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DoubleLine Opportunistic Credit Fund
Jeffrey Gundlach's DoubleLine Opportunistic Credit Fund harvests dislocations across structured credit and bank loans with an unconstrained mandate.
DoubleLine Opportunistic Credit Fund
The DoubleLine Opportunistic Credit Fund operates within DoubleLine Capital, the Los Angeles-based asset manager founded in 2009 by Jeffrey Gundlach. The firm emerged from Gundlach's acrimonious departure from TCW, where he had managed the flagship Total Return Bond Fund, and quickly gathered assets as institutional allocators followed his team to the new platform. The Opportunistic Credit Fund extends DoubleLine's core competency into less constrained territory, targeting absolute returns rather than relative performance against a traditional aggregate index. The strategy moves across the credit spectrum unconstrained by duration or sector limits. Holdings typically span collateralized loan obligations (CLOs), commercial mortgage-backed securities (CMBS), non-agency residential mortgage-backed securities (RMBS), floating-rate bank loans, and stressed corporate credit. The fund can hold significant cash and has historically pivoted between offense and defense as market conditions shift. Geographic reach includes US and European credit markets, with a particular focus on dollar-denominated assets. The vehicle gains exposure through direct purchases, structured-product tranches, and partnerships with originators, reflecting Gundlach's signature approach of buying complexity at a discount. DoubleLine manages over $90 billion across fixed-income and equity strategies for institutions and individuals, with a team anchored by veteran sector specialists who joined from TCW. The firm operates from a single headquarters in downtown Los Angeles. Adjacent vehicles include the flagship DoubleLine Total Return Bond Fund, the DoubleLine Shiller Enhanced CAPE, and a suite of sector-specific fixed-income mandates. In 2022, the firm launched an ETF platform and expanded its UCITS presence to reach non-US institutional allocators (per the firm's official communications, 2022). The fund's architecture separates it from the majority of opportunistic credit peers. It draws on DoubleLine's deep embedded analytical infrastructure for mortgage and structured credit — a capability most hedge-fund-style opportunistic vehicles build from scratch — while maintaining the governance of a '40 Act registered fund. This gives investors daily liquidity, transparent pricing, and regulatory oversight in an asset class typically accessed through lock-up structures. The tension between liquid vehicle constraints and illiquid or dislocated underlying assets forms the central challenge, and defining feature, of how this mandate is executed.
General information
Firm type
Asset Manager
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Los Angeles
Corporate office
Los Angeles, CA, United States
Principals
Jeffrey Gundlach
Founder and CEO
Sector focus
Frequently asked questions
Who runs investment decisions at the DoubleLine Opportunistic Credit Fund?
The fund is managed by a team led by Jeffrey Gundlach, DoubleLine's founder and CEO, alongside senior portfolio managers drawn from the firm's structured credit and macro groups. Gundlach has been the public face and ultimate decision-maker for the firm's flagship mandates since DoubleLine's founding in 2009. The broader investment committee includes specialists in mortgage credit, corporate credit, and CLOs, reflecting the fund's multi-sector mandate.
How does an opportunistic credit fund differ from a core bond fund?
Unlike a core bond fund, which is measured against the Bloomberg Aggregate Index and constrained by duration and sector weightings, an opportunistic credit fund prioritizes absolute return with few benchmark restrictions. It can shift aggressively between asset classes — moving from CLOs to distressed CMBS to cash — depending on where the team sees mispricing. The trade-off is higher volatility and less predictable correlation patterns relative to traditional fixed-income mandates.
Does the fund focus on direct lending or on purchasing securities?
The DoubleLine Opportunistic Credit Fund primarily purchases securities in the secondary market rather than originating direct loans. Its activity centers on trading structured-credit tranches, bank loans in the syndicated market, and dislocated bonds rather than building a book of directly originated bilateral loans. This distinguishes it from direct-lending closed-end funds and positions it closer to a hedge-fund credit strategy inside a liquid, regulated wrapper.
What types of credit assets does the fund typically hold?
Holdings typically span CLOs, non-agency RMBS, CMBS, floating-rate bank loans, and stressed or distressed corporate bonds. The precise mix shifts with market conditions — the fund has carried significant CLO exposure during spread-widening episodes and pivoted to cash or higher-quality tranches when credit conditions tighten. The mortgage-centric DNA of DoubleLine means structured products often receive heavier weight than in peer opportunistic funds.
How is the fund structured for investors — is it a closed-end fund or an open-end mutual fund?
The strategy is delivered as an open-end mutual fund under the Investment Company Act of 1940, offering daily liquidity rather than the drawdown structure common in private credit. This means investors can subscribe and redeem at NAV on a daily basis, a structure that forces the team to manage a liquidity sleeve while staying invested in sometimes-illiquid underlying markets.
Does DoubleLine run separate accounts with the same opportunistic credit strategy?
DoubleLine offers institutional separate accounts alongside its mutual fund and ETF platform, and institutional allocators have on occasion negotiated customized versions of the opportunistic mandate with fee and liquidity terms that differ from the commingled vehicle. However, the registered fund remains the primary access point for most investors, and the firm does not publicly detail the size or terms of bespoke mandates.
What is Jeffrey Gundlach's background, and why did he leave TCW?
Jeffrey Gundlach spent over two decades at TCW, where he built its mortgage-backed securities and fixed-income franchise into one of the largest in the industry. He was fired in December 2009 amid a highly public dispute over compensation and the launch of a competing firm. Gundlach founded DoubleLine that same month, and litigation between TCW and Gundlach was eventually settled, with Gundlach retaining the right to hire former TCW colleagues who became the core of DoubleLine's initial team (per public record).
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