DoubleLine launches Gundlach-managed Global Bond Fund
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Jeffrey Gundlach, chief executive and chief investment officer of DoubleLine Capital, speaks during the Sohn Investment Conference in New York May 4, 2015. REUTERS/Brendan McDermid
NEW YORK (Reuters) - DoubleLine Capital, the $85 billion investment firm run by its chief executive and chief investment officer, Jeffrey Gundlach, said it opened the DoubleLine Global Bond Fund to investors on Monday.
The fund will have significant exposure to foreign currencies under normal conditions, the Los Angeles-based firm said. Gundlach is portfolio manager of the fund, and is supported by DoubleLine's investment teams focused on developed and emerging markets.
The fund typically invests mainly in debt obligations issued by governments, governmental agencies and authorities anywhere in the world, the firm said, and plans to invest significantly in obligations of the G20 major economies.
Gundlach said in a statement the firm had invested its long-only bond portfolios only in U.S. dollar-denominated securities between December 2009-November 2015, but that non-dollar denominated assets now have greater value than at any time since the firm was founded, given the dollar's rally in recent years.
"The investment teams at DoubleLine have deep experience managing non-dollar investments as well as foreign bonds. The question was not if but when we would offer our global bond strategy," Gundlach said.
"With the dollar having rallied so sharply in recent years, non-dollar-denominated assets now have much greater value than at any time since the founding of DoubleLine."
The dollar index, which measures the greenback against a basket of six major rivals, gained 9.3 percent last year.
Gundlach said in the statement that the fund had launched internally last month.
Gundlach's flagship $51.8 billion DoubleLine Total Return Bond Fund gained 2.3 percent last year to beat 98 percent of peers, according to Morningstar data. Gundlach co-founded DoubleLine in December 2009.
(Reporting by Sam Forgione; Editing by Bernadette Baum)
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