In this quarterly portfolio update, DoubleLine Portfolio Manager Ken Shinoda provides a detailed review of the DoubleLine Total Return Bond Fund, highlighting 2025 performance drivers, sector allocation shifts and relative value across global fixed income markets. Shinoda discusses the fund’s excess returns versus the Bloomberg U.S. Aggregate Bond Index, supported by active management in agency MBS, securitized credit and high-quality structured products. The update examines spread dynamics across investment grade corporates, high yield, CMBS, RMBS and CLOs, as well as the impact of Fed rate cuts, evolving inflation expectations and renewed volatility tied to geopolitical risks.
Mr. Shinoda outlines the fund’s defensive positioning, emphasis on government-guaranteed securities and higher-quality tranches, shorter duration profile and underweight to the long end of the curve. He also details ongoing rotations within agency pass-throughs and CMOs, upgrades in overall credit quality and the team’s focus on securitized sectors that screen attractively versus corporate credit. With disciplined risk management, limited exposure to AI-sensitive software credits and an opportunistic approach to spread volatility, the DoubleLine Total Return Bond Fund is positioned to navigate shifting macro conditions while seeking durable income and risk-adjusted returns.
Past performance does not guarantee future results. Investing involves risk including the risk of principal loss.
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Link to the Prospectus
DoubleLine Funds are distributed by Quasar Distributors, LLC.
Mr. Shinoda joined DoubleLine at inception in 2009. He is Chairman of the Structured Products Committee and oversees the non-Agency RMBS team specializing in investing in non-Agency mortgage-backed securities, residential whole loans and other mortgage-related opportunities. Mr. Shinoda is co-Portfolio Manager on the Total Return, Opportunistic Income, Income, Opportunistic MBS and Strategic MBS strategies. He is also lead Portfolio Manager overseeing the Mortgage Opportunities private funds. Mr. Shinoda is also a permanent member of the Fixed Income Asset Allocation Committee, as well as, participating in the Global Asset Allocation Committee. In addition, he hosts DoubleLine’s “Channel 11 News” (Twitter @DLineChannel11, dline11@doubleline.com), a webcast series that provides market insights and commentary with peers and industry experts. Prior to DoubleLine, Mr. Shinoda was Vice President at TCW where he worked in portfolio management and trading. He holds a B.S. in Business Administration from the University of Southern California and is a CFA® charterholder.
