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
Min Investment $2,000 $100,000
Min IRA Investment $500 $5,000
Gross Expense Ratio 2.83% 2.58%
Net Expense Ratio 1.16%1 0.91%1
Benchmark J.P. Morgan GBI-EM Global Diversified TR Index
Fund Inception Date 6/28/2019

  1. The Adviser has contractually agreed to waive fees and reimburse expenses through July 31, 2022.


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Past performance does not guarantee future results Mutual fund investing involves risk Principal loss is possible

Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer term debt securities Investments in lower rated and non rated securities present a greater risk of loss to principal and interest than higher rated securities The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods These risks are greater for investments in emerging markets The Fund may use leverage which may cause the effect of an increase or decrease in the value of the portfolio securities to be magnified and the Fund to be more volatile than if leverage was not used Derivatives involve special risks including correlation, counterparty, liquidity, operational, accounting and tax risks These risks, in certain cases, may be greater than the risks presented by more traditional investments.

Investing in emerging markets has more risk such as increased volatility, relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries and securities markets that are substantially smaller, less liquid and more volatile with less government oversight than more developed countries.

The fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The statutory prospectus and summary prospectus (if available) contain this and other important information about the investment company and may be obtained by clicking here. In addition, a free hard-copy is available by calling 1 (877) 354-6311/1 (877) DLINE11. Please read the prospectuses carefully before investing.

For our Funds that are no-load mutual funds, management fees and other expenses will apply. Please refer to the prospectus for further details.

The DoubleLine Funds are offered only to United States residents, and information on this website is intended only for such persons.  Nothing on this website should be considered a solicitation to buy or an offer to sell shares of any DoubleLine Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

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DoubleLine Alternatives LP is the investment adviser to the DoubleLine Strategic Commodity Fund and the DoubleLine Colony Real Estate and Income Fund.  DoubleLine Capital LP is the investment adviser to each of the other DoubleLine mutual funds and sub-adviser to the DoubleLine Colony Real Estate and Income Fund. DoubleLine Capital LP and DoubleLine Alternatives LP are investment advisers registered with the SEC under the Investment Advisers Act of 1940. The DoubleLine mutual funds are distributed by Quasar Distributors, LLC.  DoubleLine Capital LP is the investment adviser to the DoubleLine Closed-End Funds. Distributed by Foreside Funds Services, LLC.

DoubleLine®, the DoubleLine logo, the DoubleLine Funds logo and The Sherman Show logo are all registered trademarks of DoubleLine Capital LP.


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