Fund
DBELX
Price as of:
$8.44
+ $0.04
+ 0.48%
Primary Theme
fund company
Name
As of 04/17/2024Price
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
Vitals
YTD Return
-4.4%
1 yr return
1.8%
3 Yr Avg Return
-1.8%
5 Yr Avg Return
N/A
Net Assets
$13.1 M
Holdings in Top 10
33.0%
52 WEEK LOW AND HIGH
$8.4
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 2.46%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 36.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$100,000
IRA
$5,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/17/2024Price
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
DBELX - Profile
Distributions
- YTD Total Return -4.4%
- 3 Yr Annualized Total Return -1.8%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 3.51%
- Dividend Yield 2.9%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameDoubleLine Emerging Markets Local Currency Bond Fund
-
Fund Family NameDoubleLine
-
Inception DateJun 28, 2019
-
Shares Outstanding1040268
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerMark Christensen
Fund Description
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 and defaulted debt securities; inflation-indexed securities; mortgage- and asset-backed securities; bank loans; hybrid securities; and securities or structured products that are linked to or derive their values from another security, asset, or currency of any country or issuer in which the Fund may otherwise invest. High yield corporate bonds and certain other fixed income instruments in which the Fund may invest are commonly known as “junk bonds.”
The Adviser interprets the term “bond” broadly as an instrument or security evidencing what is commonly referred to as an IOU rather than evidencing the corporate ownership of equity unless that equity represents an indirect or derivative interest in one or more debt securities, such as the interests in the equity tranche of a trust collateralized by debt securities.
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, such as the J.P. Morgan or Bank of America suite of emerging market indices (e.g., the JP Morgan GBI‑EM Global Diversified Index or the ICE Bank of America Broad Local Emerging Markets non‑Sovereign Index). In allocating investments among various emerging market countries, the portfolio managers attempt to analyze political, market, and economic factors affecting a country. These factors may include public finances; monetary policy; external accounts; financial markets; foreign investment regulations; stability of exchange rate policy; and labor conditions. Although the Fund invests principally in investments denominated in local currencies, the Fund may invest in investments denominated in the U.S. dollar (including U.S. Government securities). There is no limit on the percentage of the Fund’s assets that may be invested in any single emerging market country, currency, or issuer or any group of emerging market countries, currencies, or issuers.
The Fund expects normally to have significant exposure to foreign currencies, which may be achieved by investing in bonds denominated in the local currencies of foreign issuers or by investing in currencies directly or in currency-related instruments, such as forward contracts. The Fund may enter into foreign currency exchange transactions, including foreign currency futures and forward contracts and foreign currency swaps and options, to take long or short positions in various currencies, including currencies to which the Fund might not otherwise have exposure, in order to benefit from changes in the values of those currencies anticipated by the Adviser. The Fund may also enter into foreign currency exchange transactions in order to hedge against changes in the values of its portfolio investments due to declines in the values of the currencies in which those investments are denominated against the U.S. dollar (although the Fund does not expect typically to hedge portfolio currency exposures). The Fund may use any of the instruments, or any combination of the instruments, described above (e.g., an interest rate swap combined with a long forward currency contract) to create long or short synthetic positions as a substitute for a cash investment. Foreign currency exchange transactions may have the effect of creating investment leverage in the Fund’s portfolio, and the returns from such transactions may represent, from time to time, a significant component of the Fund’s investment returns.
The Fund may invest without limitation in fixed income instruments of any credit quality, which may include securities that are at the time of investment rated BB+ or lower by S&P Global Ratings or Ba1 or lower by Moody’s Investor Service, Inc. or the equivalent by any other nationally recognized statistical rating organization or unrated securities judged by the Adviser to be of comparable quality. The Fund may invest up to 20% of its net assets in defaulted securities (including defaulted corporate and sovereign securities). The Fund may invest in defaulted corporate securities, for example, when the portfolio managers believe the restructured enterprise valuations or liquidation valuations may exceed current market values. The Fund may invest in defaulted sovereign securities, for example, when the portfolio managers believe the expected recovery value is not reflected in current market valuations.
In managing the Fund’s portfolio, the portfolio managers typically use a controlled risk approach. The techniques of this approach attempt to control the principal risk components of the fixed income markets and may include, among other factors, consideration of the Adviser’s view of the following: the potential relative performance of various market sectors, security selection available within a given sector, the risk/reward equation for different asset classes, liquidity conditions in various market sectors, the shape of the yield curve and projections for changes in the yield curve, potential fluctuations in the overall level of interest rates, current fiscal policy, and the Adviser’s views on currency values.
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. In managing the Fund’s investments, under normal market conditions, the portfolio managers intend to seek to construct an investment portfolio with a dollar-weighted average effective duration of no less than two years and no more than eight years. 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 pre‑payment rates as determined by the Adviser. The effective duration of the Fund’s investment portfolio may vary materially from its target range, from time to time, and there is no assurance that the effective duration of the Fund’s investment portfolio will always be within its target range. The Adviser may seek to manage the dollar-weighted average effective duration of the Fund’s portfolio through the purchase and sale of securities of different durations and 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 use derivatives transactions for a variety of purposes. For example, the Fund may use futures contracts and options on futures contracts, in order to gain efficient long or short investment exposures as an alternative to cash investments or to hedge against portfolio exposures; swaps, in order to gain indirect long or short exposures to interest rates or issuers or to hedge against portfolio exposures; and total return swaps and credit derivatives (such as credit default swaps), put and call options, and exchange-traded and structured notes, in order to take indirect long or short positions on indexes, securities, or other indicators of value or to hedge against portfolio exposures. The Adviser considers various factors, such as availability and cost, in deciding whether, when, and to what extent to enter into derivatives transactions. The Fund will incur costs in implementing derivatives strategies, and there can be no assurance that the Fund will engage in derivatives strategies or that any such strategy will be successful. Any use of derivatives strategies entails the risks of investing directly in the securities, instruments or assets underlying the derivatives strategies, as well as the risks of using derivatives generally, and in some cases the risks of leverage, described in this Prospectus and in the SAI.
Under normal circumstances, the Fund intends to invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in bonds of issuers in emerging market countries denominated in the currencies of emerging market countries. Issuers in emerging market countries include governmental, quasi-governmental, and private (non‑governmental) emerging market issuers. Private emerging market issuers include non‑governmental issuers organized under the laws of or domiciled in an emerging market country, issuers with their principal places of business or corporate headquarters located in an emerging market country, or issuers where the Adviser considers the principal country risk of such issuer to stem from one or more emerging market countries. In assessing an issuer’s principal country risk, the Adviser will consider one or more factors it considers significant in assessing the risk of an investment in the issuer. Those factors will typically include one or more of the following: the source of an issuer’s earnings, revenues, EBITDA, cash flow, or assets. The Fund’s investments in derivatives and other synthetic instruments that provide exposures comparable, in the judgment of the Adviser, to local currency bonds of emerging market issuers will be counted toward satisfaction of the Fund’s 80% policy (using, where determined appropriate in the Adviser’s discretion, an instrument’s notional amount). Instruments, such as an exchange-traded fund (“ETF”) that invests in bonds, that, in the judgment of the Adviser, provide characteristics of a direct investment in one or more debt securities will also be counted toward satisfaction of the Fund’s 80% policy. If the Fund changes its 80% policy, it will notify shareholders at least 60 days in advance of the change.
Portfolio securities may be sold at any time. By way of example, sales may occur when the Fund’s portfolio managers perceive deterioration in the credit fundamentals of the issuer, when the portfolio managers consider that changes or anticipated changes in currency values favor the sale of the security, when the portfolio managers believe there are negative macro geo‑political considerations that may affect the issuer, when the portfolio managers determine to take advantage of a better investment opportunity, or when the individual security has reached the portfolio managers’ sell target. The Adviser may engage in active and frequent trading of the Fund’s portfolio investments. To the extent that it does so, the Fund may incur greater transaction costs and may make greater distributions of income and gains, which will be taxable to shareholders who do not hold their shares through a tax‑advantaged or tax‑deferred account.
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 ETFs, including those sponsored or managed by the Adviser or its related parties.
The Fund may from time to time hold a portion of its assets in cash, cash equivalents, or other short-term investments for a number of reasons, including, for example, for temporary defensive purposes, to satisfy future redemption requests, pending the investment of subscription proceeds, or when the Adviser otherwise determines for investment purposes to hold a portion of the Fund’s assets in cash or similar investments.
The Fund is classified as a non‑diversified fund under the Investment Company Act of 1940, as amended, and may invest in the securities of a smaller number of issuers than a diversified fund.
DBELX - Performance
Return Ranking - Trailing
| Period | DBELX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -4.4% | -6.7% | 8.5% | 89.07% |
| 1 Yr | 1.8% | -7.5% | 19.8% | 90.07% |
| 3 Yr | -1.8%* | -14.2% | 4.1% | 39.86% |
| 5 Yr | N/A* | -9.1% | 6.1% | N/A |
| 10 Yr | N/A* | -5.8% | 4.8% | N/A |
* Annualized
Return Ranking - Calendar
| Period | DBELX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 10.1% | -10.6% | 17.8% | 3.31% |
| 2022 | -8.9% | -29.1% | -2.4% | 3.08% |
| 2021 | -11.1% | -24.0% | 2.7% | 78.95% |
| 2020 | 1.3% | -14.0% | 9.7% | 43.48% |
| 2019 | N/A | -6.4% | 13.0% | N/A |
Total Return Ranking - Trailing
| Period | DBELX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -4.4% | -6.7% | 8.5% | 89.07% |
| 1 Yr | 1.8% | -7.5% | 19.8% | 90.07% |
| 3 Yr | -1.8%* | -14.2% | 4.1% | 39.86% |
| 5 Yr | N/A* | -9.1% | 6.1% | N/A |
| 10 Yr | N/A* | -5.8% | 4.8% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | DBELX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 12.5% | -0.6% | 20.0% | 43.71% |
| 2022 | -7.0% | -27.6% | -1.7% | 5.48% |
| 2021 | -9.3% | -18.5% | 7.4% | 89.47% |
| 2020 | 3.1% | -7.8% | 18.0% | 76.45% |
| 2019 | N/A | -3.0% | 23.0% | N/A |
NAV & Total Return History
DBELX - Holdings
Concentration Analysis
| DBELX | Category Low | Category High | DBELX % Rank | |
|---|---|---|---|---|
| Net Assets | 13.1 M | 565 K | 14.4 B | 94.72% |
| Number of Holdings | 51 | 4 | 1833 | 94.06% |
| Net Assets in Top 10 | 4.33 M | -134 M | 1.25 B | 90.10% |
| Weighting of Top 10 | 33.05% | 5.1% | 101.4% | 20.33% |
Top 10 Holdings
- Republic of South Africa Government Bond 3.80%
- Indonesia Treasury Bond 3.46%
- Czech Republic Government Bond 3.44%
- Republic of South Africa Government Bond 3.31%
- Indonesia Treasury Bond 3.25%
- European Investment Bank 3.19%
- Mexican Bonos 3.18%
- Brazil Notas do Tesouro Nacional Serie F 3.16%
- Brazil Notas do Tesouro Nacional Serie F 3.14%
- BRAZIL NOTAS DE TESOURO NACIONAL SERIE F (PRICES N 3.11%
Asset Allocation
| Weighting | Return Low | Return High | DBELX % Rank | |
|---|---|---|---|---|
| Bonds | 96.22% | 0.91% | 99.54% | 36.63% |
| Cash | 3.78% | 0.00% | 21.93% | 59.41% |
| Stocks | 0.00% | -0.01% | 93.55% | 62.71% |
| Preferred Stocks | 0.00% | 0.00% | 1.28% | 45.87% |
| Other | 0.00% | -9.56% | 88.17% | 71.29% |
| Convertible Bonds | 0.00% | 0.00% | 8.47% | 76.00% |
DBELX - Expenses
Operational Fees
| DBELX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 2.46% | 0.02% | 35.56% | 10.93% |
| Management Fee | 0.75% | 0.00% | 1.10% | 66.67% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.02% | 0.65% | N/A |
Sales Fees
| DBELX 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
| DBELX 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.
| DBELX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 36.00% | 0.00% | 218.00% | 22.43% |
DBELX - Distributions
Dividend Yield Analysis
| DBELX | Category Low | Category High | DBELX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 2.90% | 0.00% | 22.27% | 86.47% |
Dividend Distribution Analysis
| DBELX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Quarterly | Quarterly | Monthly | Monthly |
Net Income Ratio Analysis
| DBELX | Category Low | Category High | DBELX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 3.51% | -2.28% | 8.00% | 77.03% |
Capital Gain Distribution Analysis
| DBELX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Mar 28, 2024 | $0.128 | OrdinaryDividend |
| Dec 29, 2023 | $0.061 | OrdinaryDividend |
| Sep 29, 2023 | $0.097 | OrdinaryDividend |
| Jun 30, 2023 | $0.015 | OrdinaryDividend |
| Mar 31, 2023 | $0.010 | OrdinaryDividend |
| Sep 30, 2022 | $0.082 | OrdinaryDividend |
| Jun 30, 2022 | $0.082 | OrdinaryDividend |
| Dec 30, 2021 | $0.010 | OrdinaryDividend |
| Sep 30, 2021 | $0.051 | OrdinaryDividend |
| Jun 30, 2021 | $0.047 | OrdinaryDividend |
| Mar 31, 2021 | $0.070 | OrdinaryDividend |
| Dec 31, 2020 | $0.004 | OrdinaryDividend |
| Sep 30, 2020 | $0.067 | OrdinaryDividend |
| Jun 30, 2020 | $0.035 | OrdinaryDividend |
| Mar 31, 2020 | $0.014 | OrdinaryDividend |
| Dec 31, 2019 | $0.048 | OrdinaryDividend |
| Sep 30, 2019 | $0.058 | OrdinaryDividend |
DBELX - Fund Manager Analysis
Managers
Mark Christensen
Start Date
Tenure
Tenure Rank
Jun 28, 2019
2.93
2.9%
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
Jun 28, 2019
2.93
2.9%
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.
Valerie Ho
Start Date
Tenure
Tenure Rank
Jun 28, 2019
2.93
2.9%
Ms. Ho joined DoubleLine in 2009 as an Emerging Markets sovereign analyst. She covers Latin America and Emerging Asia excluding China. She holds a BS in Mathematics/Economics, and a Specialization in Computer Programming from University of California at Los Angeles. She is a CFA charterholder.
William Campbell
Start Date
Tenure
Tenure Rank
Jun 28, 2019
2.93
2.9%
Mr. Campbell joined DoubleLine in 2013 as an Emerging Markets sovereign analyst. He covers Developed Markets, Central & Eastern Europe, Middle East and Africa (CEEMEA), and China. Prior to joining DoubleLine, Mr. Campbell worked for Peridiem Global Investors as a Global Fixed Income Research Analyst and Portfolio Manager beginning in March 2011. Mr. Campbell received his BS in Business Economics and International Business, as well as his BA in English, from Pennsylvania State University. He received his MA in Mathematics, with a focus on Mathematical Finance, from Boston University.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 23.87 | 6.38 | 6.11 |