Emerging Markets Local Currency Bond Fund
Investment Objective
The Fund’s investment objective is to seek high total return from current income and capital appreciation.
Investment Approach
The Fund intends to invest principally in bonds of issuers in emerging market countries denominated in local (non-U.S.) currencies These bonds include but are not limited to sovereign debt quasi sovereign debt, such as obligations issued by governmental agencies and instrumentalities supra national obligations and obligations of private, non governmental issuers Bonds may pay interest at fixed or variable rates and may be of any maturity The Fund’s investments may include government and private high yield debt securities inflation indexed securities bank loans and hybrid securities.
Investment Philosophy
The Fund seeks to generate strong risk adjusted returns from local emerging market bonds by combining top down global macro analysis with bottom up fundamental research to find attractive bond and currency investments across countries. Selective local corporate bond exposure provides an additional source of performance alpha with additional yield pick up over the sovereign curve and potential for spread compression.
Investment Process
1. Monthly Global Asset Allocation meetings chaired by Jeffrey Gundlach and attended by DoubleLine’s multi asset portfolio management team helps inform the Fund’s macro views.
2. Initial screening of regions and countries including local market structure, liquidity attributes and rule of law.
3. In depth fundamental research of countries and companies.
4. Portfolio construction that combines the macro outlook of the firm with the bottom up country and company fundamental analysis to identify the best sources of potential returns across countries, regions and sectors.
5. Active management with daily monitoring of economic data local news and macro changes to adhere to our buy/sell discipline.
Fund Facts
Retail and Institutional Class
No Load Mutual Fund
| Retail N-share | Inst. I-share | |
| Ticker | DLELX | DBELX |
| Min Investment | $2,000 | $100,000 |
| Min IRA Investment | $500 | $5,000 |
| Gross Expense Ratio | 6.50% | 6.25% |
| Net Expense Ratio | 1.17%1 | 0.92%1 |
| Benchmark | J.P. Morgan GBI-EM Global Diversified TR Index | |
| Fund Inception Date | 6/28/2019 | |
- The Adviser has contractually agreed to waive fees and reimburse expenses through July 31, 2021.
