Deputy Chief Investment Officer, Jeffrey Sherman, updates investors on the DoubleLine Income Solutions, Opportunistic Credit and Yield Opportunities Closed-End Funds.
Tuesday, July 15, 2025 1:15 PM PDT
Intro 0:00Macro Update 2:41Market Update 31:19Fund Overview 38:27Q&A 49:09
DoubleLine Deputy CIO Jeffrey Sherman offers a comprehensive look at the current macroeconomic environment and its implications for fixed income investors. From inflation trends and tariff impacts to labor market shifts and fiscal policy, Mr. Sherman outlines the key forces shaping the bond market in 2025. With volatility easing and yields remaining attractive, he emphasizes the importance of disciplined portfolio construction and risk-aware investing in a world of heightened uncertainty.
Mr. Sherman then turns his attention to the DoubleLine Opportunistic Credit Fund (DBL) and the DoubleLine Income Solutions Fund (DSL). DBL, with its strong tilt toward securitized credit – particularly commercial mortgage-backed securities and collateralized loan obligations – has delivered over 9% returns on both net asset value (NAV) and market price over the past year while maintaining high credit quality and historically low leverage. DSL, with a global income strategy and a focus on emerging markets and leveraged finance, has also performed strongly, offering a 12.28% 30-day SEC yield and a NAV return of 9.66%. Both funds reflect DoubleLine’s commitment to managing risk while capturing yield across diverse credit sectors.
The DoubleLine Yield Opportunities Fund (DLY) rounds out the trio, with a diversified approach across structured products, high-yield bonds and bank loans. With a 30-day SEC yield of 9.88%, and NAV and market returns above 8%, DLY has demonstrated resilience and consistency since its launch in early 2020. Mr. Sherman highlights how all three funds are currently positioned with elevated credit quality and reduced leverage, allowing them to remain flexible and opportunistic in a shifting market landscape.
Past performance does not guarantee future results. Investing involves risk including the risk of principal loss. For Important Information about the funds, go to: https://doubleline.com/closed-end-funds/
DBL Prospectus
DSL Prospectus
DLY Prospectus
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Jeffrey Sherman, DoubleLine’s Deputy Chief Investment Officer, is a thought leader, portfolio manager and public speaker in the industry. Mr. Sherman is a member of DoubleLine’s Fixed Income and Global Asset Allocation committees, and he serves as lead portfolio manager for the firm’s multi-sector and derivative-based strategies. In his role, Mr. Sherman guides the investment teams in developing top-down macro views and collaborative asset allocation processes throughout a market cycle. Additionally, he is a member of DoubleLine’s Executive Management Committee. In 2018, Money Management Executive named Mr. Sherman as one of “10 Fund Managers to Watch” in its yearly special report. Prior to joining DoubleLine in 2009, Mr. Sherman was a Senior Vice President at TCW, where he worked as a portfolio manager and quantitative analyst focused on fixed income and real-asset portfolios. Prior to that, he was a statistics and mathematics instructor at the University of the Pacific and Florida State University. Mr. Sherman taught Quantitative Methods for Level I candidates in the USC/CFALA CFA® Review Program for many years. He holds a B.S. in Applied Mathematics from the University of the Pacific and an M.S. in Financial Engineering from Claremont Graduate University. Mr. Sherman is a CFA® charterholder.
