DoubleLine Floating Rate Fund - Class N
DLFRX
NASDAQ- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
FRC
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 2002 N. Tampa St., Tampa FL United States of America 33602
- IPO Date
- Feb 1, 2013
- CIK
- 0001480207
- Website
- doublelinefunds.com
- Similar Companies
- Business
- DoubleLine Floating Rate Fund - Class N (DLFRX) is a mutual fund managed by DoubleLine Capital LP that seeks a high level of current income by investing primarily in floating rate loans and other floating rate investments. The fund normally invests at least 80% of its net assets (plus borrowings for investment purposes) in floating rate loans, high yield corporate bonds, collateralized loan obligations (CLOs), investment grade corporate bonds, and limited equity holdings; its portfolio emphasizes credit selection through fundamental research to identify stable-to-improving credits while avoiding deteriorating ones, with diversification across approximately 300 holdings in sectors such as software, health care providers, hotels and leisure, machinery, and chemicals. As of March 2025, the fund's assets total approximately $152.3 million, with a weighted average life of 4.63 years, duration of 0.26 years, and credit quality skewed toward B-rated (55.95%) and BB-rated (25.12%) securities, complemented by cash equivalents and minimal investment-grade allocations. Launched on February 1, 2013, the fund operates within the bank loan category and is available to U.S. investors through retail (Class N, minimum initial investment $2,000) and institutional (Class I/DBFRX, minimum $100,000) share classes, distributed by Quasar Distributors, LLC. DoubleLine Capital LP, the fund's adviser and an employee-owned investment management firm founded in 2009, is headquartered in Tampa, Florida, with additional offices in Los Angeles, London, Dubai, and Tokyo. The fund is co-managed by Robert Cohen, CFA, since inception, and Philip Kenney, CFA, since July 2018, focusing on preservation of capital as a prerequisite to total return maximization. In recent developments, DoubleLine Capital relocated its headquarters from Los Angeles to Tampa, Florida, in February 2022 to leverage favorable tax laws, marking a significant operational shift. The firm expanded its offerings with exchange-traded funds, launching the DoubleLine Opportunistic Bond ETF and DoubleLine Shiller CAPE US Equities ETF in April 2022, followed by the DoubleLine Commercial Real Estate ETF and DoubleLine Mortgage ETF in April 2023, though these do not directly impact DLFRX operations. As of March 2025, the fund reported a net SEC 30-day yield of 7.07% for Class N shares and continued to outperform its Morningstar LSTA US Leveraged Loan Index benchmark over certain periods amid stable leveraged loan market conditions.