Objective

Seeks long-term total return. The Fund's objective is non-fundamental.

Philosophy

Liability Driven Investing (“LDI”) or Macro Hedging Strategies (“MHA”) take a relative value approach to investing through long duration securities which traditionally have included U.S. Treasuries and corporate bonds. DoubleLine believes long duration Mortgage-Backed Securities (MBS) have distinct advantages over other long duration options because of the attractive valuations based on mispricings and lower volatility.

We believe DoubleLine's experienced senior portfolio managers can potentially diversify risk and enhance returns by attempting to take advantage of the mispricings within the mortgage-backed securities sector.

We think Collateralized Mortgage Obligations (CMO) are an appropriate choice for this type of investment. CMOs pool together and pay out cash flows from underlying mortgages in accordance with payment priority rules, where both interest and principal could be subject to various orderings. In the case of longer duration bonds, principal payment is usually delayed until certain days in the future, thereby reducing prepayment uncertainty with respect to return of principal. Therefore, targeted principal return windows can be created and are appropriate choices for both LDI and MHA.

Why Long Duration Total Return?

Investors looking to add duration have historically concentrated on the corporate and government sectors of the fixed income market. These investors have excluded an asset class that DoubleLine believes has the ability to outperform both the corporate and the government sectors in many scenarios: MBS

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.

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INSIGHTS

PORTFOLIO MANAGERS

Portfolio Managers

  • Jeffrey Gundlach

    Chief Executive Officer & Chief Investment Officer

    Jeffrey Gundlach

    Chief Executive Officer & Chief Investment Officer

    Mr. Gundlach is CEO of DoubleLine.  In 2011, he appeared on the cover of Barron's as "The New Bond King."  In 2013, Institutional Investor named him "Money Manager of the Year."  In 2012, 2015 and 2016, he was named one of "The Fifty Most Influential" in Bloomberg Markets.  In 2017, he was inducted into the FIASI Fixed Income Hall of Fame.  Mr. Gundlach is a summa cum laude graduate of Dartmouth College, with degrees in Mathematics and Philosophy.

  • Vitaliy Liberman, CFA

    Portfolio Manager

    Vitaliy Liberman, CFA

    Portfolio Manager

    Mr. Liberman joined DoubleLine in 2009. He is part of the Portfolio Management and Trading team, specializing in trading mortgages and mortgage credit securities. Mr. Liberman is also a permanent member of the Fixed Income Asset Allocation Committee. Prior to DoubleLine, he was a Vice President at TCW, where he worked in portfolio management and trading. Mr. Liberman holds a BS from California State University at Northridge as well as an M.S. in Applied Mathematics. He 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.

Investments in ABS and MBS include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments.

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.

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 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.

The fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested.

DoubleLine Funds are distributed by Quasar Distributors, LLC.