Gundlach, wary of pricey market, sets cap on DoubleLine's growth

New York

JEFFREY Gundlach sees too much of a good thing - in financial markets and in his industry - and he wants no part of it.

The co-founder and chief executive officer of DoubleLine Capital LP says risky assets such as junk bonds and emerging-market debt are overvalued. He's reducing those positions in DoubleLine funds and investing more in higher-quality credits with less sensitivity to rising interest rates, mindful that doing so may mean he gives up some performance for a while.