About DoubleLine

DoubleLine is an independent, employee-owned money management firm committed to helping you achieve your investment goals. We offer an array of investment strategies and vehicles backed up by a consistent and tested portfolio management team.

Led by CEO-CIO Jeffrey Gundlach, DoubleLine was founded in 2009 when Mr. Gundlach came to believe his goal of asset management excellence was not shared by owners of the firm that his team had built to prominence over the preceding 24 years.

• DoubleLine's Portfolio Managers have worked together for an average of 15 years and average 23 years of industry experience.
• This consistency bolsters our philosophy, strengthens our process and encourages active participation from all team members.
• The DoubleLine Portfolio Manager team has successfully navigated several market and credit cycles.

DoubleLine manages several types of investment vehicles:

Active management permeates all stages of the investment process. Starting with the top-down macroeconomic outlook, which influences sector rotation, yield curve positioning and credit exposures, to the bottom-up security selection, each step in the process is focused on finding the best reward-to-risk opportunities.

Jeffrey Sherman, CFA
DoubleLine Deputy Chief Investment Officer

DoubleLine strives to integrate risk management with the pursuit of excess return while not crossing the double yellow line of risk on the road to successful investing.

Cris Santa Ana
Chief Risk Officer, DoubleLine

Client Experience

Our goal is to deliver better risk-adjusted returns to the client. Achieving this objective depends, in part, on avoiding unnecessary risk. At times, this might require closing strategies when they have reached capacity.

DoubleLine believes it should not sacrifice returns for growth. We want our clients to have the best experience possible. We emphasize the importance of security selection, trade execution, portfolio construction and sector allocation while relying on the firm's personnel and systems.

DoubleLine is employee-owned, which speaks to the stability and accountability of the team, reinforcing the principle that our interests are aligned with those of our clients.

Investment Philosophy

DoubleLine was founded to offer investment services under a cardinal mandate: deliver better risk-adjusted returns. This mandate includes the avoidance of risk-taking that historically has led to principal losses. DoubleLine emphasizes the importance of security selection, trade execution, portfolio construction, sector allocation, resourcing of the firm’s personnel and systems and ultimately the firm's ownership structure. Employee ownership reinforces the stability of the investment teams and its accountability. No outside decision-makers stand between the teams and our valued clients. In fact, the name “DoubleLine” voices our investment philosophy: like a careful motorist on a winding mountain road, the manager must not cross the double line into the oncoming lane of risk.

Investment Process

DoubleLine portfolio management teams maintain a consistent philosophy and process. While we adapt investment processes to the particulars of asset class and strategy, the following general principles guide our investment groups:

• All investments need to start with risk analysis, not the traditionally taught benchmark comparisons. The key is how investment risks relate to each other across a portfolio, not how investments compare to benchmarks. DoubleLine believes risk-integration techniques help us build more successful portfolio foundations.
• Investment ideas must offer an asymmetric, positively skewed risk-reward profile. Through careful analysis, selected securities and, in Core-type portfolios, sector overweights must offer greater potential payoff than potential loss.
• DoubleLine constructs portfolios with an aim to outperform across a range of future scenarios. The firm shuns risk-taking based on unidirectional forecasts regarding interest rates, default rates or other variables that drive return.
• No one can consistently predict changes in the level, direction or term structure of interest rates. DoubleLine does not manage portfolios based on attempts to anticipate changes in rates.
• DoubleLine selects fixed income securities for the potential to build par value. DoubleLine never chases incremental income at the expense of the potential to build par value.