DoubleLine
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Strategy Matrix

Fixed Income Asset Allocation Description Benchmark
Core Plus Fixed Income Active allocation across fixed income sectors: Government, Credit, Mortgages, Emerging Markets & International. Can be more or less aggressive per client mandate. Barclays U.S. Aggregate Bond Index
Flexible Income Active allocation across global fixed income sectors: US Government, US Corporates, High Yield, Bank Debt, Mortgages, Developed Countries debt & Emerging Markets Debt. Duration is flexible and may range from -3 to 10 years. Not managed to a specific benchmark. Targets Libor +250 basis points
Long Duration Total Return Active allocation across global fixed income sectors focusing mainly on: U.S. Government, U.S. Corporates & Mortgages. An enhanced Liability Driven Investing (LDI) strategy that potentially adds alpha via mispricings in mortgages. Maintains a duration of 10+ years. Barclays Long U.S. Government/Corporate Index
Low Duration Active allocation across fixed income sectors: Government, Credit, Mortgages (Incl. CMBS), & Emerging Markets. Uses short duration securities. BofA/Merrill Lynch 1-3 Year U.S. Treasury Index
Sector Specific
Fixed Income
Description Benchmark
Emerging Markets
Fixed Income
Emerging Markets debt strategy. Currently concentrated in U.S. dollar-denominated securities. Favors corporates over sovereigns. Also offer a Low Duration Emerging Markets strategy which uses shorter duration securities. JP Morgan Emerging Markets Global Diversified Index
Floating Rate Primarily invested in Bank Loans and other floating rate instruments. Allocations are diversified across industries and issuers. S&P/LSTA Leveraged Loan Index
Global Infrastructure Infrastructure debt finances projects for essential services. Projects can include, airports, toll roads, power plants, renewable energy, etc. Client customization available. Not managed to a specific benchmark
Total Return Concentrated heavily in Mortgages. Actively allocates between RMBS subsectors: Agency & NonAgency RMBS and CMBS. Client customization available. Barclays U.S. Aggregate Bond Index
U. S. Equities Description Benchmark
Equities Focus on growth stocks selected for cash flow valuation metrics. Can be broad based or sector specific (ex. Technology) depending on client specific mandate. S&P 500
Shiller Enhanced CAPE® Focus on the most undervalued sectors of the large cap universe as measured by the relative CAPE® ratio. S&P 500
Commodities Description Benchmark
Strategic Commodity Focuses on long exposures to one or more indexes of commodities, and through long and short positions on individual commodities. Managed as a total return strategy. Bloomberg Commodity Index
Global Macro Description Benchmark
Multi-Asset Growth Best Ideas Global Macro strategy. Invests opportunistically in Commodities, Currencies, Equities and Fixed Income. Managed as an absolute return strategy. Blended Benchmark 1
Alternative Investment Strategies Description Benchmark
Opportunistic CRE Debt Strategy Commercial Real Estate portfolio that combines direct origination of commercial loans with higher yielding CMBS securities. Barclays U.S. CMBS Index
Opportunistic Income ‐ Fixed Income Best Ideas Fixed Income strategy concentrated heavily in Mortgages. Aggressively allocates opportunistically. Can employ leverage. No duration constraints. Barclays U.S. Aggregate Bond Index
Opportunistic Income - CMBS Best Ideas CMBS/CRE strategy focusing on combining B-piece CMBS and direct origination lending. Employs leverage.  
     

1. Blended benchmark is maintained by DoubleLine and consists of 60% Barclays U.S. Aggregate Index, 25% MSCI ASCI and 15% SP GSCI.

Shiller Enhanced CAPE is managed by DoubleLine Capital LP.
Other equity strategies are managed by DoubleLine Equity LP.