DoubleLine Total Return Bond Fund
Fund
DDTRX
Price as of:
$8.89
+ $0.07
+ 0.79%
Primary Theme
fund company
Name
Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
1.3%
1 yr return
-5.9%
3 Yr Avg Return
-5.8%
5 Yr Avg Return
N/A
Net Assets
$39.3 B
Holdings in Top 10
13.0%
52 WEEK LOW AND HIGH
$8.8
$8.57
$9.52
Expenses
OPERATING FEES
Expense Ratio 0.45%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 89.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
DDTRX - Profile
Distributions
- YTD Total Return 1.3%
- 3 Yr Annualized Total Return -5.8%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 2.81%
- Dividend Yield 4.0%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameDoubleLine Total Return Bond Fund
-
Fund Family NameDoubleLine
-
Inception DateJul 31, 2019
-
Shares Outstanding157583160
-
Share ClassRetirement
-
CurrencyUSD
-
Domiciled CountryUnited States
-
ManagerJeffrey Gundlach
Fund Description
Under normal circumstances, the Fund intends to invest more than 50% of its net assets in residential and commercial mortgage-backed securities and U.S. Treasury obligations rated at the time of investment Aa3 or higher by Moody’s Investors Service, Inc. (“Moody’s”) or AA‑ or higher by S&P Global Ratings (“S&P”) or the equivalent by any other nationally recognized statistical rating organization or unrated securities that are determined by DoubleLine Capital LP (the “Adviser” or “DoubleLine Capital”) to be of comparable quality. These investments may include mortgage-backed securities of any maturity or type, including 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. These investments also include, among others, government mortgage pass-through securities, collateralized mortgage obligations, multiclass pass-through securities, private mortgage pass-through securities, stripped mortgage securities (interest-only and principal-only securities) and inverse floaters.
Since the Fund’s inception, the Fund has historically invested substantially all of its assets in mortgage-backed securities; short term investments, such as notes issued by U.S. Government agencies and shares of money market funds; and other asset-backed obligations, collateralized loan obligations, obligations of the U.S. Government and its agencies, instrumentalities and sponsored corporations, and futures contracts. The Fund may invest in other instruments as part of its principal investment strategies, but it has not historically done so to a significant extent and there can be no assurance it will do so in the future.
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, and current fiscal policy.
Under normal circumstances, the Fund intends to invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in bonds. “Bonds” include bonds, debt securities, and other fixed income instruments issued by governmental or private-sector entities. 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 bonds of any credit quality, including those that are at the time of investment unrated or rated BB+ or lower by S&P or Ba1 or lower by Moody’s or the equivalent by any other nationally recognized statistical rating organization. Bonds and 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 up to 33 1/3% of its net assets in junk bonds, bank loans and assignments rated below investment grade or unrated but determined by the Adviser to be of comparable quality, and credit default swaps of companies in the high yield universe. The Adviser 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.
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 derivative instruments and other investments (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 incurs 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. 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 one year 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 prepayment 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 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 purpose or effect of creating investment leverage. 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; interest rate swaps, to gain indirect long or short exposures to interest rates, issuers, or currencies, 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, to take indirect long or short positions on indexes, securities, currencies, or other indicators of value, or to hedge against portfolio exposures. The Fund may also engage in short sales or take short positions, either to adjust its duration or for other investment purposes.
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 portfolio managers believe it would be appropriate to do so in order to readjust the duration of the Fund’s investment portfolio.
DDTRX - Performance
Return Ranking - Trailing
| Period | DDTRX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 1.3% | -50.1% | 6.9% | 31.29% |
| 1 Yr | -5.9% | -25.4% | 139.4% | 73.26% |
| 3 Yr | -5.8%* | -13.0% | 100.8% | 69.05% |
| 5 Yr | N/A* | -10.0% | 55.1% | 68.68% |
| 10 Yr | N/A* | -7.4% | 12.3% | 26.90% |
* Annualized
Return Ranking - Calendar
| Period | DDTRX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2022 | -15.6% | -75.2% | 1360.6% | 40.00% |
| 2021 | -1.5% | -14.5% | 1027.9% | 34.25% |
| 2020 | 0.2% | -9.6% | 118.7% | 93.45% |
| 2019 | N/A | -11.4% | 5.8% | N/A |
| 2018 | N/A | -49.5% | 12.4% | N/A |
Total Return Ranking - Trailing
| Period | DDTRX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 1.3% | -50.1% | 6.9% | 34.49% |
| 1 Yr | -5.9% | -25.4% | 139.4% | 73.35% |
| 3 Yr | -5.8%* | -13.0% | 100.8% | 69.05% |
| 5 Yr | N/A* | -10.0% | 55.1% | 61.36% |
| 10 Yr | N/A* | -7.4% | 13.1% | 24.88% |
* Annualized
Total Return Ranking - Calendar
| Period | DDTRX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2022 | -15.6% | -75.2% | 131.9% | 39.25% |
| 2021 | -1.5% | -14.5% | 1027.9% | 34.25% |
| 2020 | 0.2% | -9.6% | 118.7% | 93.45% |
| 2019 | N/A | -11.4% | 5.8% | N/A |
| 2018 | N/A | -7.0% | 12.4% | N/A |
NAV & Total Return History
DDTRX - Holdings
Concentration Analysis
| DDTRX | Category Low | Category High | DDTRX % Rank | |
|---|---|---|---|---|
| Net Assets | 39.3 B | 1.19 M | 287 B | 4.68% |
| Number of Holdings | 2878 | 1 | 17234 | 11.14% |
| Net Assets in Top 10 | 5.19 B | -106 M | 27.6 B | 7.88% |
| Weighting of Top 10 | 12.97% | 3.7% | 100.0% | 90.62% |
Top 10 Holdings
- United States Treasury Notes 1.88% 1.88% 3.24%
- Fncl 2 11/20 3.12%
- Fncl 2 11/20 3.12%
- Fncl 2 11/20 3.12%
- Fncl 2 11/20 3.12%
- Fncl 2 11/20 3.12%
- Fncl 2 11/20 3.12%
- Fncl 2 11/20 3.12%
- Fncl 2 11/20 3.12%
- Fncl 2 11/20 3.12%
Asset Allocation
| Weighting | Return Low | Return High | DDTRX % Rank | |
|---|---|---|---|---|
| Bonds | 99.61% | 3.97% | 268.18% | 19.86% |
| Stocks | 0.25% | -0.98% | 24.74% | 7.40% |
| Cash | 0.14% | -181.13% | 95.99% | 75.00% |
| Preferred Stocks | 0.00% | 0.00% | 77.13% | 38.41% |
| Other | 0.00% | -13.23% | 23.06% | 15.31% |
| Convertible Bonds | 0.00% | 0.00% | 10.39% | 86.50% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | DDTRX % Rank | |
|---|---|---|---|---|
| Utilities | 0.00% | 0.00% | 100.00% | N/A |
| Technology | 0.00% | 0.00% | 48.30% | N/A |
| Real Estate | 0.00% | 0.00% | 99.26% | N/A |
| Industrials | 0.00% | 0.00% | 48.31% | N/A |
| Healthcare | 0.00% | 0.00% | 17.70% | N/A |
| Financial Services | 0.00% | 0.00% | 100.00% | N/A |
| Energy | 0.00% | 0.00% | 100.00% | N/A |
| Communication Services | 0.00% | 0.00% | 100.00% | N/A |
| Consumer Defense | 0.00% | 0.00% | 99.67% | N/A |
| Consumer Cyclical | 0.00% | 0.00% | 100.00% | N/A |
| Basic Materials | 0.00% | 0.00% | 100.00% | N/A |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | DDTRX % Rank | |
|---|---|---|---|---|
| US | 0.25% | -0.94% | 24.47% | 7.07% |
| Non US | 0.00% | -0.04% | 4.86% | 14.04% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | DDTRX % Rank | |
|---|---|---|---|---|
| Securitized | 89.90% | 0.00% | 98.79% | 1.81% |
| Government | 9.87% | 0.00% | 86.23% | 83.61% |
| Cash & Equivalents | 0.14% | 0.00% | 95.99% | 97.37% |
| Corporate | 0.09% | 0.00% | 100.00% | 96.11% |
| Municipal | 0.01% | 0.00% | 100.00% | 72.37% |
| Derivative | 0.00% | 0.00% | 25.16% | 39.22% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | DDTRX % Rank | |
|---|---|---|---|---|
| US | 97.73% | 3.63% | 210.09% | 11.68% |
| Non US | 1.88% | -6.54% | 58.09% | 88.86% |
DDTRX - Expenses
Operational Fees
| DDTRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.45% | 0.01% | 2.93% | 66.61% |
| Management Fee | 0.40% | 0.00% | 1.76% | 61.55% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.01% | 0.50% | N/A |
Sales Fees
| DDTRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 2.00% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| DDTRX 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.
| DDTRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 89.00% | 2.00% | 493.39% | 38.13% |
DDTRX - Distributions
Dividend Yield Analysis
| DDTRX | Category Low | Category High | DDTRX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 3.96% | 0.00% | 12.67% | 11.23% |
Dividend Distribution Analysis
| DDTRX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Annually | Monthly | Monthly |
Net Income Ratio Analysis
| DDTRX | Category Low | Category High | DDTRX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 2.81% | -1.28% | 8.97% | 4.66% |
Capital Gain Distribution Analysis
| DDTRX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 30, 2022 | $0.030 | OrdinaryDividend |
| Oct 31, 2022 | $0.031 | OrdinaryDividend |
| Sep 30, 2022 | $0.030 | OrdinaryDividend |
| Aug 31, 2022 | $0.030 | OrdinaryDividend |
| Jul 29, 2022 | $0.030 | OrdinaryDividend |
| Jun 30, 2022 | $0.030 | OrdinaryDividend |
| May 31, 2022 | $0.027 | OrdinaryDividend |
| Apr 29, 2022 | $0.025 | OrdinaryDividend |
| Mar 31, 2022 | $0.030 | OrdinaryDividend |
| Feb 28, 2022 | $0.026 | OrdinaryDividend |
| Jan 31, 2022 | $0.026 | OrdinaryDividend |
| Dec 30, 2021 | $0.029 | OrdinaryDividend |
| Nov 30, 2021 | $0.027 | OrdinaryDividend |
| Oct 29, 2021 | $0.026 | OrdinaryDividend |
| Sep 30, 2021 | $0.027 | OrdinaryDividend |
| Aug 31, 2021 | $0.026 | OrdinaryDividend |
| Jul 30, 2021 | $0.028 | OrdinaryDividend |
| Jun 30, 2021 | $0.028 | OrdinaryDividend |
| May 28, 2021 | $0.030 | OrdinaryDividend |
| Apr 30, 2021 | $0.028 | OrdinaryDividend |
| Mar 31, 2021 | $0.031 | OrdinaryDividend |
| Feb 26, 2021 | $0.024 | OrdinaryDividend |
| Jan 29, 2021 | $0.025 | OrdinaryDividend |
| Dec 31, 2020 | $0.030 | OrdinaryDividend |
| Nov 30, 2020 | $0.029 | OrdinaryDividend |
| Oct 30, 2020 | $0.029 | OrdinaryDividend |
| Sep 30, 2020 | $0.029 | OrdinaryDividend |
| Aug 31, 2020 | $0.030 | OrdinaryDividend |
| Jul 31, 2020 | $0.032 | OrdinaryDividend |
| Jun 30, 2020 | $0.033 | OrdinaryDividend |
| May 29, 2020 | $0.032 | OrdinaryDividend |
| Apr 30, 2020 | $0.032 | OrdinaryDividend |
| Apr 01, 2020 | $0.035 | OrdinaryDividend |
| Feb 28, 2020 | $0.028 | OrdinaryDividend |
| Jan 31, 2020 | $0.030 | OrdinaryDividend |
| Dec 31, 2019 | $0.034 | OrdinaryDividend |
| Nov 29, 2019 | $0.033 | OrdinaryDividend |
| Oct 31, 2019 | $0.034 | OrdinaryDividend |
| Sep 30, 2019 | $0.033 | OrdinaryDividend |
| Aug 30, 2019 | $0.033 | OrdinaryDividend |
DDTRX - Fund Manager Analysis
Managers
Jeffrey Gundlach
Start Date
Tenure
Tenure Rank
Apr 06, 2010
12.16
12.2%
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.
Andrew Hsu
Start Date
Tenure
Tenure Rank
Jul 31, 2019
2.84
2.8%
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
Jul 31, 2020
1.83
1.8%
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.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.07 | 33.43 | 6.76 | 1.16 |