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DoubleLine Low Duration Bond Fund
mutual fund
DDLDX
Payout Change
Pending
Price as of:
$9.62
+0.0
+0.0%
primary theme
U.S. Short-Term Bond Duration
share class
DDLDX (Mutual Fund)
DoubleLine Low Duration Bond Fund
Payout Change
Pending
Price as of:
$9.62
+0.0
+0.0%
primary theme
U.S. Short-Term Bond Duration
share class
DDLDX (Mutual Fund)
DoubleLine Low Duration Bond Fund
Payout Change
Pending
Price as of:
$9.62
+0.0
+0.0%
primary theme
U.S. Short-Term Bond Duration
share class
Name
As of 12/10/2024Price
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
5.8%
1 yr return
6.3%
3 Yr Avg Return
3.0%
5 Yr Avg Return
2.4%
Net Assets
$5.8 B
Holdings in Top 10
27.6%
52 WEEK LOW AND HIGH
$9.6
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.40%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 80.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/10/2024Price
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
DDLDX - Profile
Distributions
- YTD Total Return 5.8%
- 3 Yr Annualized Total Return 3.0%
- 5 Yr Annualized Total Return 2.4%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.53%
- Dividend Yield 4.9%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameDoubleLine Low Duration Bond Fund
-
Fund Family NameDoubleLine
-
Inception DateSep 30, 2011
-
Shares Outstanding5408453
-
Share ClassR6
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerLuz Padilla
Fund Description
The Fund seeks current income by investing principally in debt securities of any kind. The Fund may invest without limit in 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, as well as those of private issuers not subject to any guarantee. Mortgage-backed securities include, among others, government mortgage pass-through securities, collateralized mortgage obligations, multiclass pass-through securities, private mortgage pass-through securities, stripped mortgage securities (e.g., interest-only and principal-only securities) and inverse floaters. The Fund may also invest in corporate debt obligations; asset-backed securities; foreign securities (corporate and government, including foreign hybrid securities); emerging market securities (corporate and government); inflation-indexed bonds; bank loans and assignments; income-producing securitized products, including collateralized loan obligations (“CLOs”); preferred securities; and other instruments bearing fixed or variable interest rates of any maturity.
DoubleLine Capital LP (the “Adviser” or “DoubleLine Capital”) 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 bond and mortgage 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. The Fund may invest in individual securities of any maturity or duration.
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 primarily in 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 50% 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. Those instruments include high yield, high risk bonds, commonly known as “junk bonds.”
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. 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 use derivatives transactions with the purpose or effect of creating investment leverage.
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 fixed income and income-producing instruments of any kind issued by governmental or private-sector entities. Most bonds consist of a security or instrument having one or more of the following characteristics: a fixed-income security, a security issued at a discount to its face value, a security that pays interest, whether fixed, floating or variable, or a security with a stated principal amount that requires repayment of some or all of that principal amount to the holder of the security. 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.
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 investment companies sponsored or managed by the Adviser or its related parties (“other DoubleLine funds”). The amount of the Fund’s investment in certain investment companies may be limited by law or by tax considerations.
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.
DDLDX - Performance
Return Ranking - Trailing
| Period | DDLDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 5.8% | 0.9% | 19.9% | 23.99% |
| 1 Yr | 6.3% | 2.4% | 21.5% | 50.48% |
| 3 Yr | 3.0%* | -5.0% | 6.1% | 6.61% |
| 5 Yr | 2.4%* | -3.8% | 5.8% | 18.11% |
| 10 Yr | N/A* | -18.5% | 170.6% | 19.87% |
* Annualized
Return Ranking - Calendar
| Period | DDLDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 2.0% | -1.6% | 7.6% | 46.92% |
| 2022 | -5.2% | -17.7% | -2.6% | 12.52% |
| 2021 | -0.9% | -4.0% | 4.4% | 13.48% |
| 2020 | -0.4% | -7.1% | 7.6% | 93.83% |
| 2019 | N/A | -2.3% | 9.3% | N/A |
Total Return Ranking - Trailing
| Period | DDLDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 5.8% | 0.9% | 19.9% | 23.99% |
| 1 Yr | 6.3% | 2.4% | 21.5% | 50.48% |
| 3 Yr | 3.0%* | -5.0% | 6.1% | 6.61% |
| 5 Yr | 2.4%* | -3.8% | 5.8% | 18.11% |
| 10 Yr | N/A* | -18.5% | 170.6% | 18.08% |
* Annualized
Total Return Ranking - Calendar
| Period | DDLDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 7.2% | 1.8% | 15.2% | 12.31% |
| 2022 | -2.8% | -17.3% | -1.3% | 4.11% |
| 2021 | 1.0% | -2.7% | 7.7% | 20.52% |
| 2020 | 2.3% | -2.4% | 14.5% | 94.65% |
| 2019 | N/A | 0.6% | 12.6% | N/A |
NAV & Total Return History
DDLDX - Holdings
Concentration Analysis
| DDLDX | Category Low | Category High | DDLDX % Rank | |
|---|---|---|---|---|
| Net Assets | 5.8 B | 14.5 K | 57.3 B | 19.16% |
| Number of Holdings | 763 | 2 | 8314 | 27.20% |
| Net Assets in Top 10 | 1.6 B | 1.05 M | 6.81 B | 20.69% |
| Weighting of Top 10 | 27.58% | 2.0% | 108.1% | 42.34% |
Top 10 Holdings
- United States Treasury Note/Bond 5.49%
- United States Treasury Note/Bond 4.92%
- United States Treasury Note/Bond 4.41%
- United States Treasury Note/Bond 4.34%
- United States Treasury Note/Bond 2.02%
- United States Treasury Note/Bond 1.84%
- United States Treasury Note/Bond 1.74%
- United States Treasury Note/Bond 1.13%
- Halseypoint Clo 5 Ltd 0.90%
- Generate CLO 9 LTD 0.80%
Asset Allocation
| Weighting | Return Low | Return High | DDLDX % Rank | |
|---|---|---|---|---|
| Bonds | 90.96% | 0.00% | 131.65% | 36.40% |
| Other | 7.34% | -0.97% | 73.75% | 52.30% |
| Cash | 2.23% | -20.59% | 68.64% | 51.15% |
| Convertible Bonds | 1.77% | 0.00% | 27.71% | 60.65% |
| Stocks | 0.00% | 0.00% | 99.96% | 35.06% |
| Preferred Stocks | 0.00% | 0.00% | 24.12% | 29.89% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | DDLDX % Rank | |
|---|---|---|---|---|
| Securitized | 58.09% | 0.00% | 97.27% | 4.61% |
| Corporate | 22.76% | 0.00% | 99.82% | 76.20% |
| Government | 17.17% | 0.00% | 73.63% | 50.10% |
| Cash & Equivalents | 2.23% | 0.00% | 68.64% | 47.70% |
| Derivative | 0.00% | -0.72% | 25.70% | 50.38% |
| Municipal | 0.00% | 0.00% | 14.41% | 60.84% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | DDLDX % Rank | |
|---|---|---|---|---|
| US | 90.96% | 0.00% | 126.86% | 32.76% |
| Non US | 0.00% | 0.00% | 87.70% | 29.12% |
DDLDX - Expenses
Operational Fees
| DDLDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.40% | 0.01% | 3.29% | 79.04% |
| Management Fee | 0.35% | 0.00% | 1.19% | 53.83% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.01% | 0.41% | N/A |
Sales Fees
| DDLDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 0.50% | 5.75% | N/A |
| Deferred Load | N/A | 0.50% | 4.00% | N/A |
Trading Fees
| DDLDX 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.
| DDLDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 80.00% | 2.00% | 500.00% | 51.95% |
DDLDX - Distributions
Dividend Yield Analysis
| DDLDX | Category Low | Category High | DDLDX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 4.88% | 0.00% | 11.11% | 10.15% |
Dividend Distribution Analysis
| DDLDX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| DDLDX | Category Low | Category High | DDLDX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 1.53% | -1.27% | 4.98% | 28.07% |
Capital Gain Distribution Analysis
| DDLDX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 29, 2024 | $0.039 | OrdinaryDividend |
| Oct 31, 2024 | $0.041 | OrdinaryDividend |
| Sep 30, 2024 | $0.041 | OrdinaryDividend |
| Aug 30, 2024 | $0.045 | OrdinaryDividend |
| Jul 31, 2024 | $0.043 | OrdinaryDividend |
| Apr 30, 2024 | $0.038 | OrdinaryDividend |
| Mar 28, 2024 | $0.037 | OrdinaryDividend |
| Feb 29, 2024 | $0.039 | OrdinaryDividend |
| Jan 31, 2024 | $0.040 | OrdinaryDividend |
| Dec 29, 2023 | $0.039 | OrdinaryDividend |
| Nov 30, 2023 | $0.040 | OrdinaryDividend |
| Oct 31, 2023 | $0.038 | OrdinaryDividend |
| Sep 29, 2023 | $0.039 | OrdinaryDividend |
| Aug 30, 2023 | $0.039 | OrdinaryDividend |
| Jul 31, 2023 | $0.037 | OrdinaryDividend |
| Jun 30, 2023 | $0.037 | OrdinaryDividend |
| May 31, 2023 | $0.036 | OrdinaryDividend |
| Apr 28, 2023 | $0.031 | OrdinaryDividend |
| Mar 31, 2023 | $0.035 | OrdinaryDividend |
| Feb 28, 2023 | $0.032 | OrdinaryDividend |
| Jan 31, 2023 | $0.030 | OrdinaryDividend |
| Dec 30, 2022 | $0.032 | OrdinaryDividend |
| Nov 30, 2022 | $0.030 | OrdinaryDividend |
| Oct 31, 2022 | $0.026 | OrdinaryDividend |
| Sep 30, 2022 | $0.025 | OrdinaryDividend |
| Aug 31, 2022 | $0.023 | OrdinaryDividend |
| Jul 29, 2022 | $0.019 | OrdinaryDividend |
| Jun 30, 2022 | $0.017 | OrdinaryDividend |
| May 31, 2022 | $0.016 | OrdinaryDividend |
| Apr 29, 2022 | $0.014 | OrdinaryDividend |
| Mar 31, 2022 | $0.012 | OrdinaryDividend |
| Feb 28, 2022 | $0.011 | OrdinaryDividend |
| Jan 31, 2022 | $0.012 | OrdinaryDividend |
| Dec 30, 2021 | $0.013 | OrdinaryDividend |
| Nov 30, 2021 | $0.014 | OrdinaryDividend |
| Oct 29, 2021 | $0.013 | OrdinaryDividend |
| Sep 30, 2021 | $0.014 | OrdinaryDividend |
| Aug 31, 2021 | $0.014 | OrdinaryDividend |
| Jul 30, 2021 | $0.014 | OrdinaryDividend |
| Jun 30, 2021 | $0.015 | OrdinaryDividend |
| May 28, 2021 | $0.016 | OrdinaryDividend |
| Apr 30, 2021 | $0.015 | OrdinaryDividend |
| Mar 31, 2021 | $0.017 | OrdinaryDividend |
| Feb 26, 2021 | $0.013 | OrdinaryDividend |
| Jan 29, 2021 | $0.015 | OrdinaryDividend |
| Dec 31, 2020 | $0.019 | OrdinaryDividend |
| Nov 30, 2020 | $0.017 | OrdinaryDividend |
| Oct 30, 2020 | $0.017 | OrdinaryDividend |
| Sep 30, 2020 | $0.017 | OrdinaryDividend |
| Aug 31, 2020 | $0.017 | OrdinaryDividend |
| Jul 31, 2020 | $0.018 | OrdinaryDividend |
| Jun 30, 2020 | $0.020 | OrdinaryDividend |
| May 29, 2020 | $0.020 | OrdinaryDividend |
| Apr 30, 2020 | $0.022 | OrdinaryDividend |
| Mar 31, 2020 | $0.026 | OrdinaryDividend |
| Feb 28, 2020 | $0.022 | OrdinaryDividend |
| Jan 31, 2020 | $0.024 | OrdinaryDividend |
| Dec 31, 2019 | $0.028 | OrdinaryDividend |
| Nov 29, 2019 | $0.025 | OrdinaryDividend |
| Oct 31, 2019 | $0.025 | OrdinaryDividend |
| Sep 30, 2019 | $0.025 | OrdinaryDividend |
| Aug 30, 2019 | $0.027 | OrdinaryDividend |
DDLDX - Fund Manager Analysis
Managers
Luz Padilla
Start Date
Tenure
Tenure Rank
Sep 30, 2011
10.67
10.7%
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.
Robert Cohen
Start Date
Tenure
Tenure Rank
Sep 08, 2016
5.73
5.7%
Mr. Cohen joined DoubleLine’s Global Developed Credit Group in 2012. He is the Director of the group and also a permanent member of the Fixed Income Asset Allocation committee. Prior to DoubleLine, he was a Senior Credit Analyst at West Gate Horizons Advisors (and its predecessor ING Capital Advisors) where he worked as an analyst covering bank loans and high yield bonds since 2001. Prior to joining ING, Mr. Cohen was an Assistant Vice President in the Asset Management Group of Union Bank. At Union Bank, Mr. Cohen managed a diversified portfolio of leveraged loans as well as a portfolio of CDO securities. Prior to Union Bank, he was an Associate Director of Corporate and Investment Banking at the Bank of Montreal in their Natural Resources Group. He holds a BA in Economics from the University of Arizona and an MBA from the University of Southern California. He is a CFA charterholder.
Jeffrey Sherman
Start Date
Tenure
Tenure Rank
Jul 31, 2019
2.84
2.8%
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
Jul 31, 2019
2.84
2.8%
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 |
|---|---|---|---|
| 0.07 | 28.77 | 6.16 | 2.41 |
