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I wasn't aware they were ever off track. But the fund is huge. Changing directions must be like maneuvering an ocean liner. 43% is a very competitive ER for this actively managed fund. D&C requires a great deal of patience from clients - a lot more than most of us possess I'm afraid.
Has anyone seen any indication that D&C has any sense of what the capacity limitations might be for this fund? Even a hint?
Sorry - I don't know ... But, I'll venture to say I usually read their fund reports and haven't seen any reference to possible closing. (However, don't recall they showed their hand before closing DODBX in the past.)
It might be harder to close DODIX for this reason: They do not currently offer a short-term bond or money market fund to individual investors, DODIX becomes the best proxy for D&C investors desiring to move out of their more aggressive funds. I suppose that if they decided to open a similar (more conservative) income fund, that might be a signal they are worried about the size of DODIX.
It's worth noting that DODBX basically derives its 30-40% income position from DODIX's investments. So, in a sense, DODIX is even larger than its AUM numbers suggest. How they manage this beomouth ... maybe magic? Obviously, the size ties their hands in some ways (not understood by me). Seems however, that they try to avoid interest rate sensitive securities quite a lot.
Well, track its performance the last year vs DoubleLine Core or Flexible and it has outperformed (somewhat) until 3w ago, has tracked (slight outperform) PONDX till then too, but was itself majorly outperformed by FSICX, which the last month declined to the PONDX level. So not seeing a truly compelling arg here.
Comments
It might be harder to close DODIX for this reason: They do not currently offer a short-term bond or money market fund to individual investors, DODIX becomes the best proxy for D&C investors desiring to move out of their more aggressive funds. I suppose that if they decided to open a similar (more conservative) income fund, that might be a signal they are worried about the size of DODIX.
It's worth noting that DODBX basically derives its 30-40% income position from DODIX's investments. So, in a sense, DODIX is even larger than its AUM numbers suggest. How they manage this beomouth ... maybe magic? Obviously, the size ties their hands in some ways (not understood by me). Seems however, that they try to avoid interest rate sensitive securities quite a lot.