DoubleLine Srategies

Click on Benchmark and Return
Objectives for description

Low Duration
DoubleLine's Low Duration strategy strives to outperform the BofA/Merrill Lynch 1‐3 Year Treasury index. The objective is to maximize current income with a dollar‐weighted average effective duration of three years or less. The strategy mainly invests in investment grade fixed income securities.
Core (+100 bps)
DoubleLine Core Fixed Income strategy strives to outperform the U.S. Barclays Capital Aggregate Index by 100 basis points per annum by gradually allocating across U.S. Government, U.S. Investment Grade and below Investment Grade Corporate Credit, Agency and Non-Agency Mortgage-Backed Securities including and Commercial MBS, International and Emerging Markets Fixed Income sectors.
Core Plus (+200 bps)
DoubleLine Core Fixed Income strategy strives to outperform the U.S. Barclays Capital Aggregate Index by 200 basis points per annum by opportunistically investing across U.S. Government, U.S. Investment Grade and below Investment Grade Corporate Credit, Agency and Non-Agency Mortgage-Backed Securities including Commercial MBS, International and Emerging Markets Fixed Income.
Opportunistic Income
DoubleLine's Opportunistic Income strategy strives to significantly outperform the Barclay's Capital US Aggregate index. The strategy is considered to be DoubleLine's "Best Ideas Fixed Income" but is primarily invested in Mortgage-backed securities. There are no credit rating constraints. Duration is not managed to a duration target and will likely vary significantly over time. The strategy usually employs leverage but is dependent upon client guidelines.
Global Multi-Sector Fixed Income
DoubleLine's Global Multi-Sector Fixed Income strategy strives to generate attractive risk-adjusted total returns over a full credit cycle and is not managed to a specific benchmark. This objective is attempted by investing in a diversified portfolio of global fixed income assets which may include U.S. government securities, U.S. corporate securities, mortgage-backed securities, high yield corporate securities, developed countries debt, emerging market debt and/or bank debt. The strategy has no constraints with respect to credit ratings and is not managed to a duration target. Duration will likely vary significantly over time. Accounts are typically unleveraged.
MBS (+80 bps)
DoubleLine MBS strategy strives to outperform the U.S. Barclays Capital MBS Index by 80 basis points per annum with 70 basis points of tracking error per annum by investing across U.S. agency and non-agency Mortgage-Backed Securities and Commercial MBS subsectors.
Total Return (+120 bps)
DoubleLine Total Return MBS strategy strives to outperform the Barclays Capital U.S. MBS Index by 120 basis points per annum with 80 basis points of tracking error per annum. In addition, we strive to outperform the Barclays U.S. Aggregate index as well. The strategy invests slightly more aggressively across U.S. agency and non-agency Mortgage-Backed Securities and Commercial MBS subsectors. Some portfolio's guidelines may vary slightly to include small allocations to U.S. government securities, investment grade and below investment grade credit if the occasional opportunity arises to generate alpha.
Strategic (+500 bps)
DoubleLine's Strategic MBS strategy strives to outperform the Barclays Capital US Aggregate index by 500 basis points per annum over the long term by investing in mortgage-backed securities, either guaranteed by the U.S. Government or non-guaranteed mortgages. The strategy is considered to be DoubleLine's "Best Ideas Mortgages". There are no credit rating constraints. Duration is not managed to a duration target and will likely vary significantly over time.

Strategy Matrix

	Sector Opportunities	Benchmark & Return Objectives	Risk Management	Strategy Flexibility
Core Fixed Income	Sector Rotation Security Selection Government, Investment Grade and Below-Investment Grade Credit, MBS/ABS/CMBS International Emerging Markets	Barclays Aggregate Index Low Duration Core (+100 bps) Core Plus (+200 bps) Opportunistic Income (+500 bps) Global Multi-Sector Fixed Income	Diversification across fixed income sectors Duration range to fit client risk/reward profile Tactical allocation strives to mitigate risk	Separate Account Pooled Investment Vehicles
Mortgage Backed Securities	MBS Sub-sector rotation Ex. Duration plays: Agency vs. Non-Agency MBS Security Selection Wide array of diversified product Depressionary prices and loss-adjusted yields are attractive versus other fixed income sectors	Barclays US Mortgage Index MBS (+80 bps) Total Return (+120 bps) Barclays Aggregate Index Strategic (+500 bps)	"Stress" testing analysis using conservative approach to delinquency trends and severities Daily duration drift monitoring Risk integration: Agency and Non-Agency markets	Separate Account Pooled Investment Vehicles
Global Developed Credits	Long term reliable income Sector exposure helps minimize interest rate risk	Barclays US Credit Index +50bps Security Selection Investment Grade Below Investment Grade Credit MBS/ABS/CMBS	Bottom-up disciplined approach to credit analysis Diversification across industries and issuers Rigorous selection process Duration management around index	Separate Account
Emerging Markets Fixed Income	US dollar denominated Secular improving credit Continued demand Corporates vs. Sovereigns opportunities Wider spreads Improving credits skewed toward investment grade	JP Morgan Emerging Markets Global Diversified Index +150bps	Diversification across regions, countries, sectors and issuers Rigorous research driven five step bottom-up selection process	Separate Account Pooled Investment Vehicles
U.S. Equities	Seeks capital appreciation and risk mitigation through active management.	Ranges from Russell 2000 Growth to S&P 500		Separate Account
Multi‐Asset Growth	Aggressive Sector Rotation Asset Class Selection Government Credit MBS/ABS/CMBS International Emerging Markets Equities Commodities Currencies	Absolute Return Strategy	Diversification across asset classes Risk Integration Tactical allocation exploiting secular trends	Separate Account Pooled Investment Vehicle

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Nothing on this website should be deemed to be investment advice. The views and forecasts expressed in any materials on this website are as of the date indicated, are subject to change without notice, may not come to pass and do not represent a recommendation or offer of any particular security, strategy, or investment. DoubleLine has no obligation to provide revised assessments in the event of changed circumstances. There can be no assurance that the strategies described will achieve their objectives and goals. DoubleLine® is a registered trademark of DoubleLine.