DoubleLine Long Duration Total Return Bond Fund - Class N
DLLDX
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- DoubleLine Long Duration Total Return Bond Fund (Class N) (DLLDX) is an open-end mutual fund managed by DoubleLine Capital LP that seeks long-term total return, comprised of capital growth and current income, principally through investments in debt securities of any kind, with a focus on long-duration mortgage-backed securities (MBS), including agency residential MBS, agency commercial MBS, collateralized mortgage obligations, U.S. Treasuries, Treasury futures, and government-related securities; the fund employs derivatives such as Treasury futures for hedging and employs active risk management to capitalize on mispricings within the MBS sector, targeting liability-driven investing and macro hedging strategies with a portfolio duration of approximately 14 years, weighted average life of around 10.6 years, and sector allocations emphasizing agency RMBS (86%), agency CMBS (12%), and government securities (4%). Launched on December 15, 2014, and domiciled in the United States with availability to U.S. investors, the fund is part of DoubleLine Funds Trust and operates within the Long Government category, serving institutional and retail investors seeking to extend portfolio duration with lower volatility alternatives to traditional long-duration corporates or Treasuries; minimum initial investments stand at $2,000 for Class N shares ($500 for IRAs), with a net expense ratio of 0.75% as of mid-2025, portfolio managers include Jeffrey Gundlach (CEO and CIO of DoubleLine) and Vitaliy Liberman, and assets under management for the Class N share class approximate $4.8 million within a total fund size of about $52 million. DoubleLine Capital LP, the fund's adviser, was founded in December 2009 in Los Angeles, California, by Jeffrey Gundlach and maintains its headquarters in Tampa, Florida, following a 2022 relocation, with additional offices in London, Tokyo, and Dubai; the employee-owned firm oversees a broad range of fixed-income strategies across mutual funds, ETFs, and closed-end funds, with total firm assets exceeding $95 billion as of late 2024. The fund has maintained its core strategy without major structural changes, name alterations, or reorganizations in the last 1-2 years, continuing to prioritize MBS-driven duration extension amid fluctuating interest rates; recent market commentary from Gundlach in December 2025 highlights a positive shift toward commodities and sustained international bond exposure in DoubleLine's broader opportunistic strategies, though no specific acquisitions, partnerships, funding rounds, or new product launches directly impact DLLDX operations.