Objective

Seek high total return from current income and capital appreciation.

Approach

The Fund intends to invest principally in bonds of issuers in emerging market countries denominated in local (non-U.S.) currencies These bonds include but are not limited to sovereign debt quasi sovereign debt, such as obligations issued by governmental agencies and instrumentalities supra national obligations and obligations of private, non governmental issuers Bonds may pay interest at fixed or variable rates and may be of any maturity The Fund’s investments may include government and private high yield debt securities inflation indexed securities bank loans and hybrid securities.

Philosophy

The Fund seeks to generate strong risk adjusted returns from local emerging market bonds by combining top down global macro analysis with bottom up fundamental research to find attractive bond and currency investments across countries. Selective local corporate bond exposure provides an additional source of performance alpha with additional yield pick up over the sovereign curve and potential for spread compression.

Investment Process

  1. Monthly Global Asset Allocation meetings chaired by Jeffrey Gundlach and attended by DoubleLine’s multi asset portfolio management team helps inform the Fund’s macro views.
  2. Initial screening of regions and countries including local market structure, liquidity attributes and rule of law.
  3. In depth fundamental research of countries and companies.
  4. Portfolio construction that combines the macro outlook of the firm with the bottom up country and company fundamental analysis to identify the best sources of potential returns across countries, regions and sectors.
  5. Active management with daily monitoring of economic data local news and macro changes to adhere to our buy/sell discipline.

Fund Facts

The Adviser has contractually agreed to waive fees and reimburse expenses through July 31, 2023. Net expense ratios are applicable to investors.

 

 

Daily NAV

SEC 30 Day Yield

Performance & Characteristics

Growth of $10k

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance current to the most recent month-end may be obtained by calling (213) 633-8200 or by visiting www.doubleline.com.

The performance information shown assumes the reinvestment of all dividends and distributions. Returns of less than one year are not annualized. While the fund is no-load, management fees and other expenses still apply. Index returns reflect no deduction for fees, expenses or taxes. Please refer to the prospectus for further details.

Portfolio Characteristics

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INSIGHTS

PORTFOLIO MANAGERS

Portfolio Managers

  • William Campbell

    Portfolio Manager

    William Campbell

    Portfolio Manager

    Mr. Campbell joined DoubleLine in 2013. He is a Portfolio Manager for the DoubleLine Global Bond Strategy and is a permanent member of the Fixed Income Asset Allocation Committee. He covers Developed Markets, Central & Eastern Europe, Middle East and Africa (CEEMEA), and China. Prior to DoubleLine, Mr. Campbell worked for Peridiem Global Investors as a Global Fixed Income Research Analyst and Portfolio Manager. Previous to that, he was with Nuveen Investment Management Company, first as a Quantitative Analyst in their Risk Management and Portfolio Construction Group, then as a Vice President in their Taxable Fixed Income Group. Mr. Campbell also worked at John Hancock Financial as an Investment Analyst. He holds a BS in Business Economics and International Business, as well as a BA in English, from Pennsylvania State University. Mr. Campbell holds an MA in Mathematics, with a focus on Mathematical Finance, from Boston University.

  • Mark Christensen

    Portfolio Manager

    Mark Christensen

    Portfolio Manager

    Mr. Christensen joined DoubleLine in 2009 as an Emerging Markets Portfolio Manager and Co-Director of Corporate Research. He is a contributing member on the Fixed Income Asset Allocation committee. Prior to DoubleLine, Mr. Christensen was a Managing Director at TCW since 1991, where he had been involved in building and managing TCW’s Emerging Markets Fixed Income business, including Trading, Marketing, Credit Research, and Portfolio Management. He holds a BS in Business Management with an emphasis in International Finance from Brigham Young University.

  • Valerie Ho, CFA

    Portfolio Manager

    Valerie Ho, CFA

    Portfolio Manager

    Ms. Ho joined DoubleLine in 2009 as an Emerging Markets Sovereign Analyst. She is now a Portfolio Manager for the DoubleLine Global Bond strategy covering Latin America and Emerging Asia excluding China. Prior to DoubleLine, Ms. Ho was an Assistant Vice President at TCW, where her responsibilities included analyzing Multi-Asset Fixed Income and CDO investments. Previous to TCW, she worked as a Paraplanner for Ameriprise Financial. Ms. Ho holds a BS in Mathematics/Economics and a Specialization in Computer Programming from the University of California at Los Angeles. She is a CFA® charterholder.

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 (877) 354-6311 / (877) DLINE11, or downloading from the fund document library on this website. Read them carefully before investing.

Mutual fund investing involves risk. Principal loss is possible.

Sector allocations and fund holdings are subject to change at any time and should not be considered a recommendation to buy or sell any security. Portfolio holdings generally are made available 30 days after month-end by visiting www.doubleline.com. The source for the information in this report is DoubleLine Capital, which maintains its data on a trade date basis.

Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities.

Investments in lower-rated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities.

The fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for investments in emerging markets.

The fund may use leverage which may cause the effect of an increase or decrease in the value of the portfolio securities to be magnified and the Fund to be more volatile than if leverage was not used.

Derivatives involve special risks including correlation, counterparty, liquidity, operational, accounting and tax risks. These risks, in certain cases, may be greater than the risks presented by more traditional investments.

Investing in emerging markets has more risk such as increased volatility, relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries and securities markets that are substantially smaller, less liquid and more volatile with less government oversight than more developed countries.

DoubleLine Funds are distributed by Quasar Distributors, LLC.