Shiller Enhanced International CAPE®
The Fund seeks total return (capital appreciation and current income) in excess of the benchmark index, the MSCI Europe Net Return USD Index, over a full market cycle.
Maintain a core portfolio of debt instruments that focuses on global fixed income rotation while simultaneously obtaining exposure to the European Equity sector rotation strategy via The Shiller Barclays CAPE® Europe Sector Net TR USD Index. The Index aims to identify undervalued sectors based on a modified CAPE® Ratio, and then uses a momentum factor to seek to mitigate the effects of potential value traps. By using both a value indicator and a momentum indicator, the Index aims to provide more stable and improved risk adjusted returns. The CAPE® Ratio is used to assess equity markets valuations and averages ten years of reported earnings to account for earnings and market cycles. European sectors are equal-weighted notional long exposure to four European sectors that are undervalued. Each European sector is represented by a sector index. Each month, the Index ranks ten European sectors based on a modified CAPE® Ratio (a “value” factor) and a twelve-month price momentum factor (a “momentum” factor). The Index selects the five European sectors with the lowest modified CAPE® Ratio — the sectors that are the most undervalued according to the CAPE® Ratio. Only four of these five undervalued sectors, however, end up in the Index for a given month, as the sector with the worst 12-month price momentum among the five selected sectors is eliminated. The sectors are typically comprised of issuers represented in the MSCI Europe Index, which captures large and mid cap stocks across 15 developed market countries in Europe.
Retail and Institutional Class
No Load Mutual Fund
|Retail N-share||Inst. I-share|
|Min IRA Investment||$500||$5,000|
|Gross Expense Ratio||1.20%||0.95%|
|Net Expense Ratio2||0.91%||0.66%|
|Benchmark||MSCI Europe Net Return USD Index|
|Fund Inception Date||12/23/2016|
1. Subsequent investment minimums are $100 for all accounts. A $100 minimum subsequent purchase amount applies for automatic investment plans. Please see the prospectus for further details. Periodic investment plans do not assure a profit and do not protect against loss in declining markets.
2. The Advisor has contractually agreed to waive fees and reimburse expenses through July 31, 2022.
The Fund will invest in a portfolio of debt securities to seek to provide long term total return. The fund will seek to use derivatives, or a combination of derivatives and direct investments, to earn a return that tracks closely the performance of the index and provide total return supplemental to the return of the debt securities.
Barclays Bank PLC and its affiliates (“Barclays”) is not the issuer or producer of DoubleLine Shiller Enhanced International CAPE® or DoubleLine Shiller Enhanced CAPE® (the “Funds”) and Barclays has no responsibilities, obligations or duties to investors in the Funds. The Shiller Barclays CAPE® Europe Sector Net TR Index and the Shiller Barclays CAPE® US Sector USD Index (the “Indices”) are trademarks owned by Barclays Bank PLC and licensed for use by the Funds. While the Funds may execute transaction(s) with Barclays in or relating to the Indices, Fund investors acquire interests solely in the Fund and investors neither acquire any interest in the applicable Index nor enter into any relationship of any kind whatsoever with Barclays upon making an investment in such Fund. The Funds are not sponsored, endorsed, sold or promoted by Barclays and Barclays makes no representation regarding the advisability of the Funds or use of the Indices or any data included therein. Barclays shall not be liable in any way to either Fund, investors or to other third parties in respect of the use or accuracy of the Index or any data included therein.
The Shiller Barclays CAPE® Index Family (the “Index Family”) has been developed in part by RSBB-I, LLC, the research principal of which is Robert J. Shiller. RSBB-I, LLC is not an investment advisor and does not guarantee the accuracy and completeness of the Index Family or any data or methodology either included therein or upon which it is based. RSBB-I, LLC shall have no liability for any errors, omissions or interruptions therein and makes no warranties expressed or implied, as to the performance or results experienced by any party from the use of any information included therein or upon which it is based, and expressly disclaims all warranties of the merchantability or fitness for a particular purpose with respect thereto, and shall not be liable for any claims or losses of any nature in connection with the use of such information, including but not limited to, lost profits or punitive or consequential damages even, if RSBB-I, LLC is advised of the possibility of same.