DoubleLine Capital, the hedge fund founded by former TCW Group chief investment officer Jeffrey Gundlach, has launched a new bond fund.
The DoubleLine Low Duration Bond Fund is an open-end mutual fund available in two share classes, with a minimum investment as low as $500 for investment retirement accounts. Both share classes have no load.
"The new open-ended fund invests principally in debt securities," Philip Barach, president of the firm, said. "Including corporate debt; asset-backed securities; foreign securities (corporate and government); emerging market securities (corporate and government); inflation-indexed bonds; bank loans and assignments; securitized products, including collateralized loan obligations; preferred securities and any other instruments bearing fixed or variable interest rates of any maturity."
Last month, a Los Angeles jury found that Gundlach breached his fiduciary duty to TCW and misappropriated that firm's trade secrets in founding TCW, although it also awarded him $66.7 million in unpaid wages. TCW plans to seek $89 million in damages.