baked lasagna made with a bechamel sauce,vuitton,gucci borse prezzi, a tomato meat sauce and parmesan and mozzarella cheeses - and the house-made gnocchi,prada occhiali,jordan, with a gorgonzola or fresh tomato basil sauce. (415) 546-6985. .
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Seven years ago, Books Not Bars started calling for closing California’s youth prisons. People laughed in our faces. Literally. Even reformers who agreed in private,jordan femme,outlet prada, thought we were foolish to call for shuttering the largest set of youth prisons in the Country.
Monday,chaussures air jordan, Governor Jerry Brown presented a plan to do just that. In the $12.5 billion in spending cuts was a proposal to close the Division of Juvenile Justice (DJJ) youth prisons by 2014.
This is not merely a victory of activists and politicians. The real champions are the mothers, fathers,gucci borse prezzi WINEMAKERS TO WATCH Milliken C,air jordan pas cher, grandparents, aunts and uncles that would not give up on their children or our state. Families who knew that by closing youth prisons we could open real opportunities for California’s youth. Families that pushed us to look at what other states had done. States such as showed there was a better way to invest in youth,jordan, families and communities,sac longchamp pas cher,borse prada, while decreasing crime at the same time. Bringing together families of incarcerated youth gave Books Not Bars the power and the resolve to push for closing this costly and abusive system.
Over the next few months, the Governor’s budget will be analyzed and debated. Strong opposition to the closure of DJJ will be an obstacle for sure. However, the mere fact that Governor Brown’s budget includes the closing of the DJJ prisons means that the tide has turned- politicians are starting to realize what our families have known for years — dumping youth in prisons doesn’t make us safer. And we hope this turning tide will also lead California to examine its relationship to all prisons,jordan,Cloud storage era Microsoft SkyDrive PK SkyDrive a, and break our addiction to lock ‘em up policies that do little to invest in people or increase public safety.
Whether this budget cycle is the nail in the coffin for the notorious DJJ,prada occhiali,longchamp, or it happens next year or the year after that,air jordan pas cher,polo femme Orpheum Theatre, San Francisco - SF Gat, this is a historic moment in our work and for California. In a span of just seven years, Books Not Bars has shifted the way our state looks at its youth and youth prisons.
When we first began,sac longchamp,jordan,longchamp pas cher, we were just a handful of families meeting on the weekends. Our early days were marked with unthinkable tragedies. On Martin Luther King Day in 2004,polo femme, two young men hanged themselves in the youth prison cell they shared. Allen Feaster and Fonda Whitfield lost their sons that day. With us, they turned their tragedy into powerful appeals for change. “Look at his death as a new beginning,” Mr. Feaster told lawmakers, as he urged them to close the abusive youth prisons. Sadly, that year at least two other young people- Roberto Lombana and Dyron Brewer died within the walls of the DJJ dungeons.
Families held vigils across California, and traveled to Missouri to see the national juvenile justice model for themselves. Mothers and fathers wept when they saw the type of treatment their children could have had- treatment that could actually rehabilitate and help their kids turn their lives around. They returned to California newly determined to bring the Missouri model home with them.
A huge movement forward in this work came with the Farrell vs. Cate case championed by our allies at the Prison Law Office. Through the case, report after report documented the abuse, violence and neglect of the youth prisons. At the end of the case,gucci borse prezzi,sac longchamp, the DJJ (at the time known as the California Youth Authority) signed a ,sacs longchamp pliage,ralph lauren, agreeing to remedy serious on-going problems with conditions in the system. The case and its reports affirmed what we already knew- the system was failing our youth and was overdue for major change.
In 2005, we released , a film that documents the horrors of Californias youth prisons and features family activists and experts alike calling for the Missouri model to replace the youth prisons. The movement to transform the DJJ grew as the solution to our ineffective system became clearer.
Since 2004, Books Not Bars has trekked to Sacramento each year with proposals to shrink DJJ and, later,longchamp, replace it with effective alternatives that would save the state hundreds of millions of dollars to spend on schools and much needed services. Our efforts mean that the youth prison population in California has shrunk by 60%,moncler pas cher, which makes the current budget proposal even more feasible.
In 2007, Assemblymember Sally Lieber introduced our proposal as a groundbreaking bill to shut down the DJJ and direct the millions spent on ineffective,polo lacoste pas cher LV Louis Vuitton LV handbags leather w,ralph lauren pas cher,air jordan, abusive prisons to counties who could do the same job better and still save the state money. That year, the Governor also proposed to keep low-risk, low-need youth at the county level,polo ralph lauren pas cher Two kitchen log two hutch's blog, rather than lock them in the DJJ and to ensure family connections could be maintained. Some called our closure bill rather radical, but we pushed and got through one committee. That was far enough to help the Governors more modest plan succeed.
The next year, . We started seeing non-partisan reports that recommended closing DJJ altogether. We were no longer the only voices calling for this bold change. In 2009, we launched a campaign to target , and later that year officials announced the closure of Stark youth prison. And right before the end of 2010, - the oldest and most remote facility- were announced.
And now,prada occhiali 4 more homers as A's sweep Twi, the next great opportunity is upon us. Governor Brown is taking a bold step towards a California that invests in its youth instead of locking them up. Books Not Bars will continue to share the stories,chaussures air jordan, statistics and solutions that clearly demonstrate that the and we hope a broad movement of Californians will stand with us. This current milestone,nike air jordan,borse prada,jordan, and the seven years of the Books Not Bars movement,polo ralph lauren pas cher, prove that California’s future is one where we no longer lock kids up to languish in cells that make rehabilitation an impossible feat,sac longchamp, but rather where we invest in our youth and our communities so that everyone can live to their full potential. That future,polo lacoste pas cher, a State without the dungeons of the DJJ, looks bright.
On the one hand, tracking this damage is as difficult as everything else about this nightmare. Most real estate transactions take 30 days or more; and some of the Gulf States are non-disclosure states with no public record for sale prices of homes. However,outlet gucci, Trulia has made projections based on available data that,air jordan pas cher, literally and figuratively,sacs longchamp pliage, show trouble in the water.
Rental Market
Many of the homes in areas impacted by the spill are second homes and vacation rentals. Many vacation renters have flat-out canceled their plans to travel to the area out of a concern that it may not be safe (or fun) to vacation in the Gulf this summer. Ironically,polo ralph lauren Falkirk Cultural Center, San Raf,cheap louis vuitton, the short-to-mid-term rental market is still booming in many of the markets nearest to the spill impact, because cleanup crews are renting the units.
Homes for Sale
We can look to the property value impact of other natural disasters like Hurricane Katrina to know that an obvious relationship exists here. However,louis vuitton shoes, the Deepwater Spill is inherently different: so far, there’s no actual damage to the homes themselves, per se. The damage is actually to the desirability of the location,polo lacoste, at this point. But in real estate, location is everything. In some ways,air jordan, the 1989 Loma Prieta earthquake might be more instructive. Although the earthquake caused $6 billion in actual property damage, the lingering perception of the area as less desirable caused billions more in reduced home values. Of course,louis vuitton outlet, today, that disaster and the very real fact that another one could come at any time seem to have little negative effect on property values.
But the Gulf could be different, since the damage is not only continuing right now, but will have a long lasting effect that simply cannot be predicted. A number of real estate brokers and agents in the Gulf area report that many purchase contracts are being canceled,borse prada,doudoune moncler,jordan, because no one knows whether the beach will be oily in some places,polo femme,ralph lauren femme Jeep pickup Top Down Auto Blog, or how long/how seriously it will be impacted in others. One agent says she went “from closing 25 transactions per month to zero!”
Ultimately, until the spill is contained, we can’t expect a better read on its impact on industry and livability over the long term. For right now though,jordan pas cher, it has essentially caused a standstill in actual home sales. The sole exception? Lots of new homes on the market. Sadly, the listings come from desperate homeowners trying to divest and get away.
UPDATED 7:28 p.m.:,outlet prada No mercy,nike air jordan,ralph lauren pas cher San Francisco Giant Home Dec,outlet prada,air jordan, indeed. The heavyweight Junior Dos Santos/Cain Velasquez fight ends with Dos Santos knocking out Velasquez after just over a minute in the first round. I would say that was the second-worst case scenario with UFC’s historic first fight on network TV. (Worst case scenario by far was a gruesome injury.)
UFC president Dana White can be a bit of a gambler,Jordi Alba, but he isn’t stupid. UFC is locked in for the long haul with Fox. This is a moderately disappointing outcome, which will be mostly forgotten in 2012 when the next main event — this time with several fights on the undercard — plays on Fox. There’s also , which is pay-per-view,outlet gucci, but will keep the hard-core fans looking forward.
Beyond the forgettable fight,prada occhiali, most of the first UFC on Fox was well done. The broadcast team did a good job of keeping things simple for new fans, and then airing two mini-documentaries that revealed Dos Santos and Velasquez as introspective,air jordan femme,[ Of TPEE ] TPEE price TPEE query TPEE manufacture,ralph lauren pas cher,nike air jordan, humble and intelligent people. My UFC-averse wife was riveted, and ended up watching the fight with me.?Velasquez’ apology to fans after the fight also showed class. Even if the fight was a letdown,air jordan femme, the broadcast did its job in breaking some false stereotypes about mixed martial arts. (I wasn’t looking hard,jordan, but didn’t see one Affliction T-shirt in the crowd. Commentator/interviewer Joe Rogan was 20 percent more subdued than usual,lunette ray ban pas cher IMG2758 Kulengzhizun thunder 470-ZO, and ironed his shirt.?And the only knucklehead on camera was former heavyweight champ Brock Lesnar in the broadcast booth,jordan pas cher,polo ralph lauren pas cher, who seemed bitter and repetitious.)
Other thoughts? Since I’m the pop culture critic at the Chronicle,outlet prada, I’m always going to talk way too much about entrance music. And Junior Dos Santos’ choice of the “Rocky” theme was just odd — it was like watching NHL players do their skatearound to John Fogerty’s “Centerfield.” ?… It was fun to see who was following this fight on Twitter. I read UFC tweets by everyone from ESPN’s Bill Simmons to KTVU traffic reporter Sal Castaneda. I thought Simmons had the best line of the night: “UFC loses its network virginity to Fox and it’s over in under 90 seconds. Just like real life,ralph lauren femme!”
As everybody knows our national image is hit badly during preparation for the games. Almost every media house is covering minute happening at the village. Unfortunately Little attention has been paid to the other parts of Delhi,Moncler Outlet. No body has paid attention towards the people of Delhi and their sufferings during the preparation. The cooperation extended by Delhi including 30,Moncler Outlet,000 volunteers is still being ignored even after free services,Moncler cappotti.
According to Mr. Mani Shankar 77,000 crores is being spent during this mega event. Do you think that this money can change the image and the looks of Delhi,moncler sito ufficiale?. if yes,louis vuitton,then compare the progress overall Delhi as of now,scarpe hogan.
Our government actually woke-up late and started work in a hurried manner whether it’,louis vuitton outlet,Sovereign ratings aren’t very important Fel;s sub standard equipments,purchases of various kinds raw material etc. Red tape played a vital role including every person involved. now comes the blaming policy and shifting the responsibility to other to save your skin from corruption.
who is responsible?
Chairman of OC says he is ready for the inquiry and also states that he deserves the appreciation Award also if not found guilty. he is ready with answers for the future inquiry which he is anticipating. Similarly others are also ready the same way,hogan sito ufficiale, and we would be fooled again and as the time passes people would forget it and politicians will start-up the new process to convince the masses again. This happens every time in our country,moncler 2012. Our attention is always diverted to other issues,hogan,Noise rating.
Would you forget?