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Trending ETFs

Name

As of 06/17/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.26

$365 M

3.86%

$0.36

0.82%

Vitals

YTD Return

1.7%

1 yr return

6.7%

3 Yr Avg Return

-1.1%

5 Yr Avg Return

0.9%

Net Assets

$365 M

Holdings in Top 10

27.8%

52 WEEK LOW AND HIGH

$9.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.82%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 23.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,000

IRA

$500


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/17/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.26

$365 M

3.86%

$0.36

0.82%

BILTX - Profile

Distributions

  • YTD Total Return 1.7%
  • 3 Yr Annualized Total Return -1.1%
  • 5 Yr Annualized Total Return 0.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.38%
DIVIDENDS
  • Dividend Yield 3.9%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    DoubleLine Infrastructure Income Fund
  • Fund Family Name
    DoubleLine Funds
  • Inception Date
    Apr 01, 2016
  • Shares Outstanding
    80444
  • Share Class
    N
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Damien Contes

Fund Description

Under normal market conditions, the Fund intends to invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in “Infrastructure Investments.” Infrastructure Investments include any assets or projects that support the operation, function, growth or development of a community or economy.
The Infrastructure Investments in which the Fund may invest include, without limitation, fixed or floating-rate debt instruments, loans or other income-producing instruments issued:
by companies or other issuers to finance (or re‑finance) the ownership, development, construction, maintenance, renovation, enhancement, or operation of infrastructure assets;
by companies or other issuers that invest in, own, lease or hold infrastructure assets; and
by companies or other issuers that operate infrastructure assets or provide services, products or raw materials related to the development, construction, maintenance, renovation, enhancement or operation of infrastructure assets.
The Fund may hold instruments issued by a wide range of entities including, among others, operating companies, holding companies, special purpose vehicles, including vehicles created to hold or finance infrastructure assets, municipal issuers, and governments and governmental agencies, authorities or instrumentalities.
The infrastructure assets to which the Fund may have exposure through its investments include, without limitation, assets related to:
transportation (e.g., airports, metro systems, subways, railroads, ports, toll roads);
transportation equipment (e.g., shipping, aircraft, railcars, containers);
electric utilities and power (e.g., power generation, transmission and distribution);
energy (e.g., exploration and production, pipeline, storage, refining and distribution of energy), including renewable energies (e.g., wind, solar, hydro, geothermal);
communication networks and equipment;
water and sewage treatment;
social infrastructure (e.g., health care facilities, government buildings and other public service facilities); and
metals, mining, and other resources and services related to infrastructure assets (e.g., cement, chemical companies).
The Fund may invest without limit in Infrastructure Investments in the United States or in foreign countries, including emerging market countries. However, the Fund generally seeks to invest principally in instruments denominated in U.S. dollars.
Although, under normal circumstances, the Fund intends to invest more than 50% of its net assets in investment grade investments (i.e., those rated above Ba1 by Moody’s Investors Service, Inc. or above BB+ by S&P Global Ratings, Fitch Ratings, Inc., Kroll Bond Rating Agency or the equivalent by any other nationally recognized rating organization) and unrated instruments considered by DoubleLine Capital LP (the “Adviser” or “DoubleLine Capital”) to be of comparable credit quality, the Fund may purchase investments of any credit quality, including investments that are rated below investment grade or unrated instruments considered by the Adviser to be of comparable credit quality. Instruments rated below investment grade and unrated instruments of comparable quality, are high yield, high risk bonds, commonly known as “junk bonds.”
Generally, lower-rated debt securities offer the potential for a higher yield than higher rated debt securities of similar maturity but are subject to greater risk of loss of principal and interest than higher rated securities of similar maturity.
The Fund may invest without limit in debt obligations, loans and other income-producing instruments where the obligation to repay principal and pay interest or otherwise make payments to the Fund is secured by underlying infrastructure asset(s) (e.g., a power generating facility, aircraft, railcars, and/ or containers) or secured solely by an equity ownership stake in a particular asset or project. Alternatively, the Fund may invest in income-producing instruments where the obligation to repay principal and pay interest is unsecured and backed only by the creditworthiness of the issuer.
The Fund may invest in debt obligations, income-producing instruments and infrastructure-related investments of any kind, including, without limitation, (i) project bonds; (ii) corporate obligations; (iii) loans; (iv) mortgage-backed securities; (v) asset-backed securities (including securities collateralized by installment loan contracts and/or leases of various types of real and personal property such as aircraft and cellular towers); (vi) foreign corporate securities, including emerging market securities; (vii) enhanced equipment trust certificates and equipment trust certificates; (viii) debt obligations issued or guaranteed by governments or governmental agencies; (ix) credit-linked notes; (x) municipal bonds; (xi) pass-through notes; (xii) perpetual maturity bonds; and (xiii) other instruments bearing fixed, floating, or variable interest rates of any maturity. The Fund may invest in any level of the capital structure of an issuer of asset-backed securities, including the equity or “first loss” tranche. Loans include, without limitation, secured and unsecured senior loans, term loan Bs, mezzanine, second lien, and other subordinated loans, loan participations and assignments, and other fixed and floating rate loans.
The Fund may use derivative transactions for any purpose, including to create efficient investment exposure, create investment leverage, hedge against portfolio exposures, create indirect long or short positions as a substitute for a cash investment, or to manage the Fund’s duration or adjust the Fund’s exposure to changes in market interest rates. The Fund will incur costs in implementing derivatives strategies, and there can be no assurance that the Fund will engage in derivatives strategies or that any such strategy will be successful.
The Fund may pursue its investment objective and obtain exposures to some or all of the asset classes described above by investing in other investment companies, including, for example, other open‑end or closed‑end investment companies, and exchange-traded funds (“ETFs”), including investment companies sponsored or managed by the Adviser or its related parties. The amount of the Fund’s investment in certain investment companies may be limited by law or by tax considerations.
The Adviser monitors the duration of the Fund’s portfolio securities to seek to assess and, in its discretion, adjust the Fund’s exposure to interest rate risk. The Adviser intends, under normal market conditions, to construct an investment portfolio with a dollar-weighted average effective duration of no less than two years and no more than ten years. Duration is a measure of the expected life of a fixed income instrument that is used to determine the sensitivity of a security’s price to changes in interest rates. All other things remaining equal, for each one percentage point increase in interest rates, the value of a portfolio of fixed income securities would generally be expected to decline by one percent for every year of the portfolio’s average duration above zero. For example, the value of a portfolio of fixed income securities with an average duration of three years would generally be expected to decline by approximately 3% if interest rates rose by one percentage point. Effective duration is a measure of the Fund’s portfolio duration adjusted for the anticipated effect of interest rate changes on bond and loan prepayment rates as determined by the Adviser. The effective duration of the Fund’s investment portfolio may vary materially from its target range, from time to time, and there is no assurance that the effective duration of the Fund’s investment portfolio will always be within its target range.
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BILTX - Performance

Return Ranking - Trailing

Period BILTX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.7% -4.5% 5.2% 3.92%
1 Yr 6.7% -7.2% 12.7% 2.82%
3 Yr -1.1%* -10.8% 26.7% 3.29%
5 Yr 0.9%* -7.1% 191.4% 14.01%
10 Yr N/A* -2.5% 73.8% N/A

* Annualized

Return Ranking - Calendar

Period BILTX Return Category Return Low Category Return High Rank in Category (%)
2023 5.1% -16.2% 8.1% 2.02%
2022 -14.2% -34.7% 131.9% 11.67%
2021 -3.2% -11.6% 4.4% 42.61%
2020 2.4% -10.1% 946.1% 79.49%
2019 4.6% -1.7% 16.9% 74.91%

Total Return Ranking - Trailing

Period BILTX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.7% -4.5% 5.2% 3.92%
1 Yr 6.7% -7.2% 12.7% 2.82%
3 Yr -1.1%* -10.8% 26.7% 3.29%
5 Yr 0.9%* -7.1% 191.4% 14.01%
10 Yr N/A* -2.5% 73.8% N/A

* Annualized

Total Return Ranking - Calendar

Period BILTX Return Category Return Low Category Return High Rank in Category (%)
2023 8.9% -11.3% 11.0% 1.52%
2022 -11.7% -32.2% 131.9% 9.61%
2021 0.2% -9.4% 9.2% 19.53%
2020 5.6% -1.9% 1009.0% 90.19%
2019 8.3% 1.1% 21668.0% 65.16%

NAV & Total Return History


BILTX - Holdings

Concentration Analysis

BILTX Category Low Category High BILTX % Rank
Net Assets 365 M 2.9 M 314 B 70.95%
Number of Holdings 101 1 17816 94.76%
Net Assets in Top 10 102 M 1.57 M 34.8 B 70.80%
Weighting of Top 10 27.82% 4.4% 132.5% 42.57%

Top 10 Holdings

  1. United States Treasury Note/Bond 5.48%
  2. United States Treasury Note/Bond 3.25%
  3. ATT Inc 2.59%
  4. Dominion Energy Inc 2.55%
  5. Southern Co/The 2.54%
  6. NiSource Inc 2.49%
  7. Ohio Power Co 2.28%
  8. Eversource Energy 2.28%
  9. Energy Transfer LP 2.22%
  10. TransCanada PipeLines Ltd 2.14%

Asset Allocation

Weighting Return Low Return High BILTX % Rank
Bonds
60.76% 0.00% 211.59% 96.48%
Other
37.22% -16.94% 53.20% 1.41%
Cash
2.02% -54.51% 87.74% 58.71%
Convertible Bonds
1.85% 0.00% 7.93% 35.70%
Stocks
0.00% 0.00% 99.99% 50.55%
Preferred Stocks
0.00% 0.00% 74.98% 50.25%

Bond Sector Breakdown

Weighting Return Low Return High BILTX % Rank
Securitized
54.23% 0.00% 98.40% 11.97%
Corporate
39.11% 0.00% 100.00% 23.02%
Cash & Equivalents
1.54% 0.00% 83.04% 62.64%
Government
0.79% 0.00% 86.23% 95.74%
Derivative
0.00% -9.72% 50.66% 65.46%
Municipal
0.00% 0.00% 100.00% 79.92%

Bond Geographic Breakdown

Weighting Return Low Return High BILTX % Rank
US
60.76% 0.00% 211.59% 96.48%
Non US
0.00% 0.00% 33.48% 55.09%

BILTX - Expenses

Operational Fees

BILTX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.82% 0.01% 39.10% 38.77%
Management Fee 0.50% 0.00% 1.76% 88.91%
12b-1 Fee 0.25% 0.00% 1.00% 31.01%
Administrative Fee N/A 0.01% 0.50% N/A

Sales Fees

BILTX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

BILTX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

BILTX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 23.00% 2.00% 493.39% 4.51%

BILTX - Distributions

Dividend Yield Analysis

BILTX Category Low Category High BILTX % Rank
Dividend Yield 3.86% 0.00% 10.11% 67.44%

Dividend Distribution Analysis

BILTX Category Low Category High Category Mod
Dividend Distribution Frequency None SemiAnnual Monthly Monthly

Net Income Ratio Analysis

BILTX Category Low Category High BILTX % Rank
Net Income Ratio 2.38% -1.28% 4.79% 14.00%

Capital Gain Distribution Analysis

BILTX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

BILTX - Fund Manager Analysis

Managers

Damien Contes


Start Date

Tenure

Tenure Rank

Apr 01, 2016

6.17

6.2%

Mr. Contes is a Global Infrastructure Investments portfolio manager. He joined DoubleLine Capital in 2013 as a member of the Emerging Markets Fixed Income group focusing on transportation and energy sectors. Prior to joining DoubleLine Capital, he was a member of the investment team at ICE Canyon, LLC for six years.

Andrew Hsu


Start Date

Tenure

Tenure Rank

Apr 01, 2016

6.17

6.2%

Mr. Hsu is a Global Infrastructure Investments portfolio manager. He has been a member of the investment team at DoubleLine Capital since 2009 focusing on structured products. Prior to joining DoubleLine Capital, he was a member of the investment team at Trust Company of the West for seven years.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 33.43 6.78 1.16