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Investors exit Jeff Gundlach's flagship fund

Aug. 20, 2017 8:53 AM ETDBLTX, DLTNX, TOTLBy: Stephen Alpher, SA News Editor20 Comments
  • via Gregory Zuckerman and Kirsten Grind at the WSJ
  • Assets under management at the DoubleLine Total Return Bond Fund (DBLTX, DLTNX) fell to $53.6B at the end of July - that's down 13% from their peak hit last September. Over that same period, funds in that same category had inflows of $7.2B.
  • What gives? Performance, most likely. While the fund still tops 90% of peers over the past three and five years, the margin isn't as visible these days. In 2017, the fund has returned 3.15%, beating 59% of competitors.
  • Gundlach, in fact, is recently on record about the worry of size hurting performance ... "We can’t do $100B  in the Total Return Bond Fund ... The market isn’t big enough for our style, the things we invest in.”
  • Mutual fund advisor Michael Lipper: "This is part of having exceptional returns - at some point there will be less-than-exceptional returns ... [Gundlach] wouldn’t like the comparison, but the same thing happened to Bill Gross.”

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