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Trending ETFs

Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

DoubleLine Income Fund

DBLNX | Fund

$7.84

$47.2 M

4.38%

$0.34

1.09%

Vitals

YTD Return

5.1%

1 yr return

12.0%

3 Yr Avg Return

-0.3%

5 Yr Avg Return

N/A

Net Assets

$47.2 M

Holdings in Top 10

39.3%

52 WEEK LOW AND HIGH

$7.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.09%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 14.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,000

IRA

$500


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

DoubleLine Income Fund

DBLNX | Fund

$7.84

$47.2 M

4.38%

$0.34

1.09%

DBLNX - Profile

Distributions

  • YTD Total Return 5.1%
  • 3 Yr Annualized Total Return -0.3%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 4.30%
DIVIDENDS
  • Dividend Yield 4.4%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    DoubleLine Income Fund
  • Fund Family Name
    DoubleLine Funds
  • Inception Date
    Sep 03, 2019
  • Shares Outstanding
    1901633
  • Share Class
    N
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Andrew Hsu

Fund Description

The Fund seeks to achieve its investment objective by investing in a portfolio of income-producing instruments of varying characteristics selected by the Adviser for their potential to provide a high level of current income, capital appreciation or both.
The Fund will also seek to construct a portfolio that provides yield and duration characteristics that are attractive relative to those offered by a portfolio of corporate debt instruments by investing principally in a combination of mortgage-backed securities, other asset-backed securities, and collateralized loan obligations (“CLOs”).
The Fund expects normally to invest in a combination of investment grade, below investment grade and unrated debt instruments. The Fund may invest in securities of any credit quality and may invest without limit in securities rated below investment grade (securities rated Ba1 or below by Moody’s Investors Service, Inc. and BB+ or below by S&P Global Ratings and Fitch Ratings, Inc.) and unrated securities, including those judged by the Adviser to be of below investment grade quality. High yield corporate bonds and certain other fixed income instruments in which the Fund may invest are commonly known as “junk bonds.” Mortgage-backed securities in which the Fund may invest include, without limitation: mortgage-related securities of any maturity or type, including residential or commercial mortgage-backed securities, those guaranteed by, or secured by collateral that is guaranteed by, the United States Government, its agencies, instrumentalities or sponsored corporations, and privately issued mortgage-backed securities; pass-through securities, including government, private, and multiclass pass-through securities; stripped mortgage securities (interest-only and principal-only securities); inverse floaters; commercial real estate CLOs; Real Estate Mortgage Investment Conduits (“REMICs”) and Re‑REMICs (which are REMICs that have been re‑securitized); and those backed by collateral such as non‑performing and/or re‑performing loans, non‑qualifying mortgage loans, and single asset, single borrower loans.
The other asset-backed securities in which the Fund will invest include, without limitation: obligations backed or supported by leases of various types, including leases of real, personal and other property (including those relating to aircrafts, containers, railroads, telecommunication, energy, and/or other infrastructure assets and infrastructure-related assets); securities backed by receivables from credit card agreements and automobile finance agreements; home equity sharing agreements; student loans; consumer loans; home equity loans; mobile home loans; boat loans; loans of any type that contain fewer or less restrictive constraints on the borrower than certain other types of loans (“covenant-lite” loans); income from other non‑mortgage‑related income streams, such as income from business and small business loans, project finance loans, renewable energy projects, personal financial assets, timeshare receivables and franchise rights; and CLOs, including CLOs backed by any of the previously mentioned assets or instruments, such as CLOs backed by covenant-lite loans.
In pursuing its investment objective, the Fund may also invest directly in residential or commercial real estate loans, individually or in pools of loans, which loans may include senior mortgage loans and mezzanine loans, second lien loans or other types of subordinated loans, any of which may be covenant-lite.
In selecting among available residential or commercial mortgage-backed securities, the Fund expects to consider, among other things, available yield, duration characteristics, collateral quality, level of correlation to other risk assets, supply/demand technicals, and sponsor quality. With respect to asset-backed securities, the Fund also expects to seek diversified opportunities with varying risk/return profiles across different sectors of that market. The Fund will seek CLOs that offer,
among other characteristics, attractive yields, diversification within the underlying pool of loans, and quality management. The Fund may invest in any level of the capital structure of an issuer of mortgage-backed or asset-backed securities, including subordinated or residual tranches and the equity or “first loss” tranche.
The Adviser has broad discretion to manage the Fund’s portfolio duration; however, the Adviser expects normally to construct an investment portfolio with a dollar-weighted average effective duration similar to, or shorter than, that of its benchmark index, the Bloomberg U.S. Aggregate Bond Index, which was 6.31 years as of June 30, 2023. The Adviser monitors the duration of the Fund’s portfolio securities to seek to assess and, in its discretion, adjust the Fund’s exposure to interest rate risk. The Adviser seeks to manage the Fund’s duration based on the Adviser’s view of, among other things, future interest rates and market conditions. Duration is a measure of the expected life of a fixed income instrument that is used to determine the sensitivity of a security’s price to changes in interest rates. Effective duration is a measure of the Fund’s portfolio duration adjusted for the anticipated effect of interest rate changes on bond and mortgage prepayment rates as determined by the Adviser. The Fund may invest in individual securities of any maturity or duration. The effective duration of the Fund’s investment portfolio may vary significantly from time to time and may be negative at certain times, and there is no assurance that the effective duration of the Fund’s investment portfolio will remain within the targeted range described above.
Although the Fund will normally invest principally in mortgage-backed securities, other asset-backed securities and CLOs, the Fund may invest in other debt instruments of any kind. The Adviser expects to allocate and re‑allocate the Fund’s assets among income-producing investments with varying characteristics in response to changing market, financial, economic, and other conditions in an attempt to construct a portfolio that maximizes total return. In addition to the instruments described above, the Fund’s principal investments may include, without limitation, (i) U.S. Treasury obligations, (ii) bank loans, (iii) other securities or other income-producing instruments issued or guaranteed by the U.S. Government, its agencies, instrumentalities or sponsored corporations (including inflation-protected securities); (iv) collateralized debt obligations (“CDOs”); (v) pass through certificates or other participation rights with respect to warehouse lending facilities; (vi) municipal securities and other debt obligations issued by states, local governments, and government-sponsored entities, including their agencies, authorities, and instrumentalities; (vii) inflation-indexed bonds; (viii) real estate investment trust (“REIT”) securities (equity, preferred or debt); (ix) distressed and defaulted securities; (x) payment‑in‑kind bonds; (xi) zero‑coupon bonds; (xii) corporate bonds and other corporate obligations, including high yield debt; (xiii) custodial receipts; (xiv) short-term, high quality investments, including, for example, cash equivalents, commercial paper, bankers’ acceptances, certificates of deposit, bank time deposits, repurchase agreements, and investments in money market mutual funds or similar pooled investments; and (xv) other instruments bearing fixed, floating, or variable interest rates of any maturity. The allocation of the Fund’s assets to different sectors and issuers will change over time, sometimes rapidly, and the Fund may invest without limit in a single sector or a small number of sectors of the fixed income universe.
The Fund may enter into derivatives transactions and other instruments of any kind for hedging purposes or otherwise to gain, or reduce, long or short exposure to one or more asset classes or issuers. The Fund may use derivatives transactions with the effect of creating investment leverage. The Adviser may seek to manage the dollar-weighted average effective duration of the Fund’s portfolio through the use of derivatives and other instruments (including, among others, inverse floaters, futures contracts, U.S. Treasury swaps, interest rate swaps, total return swaps and options, including options on swap agreements). The Fund may incur costs in implementing hedging or duration management strategies, and there can be no assurance that the Fund will engage in hedging or duration management strategies or that any hedging or duration management strategy employed by the Fund will be successful.
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DBLNX - Performance

Return Ranking - Trailing

Period DBLNX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.1% -6.5% 5.7% 0.77%
1 Yr 12.0% -9.3% 24.0% 5.10%
3 Yr -0.3%* -16.7% 18.1% 64.55%
5 Yr N/A* -13.0% 15.2% N/A
10 Yr N/A* -13.4% 6.7% N/A

* Annualized

Return Ranking - Calendar

Period DBLNX Return Category Return Low Category Return High Rank in Category (%)
2023 1.7% -12.0% 15.7% 66.51%
2022 -17.5% -31.8% 18.4% 87.34%
2021 0.8% -26.6% 25.7% 12.58%
2020 -8.8% -49.2% 18.7% 94.35%
2019 N/A -35.1% 15.3% N/A

Total Return Ranking - Trailing

Period DBLNX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.1% -6.5% 5.7% 0.77%
1 Yr 12.0% -9.3% 24.0% 5.10%
3 Yr -0.3%* -16.7% 18.1% 64.55%
5 Yr N/A* -13.0% 15.2% N/A
10 Yr N/A* -13.4% 6.7% N/A

* Annualized

Total Return Ranking - Calendar

Period DBLNX Return Category Return Low Category Return High Rank in Category (%)
2023 9.9% -7.0% 22.2% 21.14%
2022 -13.5% -31.8% 21.1% 90.82%
2021 5.9% -13.5% 49.9% 7.84%
2020 -4.7% -28.6% 24.1% 92.93%
2019 N/A -4.8% 19.1% N/A

NAV & Total Return History


DBLNX - Holdings

Concentration Analysis

DBLNX Category Low Category High DBLNX % Rank
Net Assets 47.2 M 2.32 M 127 B 89.92%
Number of Holdings 70 2 10577 87.25%
Net Assets in Top 10 18.5 M -1.57 B 65.8 B 89.68%
Weighting of Top 10 39.28% 0.7% 170.6% 29.63%

Top 10 Holdings

  1. First American Government Obligations Fund 6.37%
  2. JPMorgan US Government Money Market Fund 6.37%
  3. MSILF Government Portfolio 6.37%
  4. Trimaran CAVU 2019-2 Ltd 4.24%
  5. Connecticut Avenue Securities Trust 2023-R01 2.80%
  6. Connecticut Avenue Securities Trust 2022-R01 2.76%
  7. LHOME Mortgage Trust 2021-RTL1 2.74%
  8. Connecticut Avenue Securities Trust 2021-R01 2.65%
  9. Verus Securitization Trust 2020-5 2.55%
  10. BX Trust 2021-VIEW 2.42%

Asset Allocation

Weighting Return Low Return High DBLNX % Rank
Bonds
74.15% -150.81% 203.29% 72.38%
Cash
19.12% -94.66% 258.91% 10.47%
Other
7.65% -72.32% 100.00% 31.26%
Stocks
0.00% -1.60% 99.88% 88.62%
Preferred Stocks
0.00% 0.00% 30.46% 73.60%
Convertible Bonds
0.00% 0.00% 33.50% 92.37%

Bond Sector Breakdown

Weighting Return Low Return High DBLNX % Rank
Securitized
88.95% 0.00% 99.65% 3.60%
Cash & Equivalents
19.12% 0.00% 88.14% 9.89%
Government
4.56% 0.00% 99.43% 68.86%
Derivative
0.00% -72.32% 37.37% 50.08%
Corporate
0.00% 0.00% 96.66% 97.34%
Municipal
0.00% 0.00% 54.26% 71.52%

Bond Geographic Breakdown

Weighting Return Low Return High DBLNX % Rank
US
74.15% -151.11% 203.29% 52.96%
Non US
0.00% 0.00% 67.77% 84.67%

DBLNX - Expenses

Operational Fees

DBLNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.09% 0.01% 20.67% 53.71%
Management Fee 0.50% 0.00% 2.29% 24.55%
12b-1 Fee 0.25% 0.00% 1.00% 39.89%
Administrative Fee N/A 0.00% 0.70% N/A

Sales Fees

DBLNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

DBLNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

DBLNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 14.00% 0.00% 632.00% 3.48%

DBLNX - Distributions

Dividend Yield Analysis

DBLNX Category Low Category High DBLNX % Rank
Dividend Yield 4.38% 0.00% 18.15% 10.68%

Dividend Distribution Analysis

DBLNX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Quarterly

Net Income Ratio Analysis

DBLNX Category Low Category High DBLNX % Rank
Net Income Ratio 4.30% -1.55% 11.51% 14.79%

Capital Gain Distribution Analysis

DBLNX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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DBLNX - Fund Manager Analysis

Managers

Andrew Hsu


Start Date

Tenure

Tenure Rank

Sep 03, 2019

2.74

2.7%

Mr. Hsu is a Global Infrastructure Investments portfolio manager. He has been a member of the investment team at DoubleLine Capital since 2009 focusing on structured products. Prior to joining DoubleLine Capital, he was a member of the investment team at Trust Company of the West for seven years.

Ken Shinoda


Start Date

Tenure

Tenure Rank

Sep 03, 2019

2.74

2.7%

Mr. Shinoda joined DoubleLine in 2009. He is Chairman of the Structured Products Committee and oversees the non-Agency RMBS team specializing in investing in non-Agency MBS, residential whole loans and other mortgage-related opportunities. He is co-Portfolio Manager on the Total Return, Opportunistic Income, Opportunistic MBS and Strategic MBS strategies, and 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.

Morris Chen


Start Date

Tenure

Tenure Rank

Sep 03, 2019

2.74

2.7%

Mr. Chen joined DoubleLine in 2009. He is a Portfolio Manager and heads the Commercial Mortgage-Backed Securities (CMBS) and Commercial Real Estate (CRE) Debt group. He is a permanent member of the Fixed Income Asset Allocation and Structured Products Committees.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.19 5.72 3.19