DoubleLine Flexible Income Fund Class N
DLINX
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- DoubleLine Flexible Income Fund Class N (DLINX) is an open-end mutual fund that seeks long-term total return while striving to generate current income through active management across a diverse array of fixed income sectors; the fund invests in agency mortgage-backed securities (MBS), non-agency residential MBS (RMBS) and commercial MBS (CMBS), collateralized loan obligations, bank loans, emerging markets debt, asset-backed securities, high yield corporate bonds, investment grade corporate bonds, and U.S. government securities, with sector allocations determined by the DoubleLine Fixed Income Asset Allocation Committee led by Jeffrey Gundlach. The fund maintains a portfolio duration of approximately 1.76 years, a weighted average life of 4.03 years, and holds over 1,180 securities with assets under management of about $1.4 billion as of September 2025, featuring top sectors including non-agency RMBS (17.09%), collateralized loan obligations (13.74%), and government securities (12.01%). Launched on April 7, 2014, as a series of DoubleLine Funds Trust, the fund is domiciled in the United States with c/o DoubleLine Funds Trust at 333 South Grand Avenue, Los Angeles, California 90071, and is managed by DoubleLine Capital LP, an employee-owned investment management firm founded in 2009 and headquartered in Tampa, Florida. The fund offers Class N shares with a minimum initial investment of $2,000 ($500 for IRAs), a gross expense ratio of 1.01%, and daily pricing, targeting investors seeking multisector bond exposure with limited interest-rate sensitivity and mid-credit quality. Geographically, it operates primarily in U.S. and global developed markets, with significant allocations to non-U.S. bonds (up to 22%), emerging markets fixed income (8.48%), and international sectors, exposing investors to foreign securities risks including currency, political, and economic volatility. DoubleLine Capital LP provides advisory services, distributing the fund through Quasar Distributors, LLC, and employs a top-down macroeconomic outlook combined with bottom-up security selection, scenario analysis, and duration management unconstrained by any index. Recent updates include sustained portfolio performance with year-to-date returns of 4.87% for Class N shares through September 2025, alongside DoubleLine Capital's strategic evolution such as the 2022 headquarters relocation from Los Angeles to Tampa, Florida, for tax advantages while maintaining a Los Angeles office, and minor adjustments to fee structures for related strategies like Opportunistic Income as noted in the firm's 2024 Form ADV filing. The firm continues to expand its offerings, including equity, multi-asset, and ETF products, with total assets under management exceeding $93 billion as of early 2025, though DLINX remains focused on flexible fixed income without specific new product launches or acquisitions announced for the fund itself in the past 1-2 years. Portfolio characteristics reflect ongoing active management, with cash holdings at 2.75% and credit quality distributed across government (14.65%), agency (10.68%), investment grade (44.05%), and below investment grade (23.54%) as of September 2025.