TAMPA, Fla., June 26, 2023 /PRNewswire/ — DoubleLine Funds (Luxembourg) UCITS has launched the DoubleLine Global Diversified Credit Sub-fund (“Global Diversified Credit”), the fourth Sub-fund distributed on the international platform of funds .
The objective of Global Diversified Credit is to maximize income and total return. The Sub-Fund actively invests in global fixed income sectors. Top-down and bottom-up investment approaches are integrated into the portfolio construction process and ongoing portfolio management.
Changes in the portfolio are made gradually over time with a long-term approach. Sector weights are based on economic outlook, credit fundamentals and relative value. Opportunistic investing across the credit spectrum increases the potential for increased risk-adjusted returns through changes in the market environment. In addition to investing in developed markets, sovereign debt, investment grade corporate credit, emerging market debt and Agency MBS, the Global Diversified Credit Sub-Fund invests in sectors outside the Bloomberg Global Aggregate Index Bond as corporate and securitized credit rated below investment grade. These sectors have the potential to offer higher returns and diversification benefits.
DoubleLine believes that certain environmental, social, and governance (“ESG”) factors may influence asset valuation and present investment risk. Therefore, the company has developed an ESG policy that the investment team considers in order to integrate ESG factors into their selection and decision-making process for the Sub-fund.
The term UCITS (“UCITS”) means Undertakings for the Collective Investment of Transferable Securities, an open-ended fund vehicle available in Europe, Latin America and other countries outside the US. In addition to Global Diversified Credit, DoubleLine Funds (Luxembourg) UCITS Sub-Funds include DoubleLine Shiller Enhanced CAPE® Equity Sub-Fund, advised by DoubleLine Alternatives LP and sub-advised by DoubleLine Capital LP; and the DoubleLine Low Average Duration and DoubleLine Emerging Markets Fixed Income Bond Sub-Funds, managed by DoubleLine Capital LP. Depending on the investor’s country of residence, the Sub-Funds are available in different share classes for individual and institutional investors, furthermore denominated in different currencies.
Asset allocation and portfolio construction
Jeffrey Gundlach and Jeffrey Sherman are the portfolio managers of Global Diversified Credit. Permanent members of DoubleLine’s Fixed Income Asset Allocation (FIAA) Committee and integrated investment teams of more than 100 investment professionals collaborate under his direction.
At the macro level, the FIAA Committee meets monthly to determine a macroeconomic outlook, assessing potential opportunities and risks in the fixed income universe. On this basis, the Committee makes decisions on the characteristics of the portfolio, which include the weighting in the different sectors of the fixed income universe, credit exposure, and duration. The permanent members of the FIAA Committee are Mr. Gundlach, Chairman of the Committee; Mr. Sherman, who leads the Macro Asset Allocation team; and the heads of investment teams specialized in the different sectors of the fixed income universe.
At the bottom-up level, investment teams dedicated to their respective markets analyze fundamentals, determine relative values and execute stock selection. Each stage of the process aims to find the most attractive opportunities in terms of risk/return ratio and relative value.
The specialized investment teams and managers in the different sectors are: Agency-issued Mortgage-Backed Securities (MBS) (Vitaliy Liberman); Non-Agency MBS (Ken Shinoda); Commercial/Commercial Mortgage Backed MBS (Morris Chen); global developed credit (Robert Cohen), including teams dedicated to investment grade and high yield bonds and bank loans; infrastructure sector debt and asset-backed securities (Andrew Hsu); collateralized debt obligations (Sam Garza); US government bonds (Greg Whiteley); and international fixed income (Luz Padilla). FIAA Committee members have an average of 23 years of investment experience and have been working together for an average of 15 years.
Integration, supervision and governance in ESG
The company’s ESG Advisory Committee, a subcommittee of DoubleLine’s Executive Committee, is comprised of management, investment, and control personnel. The ESG Advisory Committee is responsible for setting the strategic direction for DoubleLine’s ESG approach; monitor, supervise the implementation of DoubleLine’s ESG activities with input from the ESG Investment Task Force; and recommend policies and practices.
DoubleLine’s ESG Investment Group activities are integrated into portfolio construction under the FIAA Committee. Comprised exclusively of portfolio managers and analysts, the ESG Investment Group is tasked with shaping DoubleLine’s ESG integration framework across the firm, advancing ESG analytics capabilities and ensuring harmony across asset classes.
“As one more element of building our presence in Europe, the Middle East, Africa, Latin America, Japan, and other parts of Asia, we are excited to now be able to offer the DoubleLine Global Diversified Credit UCITS fund to investors,” said the DoubleLine President Ron Redell. “We believe the fund benefits from the core competence of our longstanding portfolio management teams with a proven and consistent investment process.”
“The launch of this fund represents a solid step in the direction of offering international investors greater access to DoubleLine’s investment strategies through vehicles favorable to their structure and jurisdiction,” said Joel Peña, Head of Business Development in Latin America. for signature.
For more information on DoubleLine’s UCITS funds, please visit https://www.doublelineucits.com/. Investors and investment advisors can contact Mr. Peña (joel.pena@doubleline.com) from Latin America and the U.S. Offshore; and Mark Coombs (mark.coombs@doubleLine.com) from Europe.
About DoubleLine
DoubleLine Capital LP and DoubleLine Alternatives LP are registered investment advisers under the Investment Advisers Act of 1940. DoubleLine offices can be contacted by phone at (813) 791-7333 or by email at info@doubleline .com. Media can contact DoubleLine by email at media@doubleline.com. DoubleLine® is a registered trademark of DoubleLine Capital LP.
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