Objective

Seeks a high level of total return, with an emphasis on current income.

Philosophy

The Fund will seek to achieve its investment objective by investing in a portfolio of investments selected for its potential to provide a high level of total return, with an emphasis on current income. The Fund may invest in debt securities and other income-producing investments of issuers anywhere in the world, including in emerging markets, and may invest in investments of any credit quality

Process & Construction

The Fund will actively allocate exposure across the global fixed income universe.

  • Initially, the Fund is expected to be tilted towards credit securities within the securitized space with a lower weight to global corporate credit securities
  • However, throughout the market cycle, the Fund has flexibility to allocate more capital to the traditional corporate credit market
  • Portfolio shifts are typically done gradually over time using a long term approach
    • Additionally, tactical allocations are made as opportunities arise
  • The Fund has the ability to take on local currency risk in foreign issues as well as hedge out the currency risk

The portfolio construction begins with a top-down macro-economic assessment of global markets. Fundamental valuations and technical research are presented and discussed monthly at the Fixed Income Asset Allocation (FIAA) Committee meeting, where experienced portfolio managers discuss their respective sectors of expertise. The decision to overweight or underweight a sector is determined based on fundamentals and relative valuation. The sector managers are responsible for individual security selection to best reflect the Committee’s views.

More information on DoubleLine's Fixed Income Asset Allocation Committee can be found here.

Fund Facts

Inception Date: February 25, 2020
Ticker DLY
NAV Symbol XDLYX
Benchmark Bloomberg US Aggregate Bond Index

Daily NAV

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.

Fund Characteristics

Total Return Market Price is Annualized

Credit Quality Breakdown (%)

Duration Breakdown (%)

Weighted Average Life Breakdown (%)

Sector Breakdown (%)

Top 10 Holdings (%)

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.

  • Jeffrey Sherman, CFA

    Deputy Chief Investment Officer

    Jeffrey Sherman, CFA

    Deputy Chief Investment Officer

    As DoubleLine’s Deputy Chief Investment Officer, Jeffrey Sherman oversees and administers DoubleLine’s Investment Management sub-committee coordinating and implementing policies and processes across the investment teams. He also serves as lead portfolio manager for multi-sector and derivative-based strategies. Mr. Sherman is a member of DoubleLine’s Executive Management and Fixed Income Asset Allocation Committees. He can be heard regularly on his podcast “The Sherman Show” (Twitter @ShermanShowPod, ShermanShow@Doubleline.com) where he interviews distinguished guests, giving listeners insight into DoubleLine’s current views. In 2018, Money Management Executive named Jeffrey 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. He was a statistics and mathematics instructor at both the University of the Pacific and Florida State University. Mr. Sherman taught Quantitative Methods for Level I candidates in the CFA LA/USC 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 the Claremont Graduate University. Mr. Sherman is a CFA® charterholder.

    2020

    "The Sherman Show" Named One of the "10 Must-Listen Podcasts" by Business Insider

The fund's investment objectives, risks, charges and expenses must be considered carefully before investing. You can obtain the fund’s most recent periodic reports and certain other regulatory filings by calling 877-DLINE11 (877-354-6311), or by downloading from the fund document library on this website. You should read these reports and other filings carefully before investing.

Investments involve risk. Principal loss is possible. Shares of closed-end investment companies frequently trade at a discount to their net asset value, which may increase investors’ risk of loss. This risk may be greater for investors expecting to sell their shares in a relatively short period after the completion of the public offering. There are risks associated with an investment in the fund.

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.

An investment in the fund involves certain risks arising from, among other things, the fund’s ability to invest without limit in debt securities that are at the time of investment rated below investment grade or unrated securities judged by DoubleLine to be of comparable quality (a category of investment that includes securities commonly referred to as “high yield” securities or “junk bonds”). High yield, lower-rated securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not.

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.

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.

Foreside Fund Services, LLC provides marketing review services for DoubleLine Capital, LP.