Here's Jeff Gundlach's full presentation on the end of the Trump trade and expensive stocks

The Trump reflation trade has peaked, according to DoubleLine Capital CEO Jeff Gundlach.

Gundlach held a webcast Tuesday on his firm's asset allocation strategy and broadly updated clients on his thinking about markets.

If the reflation trade is over, returns from investments that were tethered to an expected boost to inflation because of President Donald Trump's economic policies may be muted.

Gundlach sees inflation at 1.85% this year and does not think the 10-year yield will hit 3%.

Amid high stock valuations, Gundlach expects no more than a 5% gain in the S&P 500 unless sales rise.

Thanks as always to DoubleLine Funds for allowing us to run this presentation.