DoubleLine Flexible Income Fund Class I
DFLEX
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ROIC.AI
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- DoubleLine Flexible Income Fund Class I (DFLEX) is an actively managed open-end mutual fund that seeks long-term total return while generating current income through flexible allocations across a diverse array of fixed income sectors unconstrained by any benchmark index; the fund invests in agency mortgage-backed securities (MBS), non-agency residential and commercial MBS, collateralized loan obligations (CLOs), asset-backed securities (ABS), bank loans, high yield corporates, emerging markets fixed income, global developed credit, investment grade corporates, and U.S. government securities, with active sector betas determined by the DoubleLine Fixed Income Asset Allocation Committee led by portfolio managers Jeffrey Gundlach and Jeffrey Sherman. Launched on April 7, 2014, by DoubleLine Capital LP, an independent employee-owned investment manager founded in 2009 and headquartered in Tampa, Florida, following a relocation from Los Angeles in 2022, the fund targets institutional investors with a minimum investment of $100,000 and maintains assets under management of approximately $1.4 billion as of September 2025, featuring a gross expense ratio of 0.76%, a portfolio duration of 1.76 years, weighted average life of 4.03 years, and top holdings including U.S. Treasury Bills, the DoubleLine Emerging Markets Local Currency Bond Fund, and various securitized products. In the third quarter of 2025, the fund adjusted its portfolio by increasing exposure to emerging markets local currency bonds by 2% to 5%, boosting non-agency residential MBS by 1.5%, and reducing government holdings by 2% and CLOs by 1.5%, while maintaining a focus on senior and mezzanine securitized debt offering mid-to-high single-digit yields with credit enhancement and favoring B/BB-rated corporates over CCC-rated names; these shifts occurred amid underperformance relative to the Bloomberg U.S. Aggregate Bond Index by 24 basis points, driven by shorter duration positioning and supportive credit allocations in emerging markets and high yield. The fund operates primarily in U.S. and global developed markets, with significant allocations to non-U.S. bonds (21.37%) and emerging markets (8.48% as of September 2025), serving retail, institutional, and retirement investors through share classes including Class N (DLINX) and Class R6 (DFFLX), and is distributed by Quasar Distributors, LLC.