DoubleLine Ultra Short Bond Fund - Class N
DLUSX
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- DoubleLine Ultra Short Bond Fund - Class N (DLUSX) is an open-end mutual fund managed by DoubleLine Capital LP that seeks a high level of current income consistent with limited price volatility through investments in ultra-short duration fixed income securities. The fund primarily invests in a diversified portfolio of short-term debt instruments, including investment-grade corporate bonds, asset-backed securities, commercial paper, U.S. government securities, and mortgage-backed securities; it maintains an average portfolio duration of less than one year to minimize interest rate risk while targeting yields above money market funds. DoubleLine Capital LP, the fund's investment adviser founded in 2009 and headquartered in Los Angeles, California, employs a bottom-up credit selection process led by CEO and Chief Investment Officer Jeffrey Gundlach and Deputy CIO Jeffrey Sherman, serving institutional and retail investors across the United States with operations focused on domestic fixed income markets. The fund offers Class N shares with a focus on low expense ratios and accessibility for individual investors, alongside other share classes such as Class I (DBULX) for institutional clients; its portfolio emphasizes high-quality, liquid securities to provide stability in varying interest rate environments. Geographically, the fund operates primarily within U.S. markets, investing in domestic issuers while adhering to strict credit quality standards, typically high-grade or equivalent. As of recent data, the fund maintains net assets under management of approximately $7.8 million for Class N shares. In recent developments, DoubleLine Capital LP has continued to expand its suite of fixed income strategies, including the launch of the DoubleLine Shiller CAPE U.S. Equities ETF under the ticker CAPE in 2024, marking a strategic diversification beyond core bond funds; the firm also strengthened its sub-advisory relationships, such as with CI Global Asset Management for certain collective funds, and maintained strong performance through credit cycles under Gundlach's leadership. No major acquisitions, funding rounds, or reorganizations specific to DLUSX were reported in the last 1-2 years, though the firm emphasized portfolio adjustments amid 2024-2025 interest rate dynamics to optimize yield and liquidity. DoubleLine remains employee-owned with no parent company, focusing on multi-sector fixed income expertise.