Morris Chen, head of DoubleLine's Commercial Mortgage-Backed Securities and Commercial Real Estate Debt team, on the floor of the New York Stock Exchange discusses the DoubleLine Commercial Mortgage Real Estate ETF (DCMB). Historically, access to CMBS has been restricted to institutions operating in private markets. DCMB’s “ETF structure,” Mr. Chen says, “allows investors to get access to a market that historically hasn't been” open to investors in 40 Act funds. Mr. Chen and his team actively invested DCMB in commercial real estate bonds rated A to AAA. They seek to manage the portfolio to a dollar-weighted average effective duration of three years or less. Higher yields and changing fundamentals in commercial real estate have produced an interesting opportunity set for experienced credit selectors. “As a manager,” Mr. Chen says, “we are looking at the market, we're seeing a lot of opportunities. We’re buying some very good investments given the dislocation that's ongoing.”
The fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The statutory and summary prospectus contain this and other important information about the investment company and may be obtained by calling (855) 937-0772, or downloading from the fund document library on this website. Read them carefully before investing. Investing involves risk. Principal loss is possible. Investing in ETFs involves additional risks such as the market price of the shares may trade at a discount to its net asset value ("NAV"), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a fund's ability to sell its shares.
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Mr. Chen joined DoubleLine at its inception in 2009. He is a Portfolio Manager leading the CMBS/CRE Debt Investment team and CRE New Investment Review Group, and is responsible for the oversight and management of all CRE Debt related investments at DoubleLine. Mr. Chen is a permanent member of the Fixed Income Asset Allocation and Structured Products Committees providing valued insight into the CMBS sector. He is also an active participant and speaker at CREFC events. Prior to DoubleLine, Mr. Chen was a Vice President at TCW where he was responsible for CMBS credit analysis and trading from 2004-2009. He holds a BS in Business Administration with concentrations in Business Development and Finance from the University of California, Riverside.