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Trending ETFs

DoubleLine Strategic Commodity Fund

mutual fund
DBCMX
Payout Change
Pending
Price as of:
$7.41 +0.04 +0.54%
primary theme
Commodity
share class
DBCMX (Mutual Fund)

DoubleLine Strategic Commodity Fund

Payout Change
Pending
Price as of:
$7.41 +0.04 +0.54%
primary theme
Commodity
share class
DBCMX (Mutual Fund)

DoubleLine Strategic Commodity Fund

Payout Change
Pending
Price as of:
$7.41 +0.04 +0.54%
primary theme
Commodity
share class

Name

As of 10/04/2024

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

$7.41

$179 M

3.23%

$0.24

1.09%

Vitals

YTD Return

6.6%

1 yr return

0.1%

3 Yr Avg Return

5.1%

5 Yr Avg Return

7.0%

Net Assets

$179 M

Holdings in Top 10

101.1%

52 WEEK LOW AND HIGH

$7.4
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.09%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 0.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$100,000

IRA

$5,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 10/04/2024

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

$7.41

$179 M

3.23%

$0.24

1.09%

DBCMX - Profile

Distributions

  • YTD Total Return 6.6%
  • 3 Yr Annualized Total Return 5.1%
  • 5 Yr Annualized Total Return 7.0%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -0.97%
DIVIDENDS
  • Dividend Yield 3.2%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    DoubleLine Strategic Commodity Fund
  • Fund Family Name
    DoubleLine Funds
  • Inception Date
    May 18, 2015
  • Shares Outstanding
    18510923
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Jeffrey Sherman

Fund Description

The Fund normally seeks to generate long term total return through long and short exposures to commodity-related investments. The commodities to which the Fund may have investment exposure may include, without limitation, industrial metals (e.g., copper and nickel); precious metals (e.g., gold and silver); oil, gas and other energy commodities (e.g., crude oil, brent oil, gasoil, RBOB (reformulated blendstock for oxygenate blending) oil, and heating oil); agricultural products (e.g., soybeans, sugar, and cotton); and livestock (e.g., live cattle). Commodity-related investments may include investments in commodities, investments in instruments tied or related to one or more commodities or commodity-related indices or investments in companies with direct or indirect exposure to commodities (e.g., an investment in an oil production company or a mining company). As of the date of this Prospectus, the Fund expects to gain commodity-related investment exposure primarily through derivatives contracts, securities, or other instruments that provide a return tied to a commodities index, a basket of commodities, or a single commodity. The Fund generally uses instruments that involve investment leverage to achieve commodity exposures and expects to have, under normal circumstances, investment exposure to commodities in an amount up to the value of the Fund’s total assets.
The Fund expects to obtain its commodities exposures through swap contracts, futures contracts and/or other derivatives not requiring significant investments of the Fund’s cash. As a result, the Fund expects to have free cash available to invest in other assets. The Fund currently expects that those other investments will comprise principally fixed-income investments. See “Fixed Income Investments” below. It is possible that the Fund might lose money on both its commodity exposures and on its fixed-income investments. The use of derivatives to gain commodities exposure will create investment leverage in the Fund’s portfolio.
The Adviser may use a variety of commodity-related investment strategies in pursuing the Fund’s investment objective, including the following principal approaches:
-
Long Basket or Index-Related Exposure. The Adviser may create one or more long commodity-related positions in the Fund’s portfolio, representing what the Adviser considers from time to time to be efficient, broad-based exposure to a number of commodities. For example, the Adviser may identify one or more baskets or indexes of commodities, which will typically be administered and maintained by a third party, although the Adviser may provide recommendations to the basket or index sponsor during the construction of the basket or index or from time to time thereafter as to the exposures to be reflected in the basket or index. In pursuit of this strategy, the Adviser will normally attempt to replicate within the Fund’s portfolio the commodity exposures of the basket or index. These basket- or index-based exposures will typically comprise at least 50% of the Fund’s commodity exposures, and may constitute as much as 100% of the Fund’s commodity
exposures. The Adviser, in its discretion, may add to or replace the baskets or indexes, or may determine to implement the Fund’s investment program without relying on any baskets or indexes. In the latter case, the Adviser would rely principally on the investment techniques described under “Tactical Commodity Exposure,” below.
-
As of the date of this Prospectus, the Adviser has licensed the right to use the Morgan Stanley Backwardation-Focused Multi-Commodity Index (described below) (the “Morgan Stanley Index”), and the Fund invests in derivative instruments intended to provide exposure to the Morgan Stanley Index in implementing this aspect of the Fund’s principal investment strategies. However, the Adviser at any time may discontinue the use of the Morgan Stanley Index or may use other commodities-related indices at any time and without notice or may work with another index sponsor to create a custom commodities-related index. There can be no assurance that the Fund will continue to use the Morgan Stanley Index in implementing its principal investment strategies. For more information regarding the Morgan Stanley Index, see “The Morgan Stanley Index” below.
-
Tactical Commodity Exposure. The Adviser may seek to generate additional returns or modify the Fund’s broad-based commodities exposures by taking long and/or short positions in individual commodities or in other baskets of commodities or commodity indexes. These investments may be made in commodities, such as precious metals, that are not represented in the basket or index of commodities through which the Fund may be obtaining broad-based commodities exposures. The Adviser will determine whether to take such positions based on the Adviser’s quantitative models as well as the Adviser’s views of changing market, economic and political factors, market fundamentals, macroeconomic trends, and global or local events. The Adviser may also seek to pursue “market neutral” returns by creating roughly equal “long” and “short” exposures on different commodities of any kind. The Fund’s tactical commodity exposures will be actively managed, and the allocation of the Fund’s assets to various commodities will change over time, sometimes rapidly.
The Fund may also employ commodity roll-timing strategies. “Rolling” derivative-related exposure is the process by which the holder of a particular derivative instrument (such as a futures contract) or other instrument providing investment exposure will sell or close out the instrument on or before the termination or expiration date and simultaneously purchase or enter into a new instrument with identical terms except for a later termination date. “Roll-timing” is a process by which the Fund may seek to add incremental return through the timing of its commodity roll activities. For example, if the structure of an index reflects the effect of derivative “rolls” in the markets, the Fund might attempt to time its own roll activities to gain a pricing advantage over the pricing reflected in the index. The Adviser may consider the historical “backwardation” of commodity-related futures contracts in constructing the Fund’s portfolio and as part of any roll-timing strategies it uses. (Backwardation can occur when a futures contract calling for delivery of a commodity in the future has a lower value than the current “spot” or market price of the commodity. The value of such a futures contract may have the potential to appreciate to the value of the underlying commodity’s spot price (current market price) as the contract approaches expiration, although there can be no assurance that it will.)
The Morgan Stanley Index. The Morgan Stanley Index is expected to track the performance of futures contracts on eleven commodities, selected by Morgan Stanley Capital Group Inc. (the “Morgan Stanley Index Sponsor”), a direct, wholly-owned subsidiary of Morgan Stanley, based on (i) the contracts’ historical backwardation relative to other commodity-related futures contracts and (ii) the contracts’ historical liquidity. Of the commodities represented in the Morgan Stanley Index, currently five are in the energy sector, two are in the industrial metals sector, and four are in the agricultural sector or livestock sector. As of June 30, 2024, the Morgan Stanley Index’s exposure was weighted approximately 34% to the energy sector, 35% to the industrial metals sector, 26% to the agricultural sector, and 5% to the livestock sector. The Morgan Stanley Index’s actual exposure to futures contracts and sectors will change throughout the year based on changes in the market values of the futures contracts. The Morgan Stanley Index Sponsor also may alter the commodities that comprise the Morgan Stanley Index or the parameters that determine the futures contracts that comprise the Morgan Stanley Index. The Morgan Stanley Index is normally rebalanced annually during the month of January. In addition, the Morgan Stanley Index Sponsor may make interim changes to the Morgan Stanley Index in its discretion if it determines that a disruption event has occurred that requires modification of the Morgan Stanley Index; such events may include, but are not limited to market or trading disruptions in the commodities underlying the Morgan Stanley Index, changes in law, or other events or circumstances beyond the reasonable anticipation or control of the Morgan Stanley Index Sponsor.
The Fund has historically entered into swap transactions, including those related to the Morgan Stanley Index, with a limited number of counterparties and will likely enter into swap transactions, including those related to the Morgan Stanley Index, with a limited number of counterparties for the foreseeable future. In selecting swap counterparties for the Fund, the Adviser 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 the Adviser; and a counterparty’s creditworthiness.
The Adviser may seek to effect the Fund’s commodity-related investment strategies by investing in a variety of instruments, such as total and excess return swaps, futures contracts, options on futures, forward contracts, exchange traded products,
including exchange traded funds and exchange traded notes, structured notes, common or preferred stocks of subsidiaries of the Fund that invest directly or indirectly in commodities, and other investments intended to provide long or short exposure to one or more commodities.
The Fund expects that many of the instruments in which it will invest will involve leverage. When the Fund utilizes leverage, small changes in the values of the underlying commodity prices may result in significant changes in the values of the Fund’s investments, and the Fund can lose significantly more than the amount it invests in an instrument, or the margin it supplies to its counterparty on the instrument.
Fixed Income Investments. The Fund will normally create its commodities exposures using derivatives and other instruments that allow the Fund to achieve those exposures without significant upfront investment of cash. As a result, the Fund expects to have available to it cash assets to invest in securities or other instruments. The Fund may invest directly in debt instruments; alternatively, the Adviser may choose to invest all or a portion of the Fund’s assets in one or more fixed income funds advised by DoubleLine Capital LP (“DoubleLine Capital”) or a related party of DoubleLine Capital. Fixed income investments 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) other investment companies that invest principally in debt securities; or (iii) short-term investments, such as commercial paper, repurchase agreements and money market funds.
Under normal circumstances, the Fund’s portfolio of fixed income investments is expected to include primarily fixed income and other income-producing instruments rated investment grade and unrated securities considered by the Adviser to be of comparable credit quality. The Fund may, however, invest up to 20% of its total assets in fixed income and other income-producing instruments rated below investment grade and those that are unrated but determined by the Adviser to be of comparable credit quality.
Other Information. The Fund may pursue its investment objective and obtain exposures to some or all of the asset classes described in this Prospectus by investing in other investment companies, including, for example, other open‑end or closed‑end investment companies, ETFs, and domestic or foreign private investment vehicles, including investment companies sponsored or managed by the Adviser or its related parties. The Fund may from time to time invest in one or more subsidiary private investment vehicles organized outside the United States that invest directly or indirectly in commodities and commodity-related investments or in derivatives transactions relating to commodities where the Adviser determines that it may benefit the Fund if the subsidiary invests in those transactions. The amount of the Fund’s investment in certain investment companies or investment pools may be limited by law or by tax considerations.
Except as expressly prohibited by the Fund’s Prospectus or its Statement of Additional Information (“SAI”), the Fund may make any investment or use any investment strategy consistent with applicable law. The Fund may engage in short sales, either to earn additional return or to hedge existing investments. The Fund may enter into derivatives transactions of any kind for hedging purposes or otherwise to gain, or reduce, long or short exposure to one or more asset classes or issuers. A derivative is a financial contract whose value depends upon or is derived from the value of one or more underlying assets, reference rates, or indexes. These instruments include, among others, options, futures contracts, forward currency contracts, swap agreements and similar instruments. The Fund may use derivatives transactions with the purpose or effect of creating investment leverage. Although the Fund reserves the right to invest in derivatives of any kind, it currently expects that it may use the following types of derivatives: 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 and excess 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, commodities, securities, currencies, or other indicators of value, or to hedge against portfolio exposures. 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 Fund’s SAI.
There is no limit on the amount of the Fund’s assets that may be allocated to one or more commodities, specific asset classes or market sectors, and the Fund may at times have significant exposure to a single commodity or a limited number of commodities. The Fund may invest without limit in obligations of issuers in any country or group of countries, including emerging market countries, and investments denominated in foreign currencies. The amount of the Fund’s investment in a particular asset class, or the types of investments it may make in a particular asset class, may be limited by tax considerations or limitations imposed by applicable law.
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. Any percentage limitation and requirement as to investments will apply only at the time of an investment to which the limitation or requirement is applicable and shall not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of such investment. Accordingly, any later increase or decrease resulting from a change in values, net assets or other circumstances will not be considered in determining whether any investment complies with the Fund’s limitation or requirement.
Portfolio investments 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 investments 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.
Although a portion of the Fund’s assets may be invested in instruments the performance of which is based on an index, the Fund’s overall portfolio 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.
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DBCMX - Performance

Return Ranking - Trailing

Period DBCMX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.6% -21.4% 34.5% 80.92%
1 Yr 0.1% -46.2% 51.8% 90.84%
3 Yr 5.1%* -43.2% 280.6% 48.06%
5 Yr 7.0%* -27.6% 135.8% 83.33%
10 Yr N/A* -26.5% 47.7% N/A

* Annualized

Return Ranking - Calendar

Period DBCMX Return Category Return Low Category Return High Rank in Category (%)
2023 -7.0% -64.0% 30.1% 37.40%
2022 -23.0% -40.8% 2475.6% 85.38%
2021 15.7% -23.3% 106.7% 34.11%
2020 -6.1% -71.9% 295.5% 72.22%
2019 3.7% -31.8% 53.9% 76.00%

Total Return Ranking - Trailing

Period DBCMX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.6% -21.4% 34.5% 80.92%
1 Yr 0.1% -46.2% 51.8% 90.84%
3 Yr 5.1%* -43.2% 280.6% 48.06%
5 Yr 7.0%* -27.6% 135.8% 83.33%
10 Yr N/A* -26.5% 47.7% N/A

* Annualized

Total Return Ranking - Calendar

Period DBCMX Return Category Return Low Category Return High Rank in Category (%)
2023 41.1% -64.0% 41.1% 0.76%
2022 13.2% -15.1% 5648.8% 50.00%
2021 31.2% -23.3% 188.1% 42.64%
2020 -5.1% -67.8% 296.1% 73.81%
2019 6.1% -31.8% 53.9% 76.00%

NAV & Total Return History


DBCMX - Holdings

Concentration Analysis

DBCMX Category Low Category High DBCMX % Rank
Net Assets 179 M 2.34 M 62.8 B 64.38%
Number of Holdings 15 1 1009 80.92%
Net Assets in Top 10 147 M 2.66 M 63.2 B 71.76%
Weighting of Top 10 101.11% 17.2% 169.5% 9.45%

Top 10 Holdings

  1. United States Treasury Bill 27.42%
  2. United States Treasury Bill 15.51%
  3. First American Government Obligations Fund 12.06%
  4. MSILF Government Portfolio 12.06%
  5. JPMorgan US Government Money Market Fund 12.06%
  6. United States Treasury Bill 10.27%
  7. United States Treasury Bill 6.79%
  8. United States Treasury Bill 4.45%
  9. MLBXDL3S INDEX SWAP 070124 0.25%
  10. CIBZC30S INDEX SWAP 070124 0.25%

Asset Allocation

Weighting Return Low Return High DBCMX % Rank
Bonds
64.44% 0.00% 127.91% 30.53%
Cash
36.17% 0.00% 101.92% 41.86%
Stocks
0.00% 0.00% 49.31% 88.55%
Preferred Stocks
0.00% 0.00% 0.08% 82.17%
Convertible Bonds
0.00% 0.00% 3.89% 86.72%
Other
-0.57% -7.17% 100.19% 73.64%

Bond Sector Breakdown

Weighting Return Low Return High DBCMX % Rank
Government
74.12% 0.00% 100.00% 9.57%
Cash & Equivalents
36.17% 0.00% 100.00% 44.83%
Securitized
0.00% 0.00% 36.61% 86.09%
Corporate
0.00% 0.00% 42.72% 89.57%
Municipal
0.00% 0.00% 1.45% 82.61%
Derivative
-0.57% -7.17% 100.19% 55.17%

Bond Geographic Breakdown

Weighting Return Low Return High DBCMX % Rank
US
64.44% 0.00% 116.12% 31.01%
Non US
0.00% 0.00% 12.98% 82.17%

DBCMX - Expenses

Operational Fees

DBCMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.09% 0.21% 5.23% 50.00%
Management Fee 0.90% 0.00% 1.75% 86.25%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.02% 0.45% N/A

Sales Fees

DBCMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 4.50% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

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

DBCMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 0.00% 0.00% 162.00% 32.97%

DBCMX - Distributions

Dividend Yield Analysis

DBCMX Category Low Category High DBCMX % Rank
Dividend Yield 3.23% 0.00% 19.94% 40.00%

Dividend Distribution Analysis

DBCMX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annually Monthly Annual

Net Income Ratio Analysis

DBCMX Category Low Category High DBCMX % Rank
Net Income Ratio -0.97% -55.71% 52.26% 79.69%

Capital Gain Distribution Analysis

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

Distributions History

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DBCMX - Fund Manager Analysis

Managers

Jeffrey Sherman


Start Date

Tenure

Tenure Rank

May 18, 2015

7.04

7.0%

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.

Samuel Lau


Start Date

Tenure

Tenure Rank

Jul 31, 2018

3.84

3.8%

Mr. Lau joined DoubleLine in 2009. He works in portfolio management and trading for derivatives-based and multi-asset strategies.

Jeffrey Mayberry


Start Date

Tenure

Tenure Rank

Jul 31, 2018

3.84

3.8%

Mr. Mayberry works in portfolio management and trading for derivatives-based and multi-asset strategies. He joined DoubleLine in 2009 where he oversaw portfolio analytics, risk management and the development of portfolio management systems. He moved to his current role on the Macro-Asset Allocation team in 2014.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.33 17.03 6.1 11.51