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Gundlach's DoubleLine Capital posts 27th straight month of inflows

Published 05/02/2016, 02:54 PM
© Reuters. Jeffrey Gundlach, chief executive and chief investment officer of DoubleLine Capital, speaks during the Sohn Investment Conference in New York
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By Jennifer Ablan

NEW YORK (Reuters) - DoubleLine Capital, overseen by widely followed investor Jeffrey Gundlach, said on Monday its mutual funds attracted $1.36 billion in April, marking the firm's 27th consecutive month of inflows.

The DoubleLine Total Return Bond Fund had a net inflow of $983.7 million in April. The fund, which invests primarily in mortgage-backed securities, is the firm's largest, with $58.78 billion in assets.

The DoubleLine Core Fixed Income Fund had a net inflow of $223.93 million in April. The fund, whose investments include corporate securities, bank debt, collateralized loan obligations, emerging markets debt, municipal bonds and Treasuries as well as MBS, has $6.31 billion in assets.

"Even though both Total Return and Core Fixed Income funds modestly underperformed their respective Lipper peer groups in April, they have well above-average track records over the last five years," said Todd Rosenbluth, director of exchange-traded and mutual fund research at S&P Global Market Intelligence.

"While some asset managers have experienced outflows, investors continue to gravitate to this proven active management team."

DoubleLine also enjoyed inflows into its exchange-traded fund. The SPDR DoubleLine Total Return Tactical (TOTL) ETF attracted $57 million of net inflows in April, while the rival Pimco Total Return Active Exchange-Traded Fund posted outflows of $16 million.

DoubleLine's TOTL now has $2.3 billion in assets under management, compared with $2.6 billion for Pimco's BOND ETF, according to Morningstar data.

Like BlackRock Inc (NYSE:BLK) and Janus Capital Group Inc, Pimco adds dividend reinvestments into its inflow figures. Like research organizations such as Morningstar and the Investment Company Institute, many fund managers, including Vanguard, Fidelity and DoubleLine, exclude reinvestments and treat only fund share purchases as inflows.

© Reuters. Jeffrey Gundlach, chief executive and chief investment officer of DoubleLine Capital, speaks during the Sohn Investment Conference in New York

Los Angeles-based DoubleLine manages $95 billion across all vehicles, such as mutual funds, exchange-traded funds, NYSE-listed closed-end funds, hedge funds and separate accounts.

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