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Trending ETFs

DoubleLine Floating Rate Fund

mutual fund
DLFRX
Payout Change
Pending
Price as of:
$9.05 +0.0 +0.0%
primary theme
Bank Loan
share class
DLFRX (Mutual Fund)

DoubleLine Floating Rate Fund

Payout Change
Pending
Price as of:
$9.05 +0.0 +0.0%
primary theme
Bank Loan
share class
DLFRX (Mutual Fund)

DoubleLine Floating Rate Fund

Payout Change
Pending
Price as of:
$9.05 +0.0 +0.0%
primary theme
Bank Loan
share class

Name

As of 10/11/2024

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

$9.05

$173 M

7.79%

$0.70

1.00%

Vitals

YTD Return

6.7%

1 yr return

8.7%

3 Yr Avg Return

4.7%

5 Yr Avg Return

4.4%

Net Assets

$173 M

Holdings in Top 10

16.6%

52 WEEK LOW AND HIGH

$9.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.00%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 40.00%

Redemption Fee 1.00%


Min Investment

Standard (Taxable)

$2,000

IRA

$500


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 10/11/2024

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

$9.05

$173 M

7.79%

$0.70

1.00%

DLFRX - Profile

Distributions

  • YTD Total Return 6.7%
  • 3 Yr Annualized Total Return 4.7%
  • 5 Yr Annualized Total Return 4.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.16%
DIVIDENDS
  • Dividend Yield 7.8%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    DoubleLine Floating Rate Fund
  • Fund Family Name
    DoubleLine Funds
  • Inception Date
    Feb 01, 2013
  • Shares Outstanding
    5457627
  • Share Class
    N
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Robert Cohen

Fund Description

The Fund invests primarily in floating rate loans and other floating rate investments.
Floating rate loans are typically debt obligations with interest rates that adjust or “float” periodically, often on a daily, monthly, quarterly, or semiannual basis by reference to a base lending rate plus a premium. Certain floating rate loans are secured by specific collateral of the borrower and are senior to most other securities of the borrower (e.g., common stock and other debt instruments) in the event of bankruptcy. Other floating rate loans may be unsecured obligations of the borrower. A floating rate loan may be structured and administered by a financial institution that acts as the agent of the lenders participating in the floating rate loan. Such floating rate loans may be acquired through the agent or from the borrower, as an assignment from another lender who holds a direct interest in the floating rate loan, or as a participation interest in another lender’s portion of the floating rate loan.
Floating rate investments include, without limitation, bank loans, including assignments and participations; floating rate debt securities; inflation-indexed securities; certain mortgage- and asset-backed securities, and collateralized debt obligations (“CDOs”), including collateralized loan obligations (“CLOs”) and collateralized mortgage obligations, backed by floating rate instruments or structured as floating rate investments and having, in the judgment of DoubleLine Capital LP (the “Adviser” or “DoubleLine Capital”), characteristics similar to those of other floating rate investments; adjustable rate mortgages; floaters; inverse floaters; money market securities of all types; repurchase agreements; shares of money market and short-term bond funds; and floating rate loans of any kind (including, among others, subordinated loans, debtor‑in‑possession loans, exit facilities, delayed funding loans and revolving credit facilities).
The Fund normally will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in floating rate loans and other floating rate investments. For purposes of this policy, any security or instrument will be considered a floating rate investment if it has a maturity of six months or less even if it pays a rate of interest rate that does not reset or adjust prior to maturity. The Fund’s investments in derivatives and other synthetic instruments that provide exposure comparable, in the judgment of the Adviser, to floating rate investments will be counted toward satisfaction of this 80% policy as well.
The Fund may invest in securities or instruments of any credit quality. The Fund expects that many or all of the Fund’s investments will be rated below investment grade or unrated but of comparable credit quality. Corporate bonds and other fixed income instruments, including certain floating rate investments, 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 securities, commonly known as “junk bonds.” The Fund may invest in securities of stressed, distressed, and defaulted issuers (including issuers involved in bankruptcy proceedings, reorganizations, financial restructurings, or otherwise experiencing financial hardship). Such investments entail high risk and have speculative characteristics.
Subject to the Fund’s policy to invest at least 80% of its net assets in floating rate loans and other floating rate investments, the Fund may invest any portion of its assets in bonds, debentures, notes and other debt instruments, preferred securities, money market securities, investment-grade debt securities, repurchase agreements, and any security or instrument bearing a fixed, floating or adjustable rate of interest, including by investing in other investment companies, ETFs, and domestic or foreign private investment vehicles, including investment companies sponsored or managed by the Adviser or its related parties. The amount of the Fund’s investment in certain investment companies may be limited by law or by tax considerations.
The Fund may invest in obligations of corporate and governmental issuers of any maturity. The Fund may invest in foreign investments, including obligations of issuers in emerging markets, without limit.
The Fund’s investments in loans may include loans issued in an offering that has been oversubscribed. The Fund may be able to sell such investments at a gain shortly after those investments are made. If the Fund seeks to take advantage of such opportunities, it may lead to higher levels of portfolio turnover, increased transaction costs and greater amounts of taxable distributions to shareholders. There can be no assurance that the Adviser will be able to identify such opportunities successfully or sell any investments at a gain.
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 Fund may enter into derivatives transactions and other instruments of any kind for duration management purposes, hedging purposes or otherwise to gain, or reduce, long or short exposure to one or more asset classes or issuers. The Fund also may use derivatives transactions with the purpose or effect of creating investment leverage.
The Fund’s portfolio managers may consider a wide variety of factors in purchasing and selling investments for the Fund, including, without limitation, liquidity of the investment, fundamental analysis of the issuer, the credit quality of the issuer and any collateral securing the investment, the issuer’s management, capital structure, leverage, and operational performance, and the business outlook for the industry of the issuer. The Fund also may consider available credit ratings. Although the Fund’s portfolio managers may review credit ratings in making investment decisions, they typically perform their own investment analysis and generally do not rely upon the independent credit rating agencies in making investment decisions.
Proceeds from the sale of a loan may not be available to the Fund for a substantial period of time after the sale. As a result, it is possible that, during a period of substantial shareholder redemptions, proceeds from sales of loans by the Fund will not be available to the Fund on a timely basis for payment to redeeming shareholders. The Fund might as a result incur significant borrowing or other expenses, be forced to sell other securities with shorter settlement periods at unfavorable times or prices, or be forced to delay payment of redemption proceeds beyond the customary period.
Portfolio securities may be sold at any time. By way of example, the Fund’s portfolio managers may sell a Fund investment in order to take advantage of what the portfolio managers consider to be a better investment opportunity, when the portfolio managers believe the investment no longer represents a relatively attractive investment opportunity, when the portfolio managers perceive deterioration in the credit fundamentals of the issuer, or when the individual investment has reached the portfolio managers’ sell target.
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DLFRX - Performance

Return Ranking - Trailing

Period DLFRX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.7% -3.0% 10.3% 55.43%
1 Yr 8.7% -4.1% 15.2% 73.78%
3 Yr 4.7%* -6.2% 8.2% 66.67%
5 Yr 4.4%* -6.2% 38.2% 57.61%
10 Yr 3.6%* -2.0% 19.7% 55.19%

* Annualized

Return Ranking - Calendar

Period DLFRX Return Category Return Low Category Return High Rank in Category (%)
2023 1.8% -12.0% 11.1% 83.21%
2022 -6.9% -22.9% 5.1% 37.55%
2021 1.0% -12.2% 11.1% 51.37%
2020 -1.5% -14.1% 289.8% 20.41%
2019 1.3% -8.1% 7.5% 82.77%

Total Return Ranking - Trailing

Period DLFRX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.7% -3.0% 10.3% 55.43%
1 Yr 8.7% -4.1% 15.2% 73.78%
3 Yr 4.7%* -6.2% 8.2% 66.67%
5 Yr 4.4%* -6.2% 38.2% 57.61%
10 Yr 3.6%* -2.0% 19.7% 55.19%

* Annualized

Total Return Ranking - Calendar

Period DLFRX Return Category Return Low Category Return High Rank in Category (%)
2023 11.1% -12.0% 22.1% 78.73%
2022 -2.4% -22.9% 5.1% 54.02%
2021 4.3% -10.2% 11.1% 65.88%
2020 2.8% -14.1% 306.9% 24.08%
2019 6.9% -3.6% 10.5% 66.39%

NAV & Total Return History


DLFRX - Holdings

Concentration Analysis

DLFRX Category Low Category High DLFRX % Rank
Net Assets 173 M 29.9 M 13.5 B 84.35%
Number of Holdings 325 2 1977 61.92%
Net Assets in Top 10 30.1 M -191 M 2.37 B 72.69%
Weighting of Top 10 16.63% 5.2% 100.7% 35.91%

Top 10 Holdings

  1. JPMorgan US Government Money Market Fund 3.07%
  2. First American Government Obligations Fund 3.07%
  3. MSILF Government Portfolio 3.07%
  4. Katayma CLO I Ltd 1.12%
  5. Charles Schwab Corp/The 1.12%
  6. Bridge Street CLO IV Ltd 1.11%
  7. American Express Co 1.11%
  8. Central Parent Inc 1.05%
  9. TransDigm Inc 1.00%
  10. Mitchell International Inc 0.93%

Asset Allocation

Weighting Return Low Return High DLFRX % Rank
Bonds
93.20% 0.00% 161.82% 65.77%
Cash
9.20% -61.90% 16.36% 14.23%
Stocks
0.08% 0.00% 100.74% 85.38%
Preferred Stocks
0.00% -3.99% 7.30% 60.77%
Other
0.00% -52.39% 34.87% 71.54%
Convertible Bonds
0.00% 0.00% 5.51% 66.28%

Stock Sector Breakdown

Weighting Return Low Return High DLFRX % Rank
Industrials
100.00% 0.00% 100.00% 0.87%
Utilities
0.00% 0.00% 100.00% 52.17%
Technology
0.00% 0.00% 100.00% 55.65%
Real Estate
0.00% 0.00% 48.61% 43.48%
Healthcare
0.00% 0.00% 100.00% 40.87%
Financial Services
0.00% 0.00% 89.61% 43.48%
Energy
0.00% 0.00% 100.00% 73.91%
Communication Services
0.00% 0.00% 100.00% 74.78%
Consumer Defense
0.00% 0.00% 100.00% 53.91%
Consumer Cyclical
0.00% 0.00% 97.66% 61.74%
Basic Materials
0.00% 0.00% 1.36% 42.61%

Stock Geographic Breakdown

Weighting Return Low Return High DLFRX % Rank
US
0.08% -0.01% 100.74% 83.46%
Non US
0.00% 0.00% 0.68% 55.00%

Bond Sector Breakdown

Weighting Return Low Return High DLFRX % Rank
Corporate
90.91% 0.00% 99.80% 39.15%
Cash & Equivalents
9.20% 0.00% 25.03% 13.85%
Securitized
2.32% 0.00% 91.68% 24.03%
Derivative
0.00% -10.96% 0.85% 63.85%
Municipal
0.00% 0.00% 0.47% 46.51%
Government
0.00% 0.00% 3.18% 54.26%

Bond Geographic Breakdown

Weighting Return Low Return High DLFRX % Rank
US
93.20% 0.00% 123.41% 43.46%
Non US
0.00% 0.00% 63.23% 69.62%

DLFRX - Expenses

Operational Fees

DLFRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.00% 0.03% 5.51% 60.67%
Management Fee 0.50% 0.00% 1.89% 15.36%
12b-1 Fee 0.25% 0.00% 1.00% 37.04%
Administrative Fee N/A 0.02% 0.27% N/A

Sales Fees

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

Trading Fees

DLFRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 1.00% 1.00% 2.00% 62.50%

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.

DLFRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 40.00% 4.00% 180.00% 24.49%

DLFRX - Distributions

Dividend Yield Analysis

DLFRX Category Low Category High DLFRX % Rank
Dividend Yield 7.79% 0.00% 11.13% 61.57%

Dividend Distribution Analysis

DLFRX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

DLFRX Category Low Category High DLFRX % Rank
Net Income Ratio 3.16% 1.77% 9.82% 74.61%

Capital Gain Distribution Analysis

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

Distributions History

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DLFRX - Fund Manager Analysis

Managers

Robert Cohen


Start Date

Tenure

Tenure Rank

Feb 01, 2013

9.33

9.3%

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.

Philip Kenney


Start Date

Tenure

Tenure Rank

Jul 31, 2018

3.84

3.8%

Mr. Kenney joined DoubleLine’s Global Developed Credit Group in 2013 and has been Director of Corporate Research since 2016. Prior to joining the firm, he worked at Crescent Capital as an investment analyst with a focus on high yield bonds and leveraged loans.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 21.18 6.06 3.25