CHICAGO, Jan. 22, 2014 /PRNewswire/ -- RiverNorth, an asset management firm specializing in opportunistic investment strategies, is pleased to announce that its RiverNorth/DoubleLine Strategic Income Fund has received a 5-Star (RNSIX) and 4-Star (RNDLX) rating from Morningstar as of December 31, 2013. The I-share class of the Fund (RNSIX) earned 5 stars for the Overall and 3-year periods ended 12/31/13 and the R-share class of the Fund (RNDLX) earned 4 stars for the Overall and 3-year periods ended December 31, 2013, among 219 Multisector Bond Funds based on risk-adjusted performance.
The RiverNorth/DoubleLine Strategic Income Fund seeks to provide current income and overall total return. The Fund is a flexible and opportunistic alternative fixed income strategy constructed to capitalize on the inefficiencies within the closed-end fund space and bond markets. The Fund actively allocates assets among three principal strategies: a Tactical Closed-End Fund Income Strategy, managed by RiverNorth, and an Opportunistic Income Strategy and Core Fixed Income Strategy, both managed by DoubleLine. The Fund's stated 30-Day SEC yield was 6.79% (RNSIX) as of 12/31/2013. The Fund was reopened to new investors on August 26, 2013, after being soft closed since March 30, 2012.
"The Fund has delivered on what we set out to accomplish when we launched three years ago – the generation of attractive risk-adjusted returns," said Patrick Galley, Chief Investment Officer and Portfolio Manager of RiverNorth. "We believe the recent volatility in the fixed-income markets provides an excellent environment for the Fund, as closed-end fund investment opportunities are more attractive today than any time since the Fund's inception."
"The teams at RiverNorth and DoubleLine each originated unique investment strategies, focused on dissimilar asset classes," said Jeffrey Gundlach, Chief Executive Officer and Chief Investment Officer of DoubleLine Capital LP. "However, Patrick and I share the same obsession with managing risk relative to reward – across security selection, sector weightings and portfolio construction. Since the Fund's inception, that partnering of like-minded vigilance with low-correlation strategies has proven complementary. Akin to the Sharpe1 ratio and more closely to the Sortino2 ratio, Morningstar's Star rating is a measure of risk-adjusted return. The methodology is purely quantitative, free of subjective opinion. So the RiverNorth/DoubleLine Strategic Income Fund received a Star rating in line with its performance. My team and I will continue to work hard to earn the trust of the Fund's investors and their advisors."
RiverNorth will host a live webcast to discuss the closed-end fund market and review its strategies on Tuesday, February 25, 2014. CIO and Portfolio Manager, Patrick Galley, will host the call. To register, please visit www.rivernorthfunds.com/events/.
RiverNorth is an investment management firm specializing in opportunistic investment strategies, including the trading of closed-end funds and volatility. RiverNorth invests in under-followed, niche markets where the potential to exploit inefficiencies is greatest. RiverNorth serves as the investment adviser to RiverNorth Funds and the General Partner to multiple limited partnerships. RiverNorth was founded in 2000 and is based in Chicago.
DoubleLine Capital LP, a registered investment adviser under the Investment Advisers Act of 1940, acts as the investment sub-adviser for the Fund. DoubleLine and its affiliates managed approximately $49 billion in assets held in closed- and open-end 1940 Act funds, separate accounts, variable annuities, hedge funds and UCITS as of December 31, 2013.
You should carefully consider the investment objectives, potential risks, management fees, and charges and expenses of the Fund before investing. The Fund's prospectus contains this and other information about the Fund and should be read carefully before investing. You may obtain a copy of the Fund's prospectus at www.rivernorthfunds.com or by calling 1-888-848-7569.
An investment in the Fund involves risk, including loss of principal.
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1 Sharpe ratio is calculated by subtracting the risk-free rate from the rate of return of the portfolio and dividing the result by the standard deviation of the portfolio returns. It is a measure of risk-adjusted performance.
2 Sortino ratio is a ratio used mainly in the context of hedge funds. This risk-reward measure determines which hedge funds have the highest returns while enduring the least amount of volatility. It is calculated by dividing the compounded annual return by the average maximum drawdown minus 10%.
2014 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees) placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable). For the 3-year period, the RiverNorth/DoubleLine Strategic Income Fund Class was rated 5 stars (I: RNSIX) and 4 stars (R: RNDLX) among 219 funds in the Multisector Bond Fund category for the time period ended 12/31/2013. The Fund received an Overall Morningstar Rating of 5 stars (RNSIX) and 4 stars (RNDLX) among 219 Multisector Bond Funds for the period ended 12/31/13. Past performance is no guarantee of future results.