The DoubleLine Shiller Enhanced CAPE® fund has two sources of potential return: an actively managed fixed income strategy and a rules-based strategy aimed at under-valued sectors of the large market-capitalization segment of the U.S. stock market. DoubleLine's investment team actively invests in a diversified portfolio of bonds and floating rate loans. The fixed income portfolio collateralizes derivatives contracts seeking to track the Shiller Barclays CAPE US Sector Total Return Index (the Shiller Barclays index).
The Shiller Barclays index first identifies the five deepest-value sectors of the S&P 500 Index as measured by where each sector's common stock shares are collectively priced relative to their 10-year cyclically adjusted price-earnings (CAPE) ratios. Then the Shiller Barclays index implements a defense filter to help avoid value traps. A value trap is a security or asset that may appear cheap based on valuation metrics but is likely set to fall much lower in price. Of the five value sectors, the Shiller Barclays index removes the sector with the worst total return for the trailing 12 months. The Shiller Barclays index is constituted of equal 25% exposures to the four remaining value sectors. The Shiller Barclays index re-values the S&P 500 sectors and reconstitutes/rebalances at the end of each month.
DoubleLine Capital LP is Adviser to the fund. Jeffrey Gundlach, Chief Executive Officer and Chief Investment Officer of DoubleLine Capital, and Mr. Sherman are portfolio managers of the fund. Robert Shiller, Professor of Economics, Professor of Finance and Fellow at the International Center for Finance at Yale University, is co-creator of the Shiller Barclays CAPE US Sector Total Return Index.
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Share Class Information
DSEEX (I shares): Minimum initial investment is $100,000 for regular accounts and $5,000 for Individual Retirement Accounts (IRAs). There is no annual 12b-1 fee.
DSENX (N shares): Minimum initial investment is $2,000 for regular accounts and $500 for IRAs. There is an annual 12b-1 fee of 0.25%.
About DoubleLine Capital LP
DoubleLine Capital LP, a registered investment adviser under the Investment Advisers Act of 1940, and its related companies ("DoubleLine") managed $102 billion in assets across all vehicles, including open-end mutual fund, closed-end fund, exchange-traded fund, hedge fund, variable annuity, UCITS and separate account as of the June 30, 2016 end of the second quarter. DoubleLine's offices in Los Angeles can be reached by telephone at (213) 633-8200 or by e-mail at firstname.lastname@example.org. Media can reach DoubleLine by e-mail at email@example.com. DoubleLine® is a registered trademark of DoubleLine Capital LP.
Cyclically Adjusted Price-to-Earnings (CAPE) Ratio – A measure of the price of a company's stock relative to average earnings growth over the past 10 years.
Shiller Barclays CAPE US Sector Total Return Index – A stock market index that incorporates the principles of long-term investing distilled by Dr. Robert Shiller and expressed through the CAPE ratio. It 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.
S&P 500 Index - A stock market index designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe.
One may not directly invest an index.
The fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The statutory and summary prospectus contains this and other important information about the fund and may be obtained by calling 1 (877) 354-6311 / 1 (877) DLINE11 or visiting www.doublelinefunds.com. Please read the prospectus carefully before investing.
Diversification does not assure a profit or protect against loss in a declining market.
The DoubleLine Shiller Enhanced CAPE® may invest 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. In order to achieve its investment objectives, the Fund may use certain types of exchange traded funds or investment derivatives. Derivatives involve risks different from, and in certain cases, greater than the risks presented by more traditional investments. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. ETF investments involve additional risks such as the market price trading at a discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a fund's ability to sell its shares.
Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in Asset-Backed and Mortgage-Backed securities include additional risks that investors should be aware of including credit risk, prepayment risk, possible illiquidity and default, as well as increase susceptibility to adverse economic developments. Investments in lower-rated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities. The Fund may also invest in securities related to real estate, which may decline in value as a result of factors affecting the real estate industry.
Equities may decline in value due to both real and perceived general market, economic and industry conditions. The fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested.
The Adviser's investment process may take into account a number of factors. These factors may include, among others, standard of living convergence, consumer deleveraging, private sector debt transference and demographic shifts, position in the business cycle, sector returns, relative growth, monetary and fiscal policy, risk integration, market sentiment, behavioral analysis, relative value, market technicals, and government and /or regulatory intervention.
Barclays Capital Inc. and its affiliates ("Barclays") is not the issuer or producer of DoubleLine Shiller Enhanced CAPE® (the "Fund") and Barclays has no responsibilities, obligations or duties to investors in the Fund. The Shiller Barclays CAPE® US Sector USD Index (the "Index") is a trademark owned by Barclays Bank PLC and licensed for use by the Fund. While the Fund may execute transaction(s) with Barclays in or relating to the Index, Fund investors acquire interests solely in the Fund and investors neither acquire any interest in the Index nor enter into any relationship of any kind whatsoever with Barclays upon making an investment in the Fund. The Fund is not sponsored, endorsed, sold or promoted by Barclays and Barclays makes no representation regarding the advisability of the Fund or use of the Index or any data included therein. Barclays shall not be liable in any way to the 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® US 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.
DoubleLine Group includes DoubleLine Capital, LP and DoubleLine Equity, LP.
DoubleLine is a registered trademark of DoubleLine Capital LP.
© 2016 Doubleline Funds Trust
The DoubleLine Funds are distributed by Quasar Distributors, LLC.
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