CI DoubleLine Income US$ Fund
Series F USDFund overview
The fund’s investment objective is to maximize total return by primarily investing in a combination of securitized assets and other income-producing securities of varying characteristics, selected for their potential to provide a high level of current income, capital appreciation or both.
Fund details
| Inception date | May 2020 |
|
Total net assets ($CAD)
As at 2023-03-31
|
$110.5 million |
|
NAVPS
As at 2023-09-27 |
$8.3692 |
|
MER (%)
As at 2023-03-31 |
0.94 |
| Management fee (%) | 0.70 |
| Asset class | High Yield Bond |
| Currency | USD |
| Minimum investment | $500 initial/$25 additional |
| Distribution frequency | Monthly |
| Last distribution | $0.0555 |
Risk rating1
- Low
- Low to medium
- Medium
- Medium to high
- High
Performance2 As at 2023-08-31
Growth of $10,000 (Since inception date)
Calendar year performance
average annual compound returns
| YTD | 1 Mo | 3 Mo | 6 Mo | 1 Y | 3 Y | 5 Y | 10 Y | Inception* |
|---|---|---|---|---|---|---|---|---|
| 4.10% | 0.25% | 0.89% | 2.27% | 1.10% | 0.06% | - | - | 1.42% |
Distribution history3
| Payable date | Total |
|---|---|
| 2023-09-22 | 0.0555 |
| 2023-08-25 | 0.0516 |
| 2023-07-28 | 0.0604 |
| 2023-06-23 | 0.0527 |
| 2023-05-26 | 0.0574 |
| Payable date | Total |
|---|---|
| 2023-04-21 | 0.0550 |
| 2023-03-24 | 0.0544 |
| 2023-02-24 | 0.0357 |
| 2023-01-27 | 0.0507 |
| 2022-12-16 | 0.0551 |
Management team
|
| DoubleLine Capital LP’s (“DoubleLine”) is an independent, employee-owned money management firm with over US$150 billion in combined assets under management invested across a wide array of investment strategies. The firm’s fixed-income portfolio management team averages 23 years of industry experience and 17 years of working together and have managed fixed income portfolios through numerous credit and market cycles. |
|
Ken Shinoda
Morris Chen
Andrew Hsu
|
Note: This page is not complete without disclaimers on the next page.
CI DoubleLine Income US$ Fund
Series F USD- Mortgages 61.29
- Foreign Bonds - Other 31.17
- Foreign Corporate Bonds 3.47
- Cash and Equivalents 2.77
- Foreign Government Bonds 1.33
- Other -0.03
- Fixed Income 97.26
- Cash and Cash Equivalent 2.77
- Other -0.03
- United States 100.49
- Other -0.03
- Canada -0.46
|
Top holdings
|
Sector | (%) |
|---|---|---|
| 1. Verus Securitization Trust 5.36% 26-Apr-2060 | Fixed Income | 3.46% |
| 2. Federal National Mrtgage Assoc 4.50% 01-Jul-2052 | Fixed Income | 3.37% |
| 3. AMSR Trust 5.25% 17-Jul-2037 | Fixed Income | 2.54% |
| 4. Connecticut Avenue Securities 9.15% 25-Sep-2039 | Fixed Income | 1.84% |
| 5. Federal National Mrtgage Assoc 5.00% 01-Jun-2053 | Fixed Income | 1.82% |
| 6. Prpm LLC 27-Sep-2027 | Fixed Income | 1.78% |
| 7. AMSR Trust 4.00% 17-Jul-2037 | Fixed Income | 1.77% |
| 8. Long Beach Mortgage Loan Trust 5.72% 25-Jul-2036 | Fixed Income | 1.72% |
| 9. Federal National Mrtgage Assoc 3.00% 01-Mar-2052 | Fixed Income | 1.70% |
| 10. IndyMac INDX Mortgage Ln Trust 3.63% 27-Oct-2036 | Fixed Income | 1.65% |
| 11. Merrill Lynch Frkln Mrtge Ln T 5.57% 25-Apr-2037 | Fixed Income | 1.45% |
| 12. Progress Resdntl Master Trust 5.27% 17-Apr-2037 | Fixed Income | 1.44% |
| 13. United States Treasury 1.38% 31-Oct-2028 | Fixed Income | 1.33% |
| 14. Verus Securitization Trust 5.50% 25-Mar-2060 | Fixed Income | 1.29% |
| 15. CSMC Mortgage Backed Trust 25-Feb-2060 | Fixed Income | 1.28% |
Note: This page is not complete without disclaimers on the next page.
1 The risk level of a fund has been determined in accordance with a standardized risk classification methodology in National Instrument 81-102, that is based on the fund’s historical volatility as measured by the 10-year standard deviation of the fund’s returns. Where a fund has offered securities to the public for less than 10 years, the standardized methodology requires that the standard deviation of a reference mutual fund or index that reasonably approximates the fund’s standard deviation be used to determine the fund’s risk rating. Please note that historical performance may not be indicative of future returns and a fund’s historical volatility may not be indicative of future volatility.
2 Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns net of fees and expenses payable by the fund (except for figures of one year or less, which are simple total returns) including changes in security value and reinvestment of all dividends/distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.
3 Please refer to the fund’s simplified prospectus for distribution information.
4 Portfolio allocations will fluctuate over the life of the mutual fund as the portfolio holdings and market value of each security changes. The portfolio manager(s) may change the portfolio allocations in some or all of the sectors.
The contents are not to be used or construed as investment advice or as an endorsement or recommendation of any entity of security discussed.
Certain statements contained in this communication are based in whole or in part on information provided by third parties and CI has taken reasonable steps to ensure their accuracy.
The rates of return are used only to illustrate the effects of the compound growth rate and are not intended to reflect future values or returns on investment in an investment fund.
The “Growth of $10,000 invested” chart shows the final value of a hypothetical $10,000 investment in securities in this class/series of the fund as at the end of the investment period indicated and is not intended to reflect future values or returns on investment in such securities.
Management Expense Ratio (“MER”) represents the trailing 12-month management expense ratio, which reflects the cost of running the fund, inclusive of applicable taxes including HST, GST and QST (excluding commissions and other portfolio transaction costs) as a percentage of daily average net asset value the period, including the fund’s proportionate share of any underlying fund(s) expenses, if applicable. The MER is reported in each fund’s Management Report of Fund Performance (“MRFP”). MRFPs can be found within the Documents tab on ci.com.
CI Global Asset Management is a registered business name of CI Investments Inc. ©CI Investments Inc. 2023. All rights reserved.
Published September 2023