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Trending ETFs

Name

As of 10/31/2023

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

$8.47

$9.34 M

4.60%

$0.39

2.09%

Vitals

YTD Return

-12.3%

1 yr return

-11.8%

3 Yr Avg Return

0.3%

5 Yr Avg Return

N/A

Net Assets

$9.34 M

Holdings in Top 10

68.7%

52 WEEK LOW AND HIGH

$8.5
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.09%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 201.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$100,000

IRA

$5,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 10/31/2023

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

$8.47

$9.34 M

4.60%

$0.39

2.09%

DBRIX - Profile

Distributions

  • YTD Total Return -12.3%
  • 3 Yr Annualized Total Return 0.3%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.95%
DIVIDENDS
  • Dividend Yield 4.6%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    DoubleLine Real Estate and Income Fund
  • Fund Family Name
    DoubleLine Funds
  • Inception Date
    Dec 17, 2018
  • Shares Outstanding
    1003435
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Jeffrey Sherman

Fund Description

The Fund seeks total return (capital appreciation and current income) in excess of the benchmark index, currently the Dow Jones U.S. REIT Index, over a full market cycle.
The Fund will seek to use derivatives, or a combination of derivatives and direct investments, to provide a return (before fees and expenses) that approximates the performance of the DigitalBridge Fundamental US Real Estate Index (the “Index”). The Fund will also invest in a portfolio of debt securities to seek to provide additional total return over the long term. The Fund uses investment leverage as part of its principal investment strategies. The Fund expects normally to invest an amount approximately equal to its net assets directly in a portfolio of debt securities while also maintaining notional exposure to the Index, providing the Fund with economic exposure to the Index in an amount up to the value of the Fund’s net assets. As a result, the Fund’s total investment exposure (direct investments in debt securities plus notional exposure to the Index) will typically be equal to approximately 200% of the Fund’s net asset value (“NAV”), with approximately half of that investment exposure being to the Index and the other half to a portfolio of debt securities. It is possible that the Fund could lose money on both its investments in debt securities and its exposure to the Index at the same time.
The Fund will normally use derivatives in an attempt to create an investment return that approximates (before fees and expenses) the Index’s return. For example, the Fund might enter into swap transactions or futures transactions designed to provide the Fund a return before fees and expenses approximating the Index’s return, including swap transactions or futures transactions where the reference asset is the Index or a modified version of the Index, one or more components of the Index, or an unrelated index or basket of securities. The transaction pricing of any swap transaction will reflect a number of factors that will cause the return on the swap transaction to underperform the Index. Please see “Index Risk — Note regarding Index-Based Swaps” in this Prospectus for more information. The Fund expects to use only a small percentage of its assets to attain the desired exposure to the Index because of the structure of the derivatives the Fund expects to use. As a result, use of those derivatives along with the Fund’s investments in a portfolio of debt securities will create investment leverage in the Fund’s portfolio. In certain cases, derivatives based on the Index or that use the Index as the reference asset might be unavailable or the pricing of those derivatives might be unfavorable; in those cases, the Fund might attempt to approximate the Index’s return
by purchasing some or all of the securities comprising the Index, or portions of the Index, at the time. If the Fund at any time invests directly in the securities comprising the Index, the assets so invested will be unavailable for investment in debt instruments, and the Fund’s ability to pursue its investment strategy fully and achieve its investment objective may be limited.
To the extent use of the above-described derivatives strategy leaves a substantial portion of the Fund’s assets available for other investment by the Fund, the Fund expects to invest those assets in a portfolio of debt instruments managed by DoubleLine Capital LP (“DoubleLine Capital”), the Fund’s sub‑adviser, to seek to provide additional total return over the long term. References to the “Adviser” in this section and in “Principal Risks” below shall refer to DoubleLine Alternatives, the Fund’s investment adviser, except in the case of the discussion of the Fund’s principal investment strategies and principal risks that relate to investing directly in debt securities, in which cases “Adviser” shall refer to DoubleLine Capital, the sub‑adviser to the Fund and the entity primarily responsible for the day‑to‑day management of the Fund’s fixed income portfolio.
The DigitalBridge Fundamental US Real Estate Index. The Index is a rules-based index that incorporates the fundamental criteria described below originally developed by DigitalBridge Group, Inc. (which was then doing business under a different name). The Index is rebalanced and reconstituted quarterly by applying a systematic methodology to the universe of REITs, excluding mortgage REITs, that are listed on the New York Stock Exchange LLC (“NYSE”), The Nasdaq Stock Market LLC (“Nasdaq”) or the NYSE American LLC (“NYSE American”) and that meet minimum market capitalization ($1 billion) and average daily trading value criteria. The Index’s methodology screens the universe of REITs to identify quality issuers by excluding the least-profitable REITs and those with relatively high yields and, using a valuation screen, excludes the most expensive REITs, as measured by an enterprise value to operating profits ratio. The Index’s methodology also seeks to identify quality issuers and to mitigate balance sheet risk by excluding REITs with relatively high leverage, as measured by a net debt to earnings ratio. The remaining REITs, after applying these screens, are then weighted by market capitalization (subject to certain concentration and diversification limits) to derive the Index’s composition. The Index’s methodology requires that, with each rebalance/reconstitution, the Index includes at least 25 constituents; there is no maximum number of Index constituents. As of June 30, 2023, the Index was comprised of 50 constituents selected from a selection universe of 105 REITs. Barclays Bank PLC (“Barclays”) owns the intellectual property and licensing rights related to the Index, and Barclays Index Administration, a function within the investment bank of Barclays, performs the role of index sponsor and administers the Index.
Through the Fund’s investments related to the Index, the Fund will have significant exposure to REITs and the risks of investing in real estate assets. As a result, the Fund’s NAV will be affected by factors affecting the real estate sector and/or REIT securities to a greater degree than a fund that invests more broadly. REITs tend to be smaller and medium capitalization issuers in relation to the equity markets as a whole, though the Fund may have investment exposure to REITs of any market capitalization, including small, mid or large capitalization issuers. Please see “Market Capitalization Risk” in this Prospectus for more information.
The Fund’s NAV may experience more volatility than that of a fund with broader exposure to the market.
If derivatives designed to provide the Fund a return approximating the Index’s return become unavailable or for other reasons, DoubleLine Alternatives may seek investment exposure to the REIT securities comprising the Index by investing in derivative instruments whose reference assets are other REIT-related indices or issuers, by investing directly in some or all of the REIT securities comprising the Index, or by investing in REIT-focused pooled investment vehicles that may provide comparable exposure. DoubleLine Alternatives or the Fund’s Board of Trustees may in their sole discretion and without advance notice to shareholders select, in place of the Index, another index (such as the Dow Jones U.S. REIT Index) or a basket of investments. The Fund may gain exposure to any substitute index or basket of investments in any manner DoubleLine Alternatives determines appropriate, including those described above with respect to how the Fund may obtain exposure to the Index.
Although a portion of the Fund’s assets may be invested in instruments whose performance is based on an index, the Fund’s overall portfolio includes other investments. Therefore, the Fund is not designed to replicate the performance of any index. The Fund’s performance will deviate, potentially significantly, from the performance of any index used by the Fund.
During the Fund’s last fiscal year, the Fund entered into swap transactions related to the Index with two counterparties. The Fund will likely enter into swap transactions related to the Index with a single or a limited number of counterparties for the foreseeable future. In selecting swap counterparties for the Fund, DoubleLine Alternatives will normally consider a variety of factors, including, without limitation: cost; the quality, reliability, and responsiveness of a counterparty; the operational compatibility between a counterparty and DoubleLine Alternatives; and a counterparty’s creditworthiness.
The Fund’s Investments in Debt Instruments. Under normal circumstances, to the extent use of the above-described derivatives strategy leaves a substantial portion of the Fund’s assets available for other investment by the Fund, the Fund
intends to invest those assets in a portfolio of debt instruments managed by DoubleLine Capital to seek to provide additional total return over the long term. The Fund may invest directly in debt instruments; alternatively, DoubleLine Capital may choose to invest all or a portion of the Fund’s assets in one or more fixed income funds advised by DoubleLine Capital or a related party of DoubleLine Capital. Debt instruments in which the Fund may invest include, by way of example, (i) securities or other income-producing instruments issued or guaranteed by the U.S. Government, its agencies, instrumentalities or sponsored corporations (including inflation-protected securities); (ii) corporate obligations; (iii) mortgage-backed securities (including commercial and residential mortgage-backed securities) and other asset-backed securities, collateralized mortgage obligations, government mortgage pass-through securities, multiclass pass-through securities, private mortgage pass-through securities, stripped mortgage securities (e.g., interest-only and principal-only securities), and inverse floaters; (iv) collateralized debt obligations (“CDOs”), including collateralized loan obligations (“CLOs”); (v) foreign securities (corporate and government, including foreign hybrid securities), including emerging market securities; (vi) fixed and floating rate loans of any kind (including, among others, bank loans, assignments, participations, senior loans, second lien or other subordinated or unsecured fixed or floating rate loans, debtor‑in‑possession loans, exit facilities, delayed funding loans and revolving credit facilities), which may take the form of loans that contain fewer or less restrictive constraints on the borrower than certain other types of loans (“covenant-lite” loans); (vii) municipal securities and other debt obligations issued by states, local governments, and government-sponsored entities, including their agencies, authorities, and instrumentalities; (viii) inflation-indexed bonds; (ix) convertible securities; (x) preferred securities; (xi) payment‑in‑kind bonds; (xii) zero‑coupon bonds; (xiii) custodial receipts, cash and cash equivalents; (xiv) short-term, high quality investments, including, for example, 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 Fund may invest in any level of the capital structure of an issuer of mortgage-backed or asset-backed securities, but does not intend to invest in the equity or “first loss” tranche of such investments.
In managing the Fund’s portfolio of debt instruments, under normal market conditions, the portfolio managers intend to seek to construct an investment portfolio with an overall dollar-weighted average effective duration of between one and three 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 prepayment rates as determined by DoubleLine Capital. The longer a portfolio’s effective duration, the more sensitive it will be to changes in interest rates. The effective duration of the Fund’s portfolio of debt instruments may vary materially from its target range, from time to time, and there is no assurance that the effective duration of the portfolio will always be within its target range. DoubleLine Capital monitors the effective duration of the Fund’s portfolio of debt instruments to seek to assess and, in its discretion, adjust the Fund’s exposure to interest rate risk.
The Fund may invest in debt instruments of any credit quality, which may include securities that are at the time of investment unrated or 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 unrated securities judged by DoubleLine Capital 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 DoubleLine Capital to be of comparable quality, are high yield, high risk bonds, commonly known as “junk bonds.” Generally, lower-rated debt securities offer a higher yield than higher-rated debt securities of similar maturity but are subject to greater risk of loss of principal and interest than higher-rated securities of similar maturity. The Fund may invest up to 331/3% of its net assets in junk bonds, bank loans and assignments rated below investment grade or unrated but determined by DoubleLine Capital to be of comparable quality, and credit default swaps of companies in the high yield universe. DoubleLine Capital does not consider the term “junk bonds” to include any mortgage-backed securities or any other asset-backed securities, regardless of their credit rating or credit quality, and accordingly may invest without limit in such investments.
The Fund may invest a portion of its assets in inverse floater securities and interest-only and principal-only securities. An inverse floater is a type of instrument, which may be backed by or related to a mortgage-backed security, that bears a floating or variable interest rate that moves in the opposite direction to movements in interest rates generally or the interest rate on another security or index. Because an inverse floater inherently carries financial leverage in its coupon rate, it can change very substantially in value in response to changes in interest rates. Interest-only and principal-only securities may also be backed by or related to a mortgage-backed security. Holders of interest-only securities are entitled to receive only the interest on the underlying obligations but none of the principal, while holders of principal-only securities are entitled to receive all of the principal but none of the interest on the underlying obligations. As a result, they are highly sensitive to actual or anticipated changes in prepayment rates on the underlying securities.
The Fund may invest a portion of its assets in debt instruments (including hybrid securities) issued or guaranteed by companies, financial institutions and government entities in emerging market countries. 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 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 those sponsored or managed by the Adviser or its related parties. The Fund may engage in short sales or take short positions, either to earn additional return or to hedge existing investments.
In managing the Fund’s debt instruments, 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 DoubleLine Capital’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, and current fiscal policy.
The portfolio managers utilize active asset allocation in managing the Fund’s investments in debt instruments.
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.
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DBRIX - Performance

Return Ranking - Trailing

Period DBRIX Return Category Return Low Category Return High Rank in Category (%)
YTD -12.3% -18.7% 11.0% 99.23%
1 Yr -11.8% -20.8% 8.3% 96.93%
3 Yr 0.3%* -10.9% 12.2% 85.60%
5 Yr N/A* -11.6% 13.6% N/A
10 Yr N/A* -2.0% 14.6% N/A

* Annualized

Return Ranking - Calendar

Period DBRIX Return Category Return Low Category Return High Rank in Category (%)
2023 -31.9% -51.3% 2.7% 60.77%
2022 42.4% -7.7% 52.3% 7.84%
2021 -12.2% -42.2% 35.0% 73.44%
2020 22.8% -0.8% 43.1% 29.31%
2019 N/A -30.7% 2.2% N/A

Total Return Ranking - Trailing

Period DBRIX Return Category Return Low Category Return High Rank in Category (%)
YTD -12.3% -18.7% 11.0% 99.23%
1 Yr -11.8% -20.8% 8.3% 96.93%
3 Yr 0.3%* -10.9% 12.2% 85.60%
5 Yr N/A* -11.6% 13.6% N/A
10 Yr N/A* -2.0% 14.6% N/A

* Annualized

Total Return Ranking - Calendar

Period DBRIX Return Category Return Low Category Return High Rank in Category (%)
2023 -30.2% -40.7% 7.8% 93.46%
2022 50.3% 7.8% 62.1% 9.02%
2021 -10.3% -36.6% 44.3% 84.65%
2020 27.0% 3.4% 46.4% 54.31%
2019 N/A -22.2% 6.3% N/A

NAV & Total Return History


DBRIX - Holdings

Concentration Analysis

DBRIX Category Low Category High DBRIX % Rank
Net Assets 9.34 M 1.73 M 56.5 B 97.33%
Number of Holdings 84 18 479 19.64%
Net Assets in Top 10 6.37 M 578 K 30.2 B 96.36%
Weighting of Top 10 68.67% 16.1% 85.6% 8.73%

Top 10 Holdings

  1. United States Treasury Note/Bond 17.10%
  2. Jamestown CLO IX Ltd 10.68%
  3. United States Treasury Bill 9.46%
  4. United States Treasury Note/Bond 8.33%
  5. Ocean Trails Clo X 5.28%
  6. Wellfleet CLO 2020-2 Ltd 5.26%
  7. JP Morgan Chase Commercial Mortgage Securities Trust 2011-C3 3.88%
  8. Allegro CLO II-S Ltd 3.26%
  9. CLNC 2019-FL1 Ltd 2.80%
  10. J.P. Morgan Chase Commercial Mortgage SecuritiesTrust 2018-MINN 2.64%

Asset Allocation

Weighting Return Low Return High DBRIX % Rank
Bonds
116.93% -3.17% 157.37% 2.55%
Cash
2.28% -42.50% 30.22% 27.27%
Convertible Bonds
1.48% 0.00% 10.95% 4.01%
Stocks
0.00% 0.00% 106.98% 99.27%
Preferred Stocks
0.00% 0.00% 34.46% 63.27%
Other
-18.44% -87.80% 112.19% 98.18%

Bond Sector Breakdown

Weighting Return Low Return High DBRIX % Rank
Securitized
48.21% 0.00% 96.61% 1.13%
Corporate
29.69% 0.00% 99.81% 18.11%
Government
17.53% 0.00% 69.19% 3.40%
Cash & Equivalents
2.28% 0.00% 100.00% 25.65%
Municipal
0.00% 0.00% 3.24% 57.36%
Derivative
-18.44% -18.44% 2.11% 100.00%

Bond Geographic Breakdown

Weighting Return Low Return High DBRIX % Rank
US
116.93% -3.17% 137.29% 2.55%
Non US
0.00% 0.00% 20.08% 57.45%

DBRIX - Expenses

Operational Fees

DBRIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.09% 0.07% 24.77% 20.22%
Management Fee 0.45% 0.00% 1.50% 12.73%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.45% N/A

Sales Fees

DBRIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.00% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

DBRIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 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.

DBRIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 201.00% 0.11% 380.00% 98.05%

DBRIX - Distributions

Dividend Yield Analysis

DBRIX Category Low Category High DBRIX % Rank
Dividend Yield 4.60% 0.00% 12.61% 27.27%

Dividend Distribution Analysis

DBRIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annual Quarterly Quarterly

Net Income Ratio Analysis

DBRIX Category Low Category High DBRIX % Rank
Net Income Ratio 0.95% -1.14% 6.05% 55.15%

Capital Gain Distribution Analysis

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

Distributions History

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DBRIX - Fund Manager Analysis

Managers

Jeffrey Sherman


Start Date

Tenure

Tenure Rank

Dec 17, 2018

3.45

3.5%

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. He is a member of DoubleLine’s Executive Management and Fixed Income Asset Allocation Committees. Prior to joining DoubleLine in 2009, he 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.

Jeffrey Gundlach


Start Date

Tenure

Tenure Rank

Dec 17, 2018

3.45

3.5%

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.01 28.42 7.85 2.23