Gundlach says 'excellent time' for a partial shift into emerging markets

NEW YORK (Reuters) – The recent turbulence in emerging markets marks an “excellent time” for a partial shift into the sector for investors who have avoided the group all year, Jeffrey Gundlach, chief executive of DoubleLine Capital, said on Tuesday in an investor webcast.

FILE PHOTO: Jeffrey Gundlach, CEO of DoubleLine Capital LP, presents during the 2018 Sohn Investment Conference in New York City, U.S., April 23, 2018. REUTERS/Brendan McDermid

Gundlach, known as Wall Street’s “Bond King,” said the sell-off in emerging markets, stemming from Argentina and Turkey, has produced opportunities not seen in years. Emerging market dollar bonds are now yielding more than U.S. high-yield bonds, he said.

“I think it is excellent time – if you haven’t been in emerging market bonds or high-yield bonds – to contemplate at least a partial shift based upon the level of the dollar and valuation,” Gundlach said.

Reporting by Jennifer Ablan; editing by Jonathan Oatis

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