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Strategies1

Fixed Income Asset Allocation
Description
Benchmark
Core Plus Fixed Income
Seeks maximum current income and total return through active asset allocation across fixed income sectors. Active asset allocation is paramount in our efforts to mitigate risk and achieve better risk-adjusted returns. The strategy can be more or less aggressive per client mandate.
Benchmark: Barclays U.S. Aggregate Bond Index
Flexible Income
Seeks long term absolute return, high current income and capital appreciation through active asset allocation across global fixed income sectors using duration management based on the manager's view of, among other things, future interest rates and market conditions. Duration can vary from 3 to 10 years
Benchmark: Not managed to a specific benchmark. Targets Libor +250 basis points
Long Duration Total Return
Seeks long-term total return through active asset allocation using the traditional Liability Driven Investing (LDI) asset classes, U.S. Government and U.S. Corporate securities, but differentiates itself by adding long-term agency mortgages to that mix. The advantage to adding mortgages is to potentially add alpha with lower volatility and higher credit quality in comparison to corporate bonds, but also cut down on overall credit exposure.
Benchmark: Barclays Long U.S. Government/Corporate Index
Low Duration
Seeks current income with reduced volatility. Incorporates active asset allocation across fixed income sectors using short duration securities including a mix of both fixed and floating rate products while maintaining a balance between credit and interest rate risk.
Benchmark: BofA/Merrill Lynch 1-3 Year U.S. Treasury Index
Opportunistic Core Plus Fixed Income
Seeks maximum current income and total return through a more aggressive active asset allocation approach across fixed income sectors while trying to mitigate risk and achieve better risk-adjusted returns. The strategy maintains a higher targeted alpha and tracking error.
Benchmark: Barclays U.S. Aggregate Bond Index
Total Return Tactical
Seeks to maximize total return across fixed income sectors while maintaining active risk management constraints. The strategy has two primary drivers of alpha: 1) Actively manages the risk exposure by changing the mix between government and credit. The credit component is diversified across fixed income sectors. 2) The strategy maintains a lower duration than the benchmark.
Benchmark: Barclays U.S. Aggregate Bond Index
Sector Specific Fixed Income
Description
Benchmark
Emerging Markets Fixed Income
Seek high total return from current income and capital appreciation. The strategy is typically concentrated in U.S. dollar-denominated securities and favors corporates over sovereigns. We believe the corporate sector is a secularly improving credit story and is slightly more insulated from global unrest vs. sovereigns.
Benchmark: JP Morgan Emerging Markets Global Diversified Index
Floating Rate
Seeks a high level of current income by investing primarily in floating rate loans and other floating rate investments while diversifying across industries and issuers. Preservation of capital stands and satisfaction of credit and valuation criteria comes before incremental yield.
Benchmark: S&P/LSTA Leveraged Loan Index
Global Bond
Seeks to generate strong risk-adjusted returns from the global bond markets. DoubleLine believes that combining bond and currency investments across countries creates a well diversified portfolio that can take advantage of different market, business and economic cycles
Benchmark: Citi World Government Bond Index (WGBI)
Global Infrastructure
Infrastructure debt has low correlation to other fixed income assets and can lower overall portfolio volatility while potentially delivering incremental yields in a fixed income portfolio. It's an asset class with growing investor demand. It's supported by strong underlying fundamentals and defensive attributes that are attractive. Projects provide essential services and can include, airports, toll roads, power plants, renewable energy, etc.  Client customization available.
Benchmark: Not managed to a specific benchmark
Strategic MBS
Strategic MBS is a best ideas mortgages 100%. The team believes that the most reliable way to enhance returns is to exploit inefficiencies within the subsectors of the MBS market while maintaining active risk management constraints.
Benchmark: Barclays U.S. Aggregate Bond Index
Total Return
Seeks to maximize total return across fixed income sectors while maintaining active risk management constraints. The strategy has two primary drivers of alpha: 1) Actively managing risk exposures by changing the mix between government and credit which have potentially off-setting risks. Historically the strategy has used mortgages for both government and credit components because mortgages offer homogenious fundamentals. 2) Duration is actively managed and mainted lower than the benchmark.
Benchmark: Barclays U.S. Aggregate Bond Index
Equities
Description
Benchmark
Shiller Enhanced CAPE
Seeks total return which exceeds the benchmark index. The strategy maintains a core portfolio of debt instruments that focuses on global fixed income sector rotation while simultaneously obtaining exposure to the Shiller CAPE® US Sector TR USD Index. The rules-based index aims to identify undervalued sectors based on a modified CAPE® Ratio which then uses a momentum factor to mitigate the effects of potential value traps. By using both a value indicator and a momentum indicator, the Index aims to provide more stable and improved risk adjusted returns.
Benchmark: S&P 500
Commodities
Description
Benchmark
Strategic Commodity
Strategic Commodity2 will maintain a core long-commodity biased weighting while tactically allocating to the long-short dollar-neutral commodity strategy when a long-only strategy may not be as attractive. The long commodity positions are focused on commodities that have historically exhibited the highest degree of backwardation while the long-short strategy utilizes fundamental signals to determine its allocation. The long bias will make up 50-100% of the strategy allocation while the opportunistic long/short will comprise 0-50%.
Benchmark: Bloomberg Commodity Index
Global Macro
Description
Benchmark
Multi-Asset Growth
Seeks long-term capital appreciation with an absolute return focus. The strategy provides a flexible global asset allocation framework that has three goals: capital appreciation, avoidance of catastrophic capital loss, and exploitation of market volatility. DoubleLine best Ideas Global Macro strategy which invests opportunistically in Commodities, Currencies, Equities and Fixed Income.
Benchmark: Blended Benchmark3
Alternative Investment Strategies
Description
Benchmark
Opportunistic CRE Debt Strategy
Seeks to generate stable current income while preserving capital through investments on a leveraged basis in a diversified portfolio of debt investments, or participations therein consisting primarily of first mortgage loans on commercial real estate; CMBS, including CMBS B-Pieces; subordinated commercial mortgage loans, including B-Notes; and mezzanine loans secured by equity interests in commercial real estate. The strategy intends to utilize leverage to enhance returns on its loan origination and acquisition investments. Four year investment period from final closing date.
Benchmark: Barclays U.S. CMBS Index
Opportunistic Income – Fixed Income
Seeks maximum current income and total return. Strategy known as Jeffrey Gundlach's "Best Ideas" fixed Income strategy. Historically the strategy has been concentrated heavily in Mortgages but invest opportunistically. The strategy employs leverage. Monthly liquidity with 45 days notice.
Benchmark: Barclays U.S. Aggregate Bond Index
Opportunistic Income – Global Macro
Best Ideas Global Macro strategy is a "go anywhere, do anything" investing mainly across Equities but can invest in Fixed Income, Commodities and currencies. Aggressively allocates opportunistically. Can employ leverage.
Benchmark: Not managed to a specific benchmark
  1. Subject to change. For illustrative purposes only. Not meant to be a solicitation to buy or sell any security. Strategies listed do not include all DoubleLine strategies. Those represented are the more popularly requested strategies. All strategies can be customized to meet client mandates. More information about these strategies is available on DoubleLine’s Form ADV and upon request. DoubleLine Capital is the LP on all strategies unless otherwise noted.
  2. DoubleLine Commodity LP strategy.
  3. Blended benchmark is maintained by DoubleLine and consists of 60% Barclays U.S. Aggregate Index, 25% MSCI ASCI and 15% SP GSCI. The Barclays U.S. Aggregate Index represents securities that are SEC-registered, taxable and dollar-denominated. The index covers the U.S. investment grade fixed income bond market, with index components for government, credit, mortgage pass-through securities and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. The Standard & Poor’s Goldman Sachs Commodity Index Total Return series is recognized as the leading measure of general commodity price movements and inflation in the world economy, comprising of several sub-indices including commodity sectors, single components, as well as, thematic baskets such as Biofuel and Petroleum. It is calculated primarily on a world production weighted basis and is comprised of the principal physical commodities that are subject to active, liquid futures markets. The Morgan Stanley Capital international All Country World total Return Index represents both the developed and the emerging markets for a particular region with gross dividends reinvested for 49 markets. It measures the market performance including price performance and income from dividend payments. It reinvests dividends in the indices the day the security is quoted ex-dividend. You cannot invest directly in an index.

Managed by DoubleLine Capital L.P. unless otherwise noted.
Shiller Enhanced CAPE is managed by DoubleLine Capital LP.
Other equity strategies are managed by DoubleLine Equity LP.

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