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Name

As of 04/15/2024

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 Low Duration Emerging Markets Fixed Income Fund

DELNX | Fund

$9.39

$161 M

0.00%

0.93%

Vitals

YTD Return

2.2%

1 yr return

7.0%

3 Yr Avg Return

0.9%

5 Yr Avg Return

1.9%

Net Assets

$161 M

Holdings in Top 10

24.3%

52 WEEK LOW AND HIGH

$9.4
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.93%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 39.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$2,000

IRA

$500

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/15/2024

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 Low Duration Emerging Markets Fixed Income Fund

DELNX | Fund

$9.39

$161 M

0.00%

0.93%

DELNX - Profile

Distributions

  • YTD Total Return 2.2%
  • 3 Yr Annualized Total Return 0.9%
  • 5 Yr Annualized Total Return 1.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.42%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    DoubleLine Low Duration Emerging Markets Fixed Income Fund
  • Fund Family Name
    DoubleLine Funds
  • Inception Date
    Apr 07, 2014
  • Shares Outstanding
    2196391
  • Share Class
    N
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Mark Christensen

Fund Description

The Fund normally invests primarily in debt obligations issued by sovereign, quasi-sovereign and private (non‑government) emerging market issuers. Sovereign and quasi-sovereign emerging market issuers include governments of emerging market countries, and governmental entities or agencies, and issuers that are owned, in whole or in part, or whose obligations are guaranteed, in whole or in part, by a government or governmental entity or agency of an emerging market country. Private emerging market issuers include private (non‑governmental) issuers domiciled or located in emerging market countries, issuers with their principal place of business or corporate headquarters located in an emerging market country, or issuers the Adviser has determined are emerging market issuers based on a consideration of a number of qualitative factors, including the relative importance of emerging markets to the issuer’s business, including the issuer’s profits, revenues, assets and/or future potential growth.
Although the Fund may invest in individual securities of any maturity or duration, the Adviser will normally seek to construct an investment portfolio for the Fund with a dollar-weighted average effective duration of three years or less. 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 prepayment rates as determined by the Adviser. The effective duration of the Fund’s investment portfolio may vary significantly from time to time, and there is no assurance that the effective duration of the Fund’s investment portfolio will not exceed three years at any time.
An “emerging market country” is a country that, at the time the Fund invests in the related fixed income instruments, is classified as an emerging or developing economy by any supranational organization such as an institution in the World Bank Group or the United Nations, or an agency thereof, or is considered an emerging market country for purposes of constructing a major emerging market securities index.
The Fund may invest without limit in investments denominated in any currency, but currently expects to invest a substantial amount of its assets in investments denominated in the U.S. dollar.
The Fund generally will invest in at least three emerging market countries. In allocating investments among various emerging market countries, the portfolio managers attempt to analyze internal political, market and economic factors. These factors may include:
•
public finances;
•
monetary policy;
•
external accounts;
•
financial markets;
•
foreign investment regulations;
•
stability of exchange rate policy; and
•
labor conditions.
The Fund may invest in obligations of any credit quality, including those that at the time of investment are rated BB+ or lower by S&P Global Ratings or Ba1 or lower by Moody’s Investors Service, Inc. or the equivalent by any other nationally recognized statistical rating organization or in unrated securities that are determined by the Adviser to be of comparable quality. Corporate bonds and certain other fixed income instruments rated below investment grade, or such instruments that are unrated and determined by the Adviser to be of comparable quality, are high yield, high risk bonds, commonly known as “junk bonds.”
The Fund may invest in fixed income and debt obligations of any kind. Fixed income obligations include bonds, debt securities and fixed income and income-producing instruments of any kind issued or guaranteed by governmental or private-sector entities and other securities or instruments bearing fixed, floating, or variable interest rates of any maturity. Most fixed income obligations consist of a security or instrument having one or more of the following characteristics: an income-producing obligation, an obligation issued at a discount to its face value, an obligation that pays interest, whether fixed, floating or variable, or an obligation with a stated principal amount that requires repayment of some or all of that principal amount to the holder of the obligation. The Adviser interprets the term fixed income obligation broadly as an instrument or security evidencing what is commonly referred to as an IOU rather than evidencing the ownership of corporate equity unless that equity represents an indirect or derivative interest in one or more debt securities. The Fund’s fixed-income investments may include, by way of example, corporate debt obligations; mortgage- and asset-backed securities; inflation-indexed bonds; fixed and floating rate loans of any kind (including, among others, bank loans, and assignments, participations, subordinated loans, debtor‑in‑possession loans, exit facilities, delayed funding loans and revolving credit facilities); income-producing securitized products; and preferred securities.
Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings for investment purposes) in fixed income instruments. If the Fund changes this investment policy, it will notify shareholders at least 60 days in advance of the change.
The Fund may invest in hybrid securities relating to emerging market countries.
The Fund may invest up to 20% of its net assets in defaulted corporate securities. The Fund might do so, for example, where the portfolio managers believe the restructured enterprise valuations or liquidation valuations may exceed current market values. In addition, the Fund may invest in defaulted sovereign investments, including, for example, where the portfolio managers believe the expected debt sustainability of the country is not reflected in current market valuations.
The Fund may pursue its investment objective and obtain exposures to some or all of the asset classes described above by investing in other investment companies, including, for example, other open‑end or closed‑end investment companies and exchange-traded funds (“ETFs”), including investment companies sponsored or managed by the Adviser or its related parties. The amount of the Fund’s investment in certain investment companies may be limited by law or by tax considerations.
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 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 duration management strategies, and there can be no assurance that the Fund will engage in duration management strategies or that any duration management strategy employed by the Fund will be successful.
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 also may use derivatives transactions with the purpose or effect of creating investment leverage. The Fund may enter into currency-related transactions, including spot transactions, forward exchange contracts and futures contracts. The Fund may, but will not necessarily, enter into foreign currency exchange transactions to take a “long” or “short” position in a currency or to hedge against currency exposure in its portfolio. The results of such transactions also may represent, from time to time, a significant component of the Fund’s investment returns. The Adviser considers various factors, such as availability and cost, in deciding whether, when and to what extent to enter into derivative transactions.
There is no limit on the amount of the Fund’s assets that may be allocated to one or more specific asset classes or market sectors.
Portfolio securities may be sold at any time. By way of example, sales may occur when the Fund’s portfolio managers determine to take advantage of what the portfolio managers consider to be a better investment opportunity, when the portfolio managers believe the portfolio securities no longer represent relatively attractive investment opportunities, when the portfolio managers perceive deterioration in the credit fundamentals of the issuer, or when the individual security has reached the portfolio managers’ sell target.
Read More

DELNX - Performance

Return Ranking - Trailing

Period DELNX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.2% -4.5% 8.9% 11.22%
1 Yr 7.0% -7.2% 21.2% 55.45%
3 Yr 0.9%* -14.0% 4.6% 6.51%
5 Yr 1.9%* -9.0% 6.3% 16.12%
10 Yr 2.3%* -5.7% 5.0% 24.71%

* Annualized

Return Ranking - Calendar

Period DELNX Return Category Return Low Category Return High Rank in Category (%)
2023 3.1% -10.6% 17.8% 79.21%
2022 -7.4% -29.1% -2.4% 2.73%
2021 -2.2% -24.0% 2.7% 4.55%
2020 0.8% -14.0% 9.7% 50.54%
2019 3.3% -6.4% 13.0% 93.04%

Total Return Ranking - Trailing

Period DELNX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.2% -4.5% 8.9% 11.22%
1 Yr 7.0% -7.2% 21.2% 55.45%
3 Yr 0.9%* -14.0% 4.6% 6.51%
5 Yr 1.9%* -9.0% 6.3% 16.12%
10 Yr 2.3%* -5.7% 5.0% 24.71%

* Annualized

Total Return Ranking - Calendar

Period DELNX Return Category Return Low Category Return High Rank in Category (%)
2023 7.1% -0.6% 20.0% 91.75%
2022 -5.4% -27.6% -1.7% 2.73%
2021 -0.1% -18.5% 7.4% 11.19%
2020 3.6% -7.8% 18.0% 71.84%
2019 7.7% -3.0% 23.0% 91.58%

NAV & Total Return History

DELNX - Holdings

Concentration Analysis

DELNX Category Low Category High DELNX % Rank
Net Assets 161 M 565 K 14.4 B 54.61%
Number of Holdings 101 4 1833 88.16%
Net Assets in Top 10 39.9 M -134 M 1.25 B 51.32%
Weighting of Top 10 24.31% 5.1% 101.4% 34.22%

Top 10 Holdings

  1. Freeport-McMoRan Inc 2.86%
  2. Minejesa Capital BV 2.78%
  3. Enel Generacion Chile SA 2.73%
  4. Oversea-Chinese Banking Corp Ltd 2.58%
  5. Chile Electricity PEC SpA 2.36%
  6. TNB Global Ventures Capital Bhd 2.32%
  7. DBS Group Holdings Ltd 2.26%
  8. AI Candelaria Spain SA 2.22%
  9. United Overseas Bank Ltd 2.14%
  10. MEGlobal Canada ULC 2.05%

Asset Allocation

Weighting Return Low Return High DELNX % Rank
Bonds 		99.01% 0.91% 99.54% 1.97%
Convertible Bonds 		8.47% 0.00% 8.47% 0.33%
Cash 		0.99% 0.00% 21.93% 90.13%
Stocks 		0.00% -0.01% 93.55% 43.42%
Preferred Stocks 		0.00% 0.00% 1.28% 15.79%
Other 		0.00% -9.56% 88.17% 66.78%

Bond Sector Breakdown

Weighting Return Low Return High DELNX % Rank
Corporate 		66.73% 0.00% 93.26% 12.29%
Government 		31.81% 0.00% 99.79% 83.06%
Securitized 		0.13% 0.00% 2.41% 11.30%
Cash & Equivalents 		0.00% 0.00% 23.23% 75.33%
Derivative 		0.00% -1.03% 7.35% 57.57%
Municipal 		0.00% 0.00% 0.00% 10.63%

Bond Geographic Breakdown

Weighting Return Low Return High DELNX % Rank
US 		99.01% -42.31% 99.01% 0.33%
Non US 		0.00% 0.00% 132.49% 88.49%

DELNX - Expenses

Operational Fees

DELNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.93% 0.02% 35.56% 70.30%
Management Fee 0.50% 0.00% 1.10% 12.83%
12b-1 Fee 0.25% 0.00% 1.00% 20.00%
Administrative Fee N/A 0.02% 0.65% N/A

Sales Fees

DELNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.75% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

DELNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.75% 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.

DELNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 39.00% 0.00% 218.00% 27.65%

DELNX - Distributions

Dividend Yield Analysis

DELNX Category Low Category High DELNX % Rank
Dividend Yield 0.00% 0.00% 22.16% 84.54%

Dividend Distribution Analysis

DELNX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

DELNX Category Low Category High DELNX % Rank
Net Income Ratio 1.42% -2.28% 8.00% 98.65%

Capital Gain Distribution Analysis

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

Distributions History

View More +

DELNX - Fund Manager Analysis

Managers

Mark Christensen

Start Date

Tenure

Tenure Rank

Apr 07, 2014

8.15

8.2%

Mr. Christensen joined DoubleLine Capital LP in 2009 as a Portfolio Manager, Co-Portfolio Manager, Senior Credit Analyst and Head of Emerging Markets Corporate Research. As part of his research responsibilities, he covers corporate credits in the following sectors: telecommunications, media, aerospace, banking, pulp & paper, chemical, petroleum refining, infrastructure, gaming and retail. Prior to DoubleLine, he was a Managing Director associated with TCW since 1991, where he had been involved in building and managing TCW emerging markets fixed income business, including trading, marketing, and credit research, and portfolio management. Mr. Christensen graduated from Brigham Young University with a BS in Business Management with an emphasis in International Finance.

Su Koo

Start Date

Tenure

Tenure Rank

Apr 07, 2014

8.15

8.2%

Ms. Koo joined DoubleLine in 2009 as Portfolio Manager and Senior Credit Analyst. As part of her research responsibilities, she specializes in the analysis of corporate credits in the sectors of oil & gas, utilities, metals & mining, conglomerates, technology, transportation, and real estate. Prior to DoubleLine, she was a Senior Vice President associated with TCW since 1998. In addition to credit analysis, she was involved in marketing and since 2006 performed increasing portfolio management duties. Previously, Ms. Koo was an Assistant Treasurer at Société Générale involved in Corporate Finance. Prior to that, she was an Assistant Vice President with Bank of America in the Financial Institution Group. Ms. Koo holds a BS in Business Administration from the University of Houston and an MBA in Finance from the University of Southern California.

Luz Padilla

Start Date

Tenure

Tenure Rank

Apr 07, 2014

8.15

8.2%

Ms. Padilla joined DoubleLine in 2009 as the Director of the Emerging Markets Group and is the lead Portfolio Manager. Prior to DoubleLine, she was a Managing Director at TCW. She began working at TCW in 1994, where she had served in a number of roles of increasing responsibility with the group, including Credit Analyst, Director of Research, Co-Portfolio Manager since December 2001, and lead Portfolio Manager since October 2006. She was involved in all aspects of building and managing TCW's Emerging Markets Fixed Income business including credit, securitization, trading and marketing. Ms. Padilla attended University of California at Berkeley as a fellow of the Robert A. Toigo Foundation and graduated with an MBA in 1994. Ms. Padilla received her BA in Economics in 1989 from Stanford University in Palo Alto, California.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 23.87 6.38 6.11

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