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DoubleLine Global Infrastructure Fund

Dennis Baran
in Fund Discussions
For those interested, the fund launched today but only with seed money, and so it's not yet open to anyone. For several weeks, Bloomberg has BILDX as one of its symbols, which may be the institutional class (?). The pre-market NAV today was $10.00. Also, I've noted that a number of the new DL offerings are not always open for "some time" and then after the NAV has gone up!

BILDX is an interesting symbol for an infrastructure fund! Let's hope it can build some of our net worth!

Comments

  • beebee
    GLFOX and TOLSX might be a good funds to compare in this space.
  • heezsafe
    edited April 2016
    @bee no, this will be an infrastructure debt fund, not a stock eq. fund. Not comparable but might (might) make for a "nice pairing.":)

    @openice Thanks for keeping eye out. DoubleLine did a post-filing amendment to their original SEC application, basically moving the proposed date at which the prospectus would be activated out to March 30, so I've been watching for it and no news on the DL sites yet. Maybe it's not such a bad thing they're making us wait? You just know they've been running it in separate accounts for about a year, so why the tease? I'm most interested in seeing the macro of the fund (esp. credit distribution, US vs. non-US) and not so much a holdings list.

    Looks like M* has things all set up and ready to roll for the fund. BILDX is symbol for the I shares; Damien Contes and Andrew Hsu listed as co-managers, with an inception date of 4/1/16. Pretty reasonable e.r. of circa 0.65 for BILDX and 0.90 for the N shares when they're offered (difference being the beloved 12b-1).
  • Dennis Baran
    Thx, heezsafe for the useful info and your work on this. And your spot on re difference between this DL product vs. GLFOX, which I happen to own, as do others here. The N class BTW is BILTX.

    Concerning the fund macro, here is how the separate account strategy was constituted at the end of the 4th qtr. 2015 based on the pitch book and portfolio strategy I was able to obtain. It may offer some idea of how the OEF might be invested --FWIW.

    Portfolio Strategy

    36% project bonds
    28% structured products
    23% corp. bonds
    8% loans
    5% cash.

    Portfolio Sectors

    Electric Utilities & Power 29%
    Transportation Equipment 22%
    Renewables 14%
    Transportation 9%
    Energy 8% (E&P - Upstream Assets 23%; Pipelines - Midstream Assets 77%)
    Hospitals 7%
    Water Utilities 4%
    Telecommunications 4%

    Credit Quality

    Investment Grade 84%
    High Yield 11 %
    Cash 5%

    Geographic Region

    North America 73%
    Latin America 18%
    Western Europe 2%
    Middle East & Africa 2%
    Cash 5%

    (The geographic allocations are significantly different than that of GLFOX.)

    Keep us posted with any info you come across.


  • AndyJ
    Hey, thanks openice and heezsafe, good info. I hope the fund does mirror the separate account strategy. It might fit pretty well w/ a position in GLFOX. --- Best, AJ
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