DoubleLine Total Return Bond Fund Class I
DBLTX
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- DoubleLine Total Return Bond Fund Class I (DBLTX) is an open-end mutual fund that seeks to maximize total return by investing at least 80% of its net assets plus borrowings for investment purposes in debt securities, including agency mortgage-backed securities (MBS), non-agency MBS, commercial MBS (CMBS), asset-backed securities (ABS), US corporate bonds, US government securities, Treasury futures, and other fixed income instruments; the fund maintains a diversified portfolio with mid interest-rate sensitivity and mid credit quality, targeting outperformance of the Bloomberg U.S. Aggregate Bond Index through active management focused on carry, spread tightening, and opportunistic allocations to securitized products and credit sectors. Managed primarily by Jeffrey Gundlach since inception, with co-managers Andrew Hsu and Ken Shinoda, the fund emphasizes high-conviction positions in U.S. bonds (approximately 143% exposure including leverage), non-U.S. bonds (around 4.5%), and negative cash balances for enhanced yield, serving institutional and high-net-worth investors with a minimum initial investment of $100,000. DoubleLine Total Return Bond Fund operates within the intermediate core-plus bond category, with total net assets exceeding $29.9 billion and share class assets around $24.2 billion as of recent reports, available primarily in the United States. Launched on April 6, 2010, by DoubleLine Capital LP, an employee-majority-owned investment management firm founded in December 2009 and headquartered in Tampa, Florida following a 2022 relocation from Los Angeles for tax advantages, the fund benefits from DoubleLine's expertise in fixed income across mortgage-backed securities, credit, and multi-sector strategies. Recent portfolio adjustments include reductions in credit allocations paired with increased exposure to agency MBS pass-throughs and lower-coupon bonds for convexity and prepayment optionality, contributing to strong 2024 performance driven by carry (176 basis points) and securitized asset recovery. In 2025, the fund has continued to outperform its benchmark through spread tightening in agencies and credit sectors amid falling rates, while DoubleLine announced a proposed reorganization of certain funds into ETFs, including plans for a Securitized Credit ETF (potentially impacting related strategies) subject to shareholder approval targeted for early 2026, alongside name and strategy updates effective September 30, 2025.