jeff gundlachCEO and CIO of DoubleLine Capital Jeffrey GundlachREUTERS/Eduardo Munoz
DoubleLine Funds CEO Jeff Gundlach says it's time to be defensive on bonds.
On Thursday, Gundlach gave his quarterly webcast on markets and the economy titled "Turning Points."
He believes that interest rates have bottomed. And while he declined to give a specific forecast for the 10-year yield at the end of 2016, he said it would likely be higher. 
On US corporate bonds, Gundlach said they are "highly overvalued," and recession and default risks make them an unattractive asset class. An investor looking to take credit risk would be better off in emerging markets, he said. 

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