The world’s biggest bond managers are betting housing debt that rallied as much as 41 percent last year will again beat other fixed-income investments in 2013 as the U.S. real estate recovery strengthens.

TCW Group Inc., Pacific Investment Management Co. and DoubleLine Capital LP are forecasting gains for mortgage bonds without government backing, including those tied to subprime loans, even after hedge funds and other investors piled into the market last year, reducing potential returns.