In short: 15% of the portfolio — half the fixed-income sleeve in "my total return fund, which is very low risk. There's no corporate bonds in it, let alone AI bonds" — extremely high credit quality with a decent yield; the safe end of his barbell.
DoubleLine's long-running flagship bond fund, mostly government-backed mortgage bonds. Gundlach stresses it holds no corporate bonds at all, so none of the AI borrowing he is worried about. It is the "safe" half of a barbell: 15% here for high credit quality and a decent yield, paired with 15% in riskier emerging-market debt.
10:32So you don't have 40% of your portfolio in AI. You have almost nothing. You're being as far away from that as you can. So everything that I'm recommending is completely separate from AI exposure. So that's the equities. In fixed income, I have 30% as well, but I say put half in my total return fund, which is very low risk.
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