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.

GLFOX and TOLSX might be a good funds to compare in this space.

65% giant and large-cap, with 55% of assets in top 10 holdings. Certainly not SMID and the concentration may give some pause. It has worked as a global holding for me as for @puddnhead during a period when JOHAX, IWIRX and Grandeur Peak holdings in my accounts stank up the joint. I'm adding to GLFOX.

Hi Mark!
I have owned GLFOX for about 2 years. I use it as a global fund. It is core, and I only add on weakness. I think it is a very well run fund and would recommend it to anyone. Also, in that space, I use FMIJX and MAPIX.
God bless
the Pudd

GLFOX has a low beta, high alpha historical record. Not that it will continue this way but in comparison to TOLSX it has weathered this last storm quite well.
Here it is charted with TOLSX and your IDE:

@Mark I'm still pooling money for an initial investment, and waiting for a good spot. Remember, you can use the MFO search function to find prior discussion and/or anecdotal comments (which can be every bit as useful).
http://www.mutualfundobserver.com/discuss/search?Search=GLFOX

How do you use this fund or how do you think about it in your portfolio? Is it a:
- source of income primarily for you
- Foreign Small/Mid Blend slot component as categorized by M*
- Large Blend slot component as categorized by M* in terms of investment style
Or just what led you to it? I've been looking for something in the infrastructure space and had honed in on IDE (Voya Infrastructure Fund) which is a CEF. The Lazard offering caught my eye and so now I'm curious. Thank you for any response.

On absolute terms, PQTDX, and on relative terms, GLFOX, VDIGX for me.
RNDLX is also OK considering how far stock funds have fallen.

Hey, I gave y'all notice--- 1 down, 13 to go?
http://www.mutualfundobserver.com/discuss/discussion/24300/doubleline-funds-planning-expansion-in-rather-dicey-times#latest
You might want to do a little research before reaching any conclusions. While bee's suggestions are fine, esp. GLFOX (I'm building cash for that one), this fund will have a distinct income orientation and could be a good diversifier in that realm if the strategy works. What other fixed income sector would correlate closely? Can't think of one. Perusing the filing, as one would expect from an unusual fund, there are some unusual risk factors listed, however.
Here are the 3 PMs, who will be dedicated solely to this strategy via this fund and separate accounts, with their schtick:
http://www.doubleline.com/global-infrastructure-management-media.php
(aside: the "wandering camera technique" notes that Luz Padilla appears to like colorizing her nails to match her wardrobe--- who knew? :) nice touch....)

TOLSX and GLFOX might be where to turn for infrastructure funds.

GLFOX, SFREX, and some physical gold in the safe deposit box.

When I researched infrastructure funds, it seemed that most of them were growth (and energy) oriented. Lazard (coming from a value shop) focuses much more heavily on transportation infrastructure (airports, railroads, etc.). Very different focus (and value oriented).
If you like TOLLX and GLFOX, you can split the difference in a single, cheaper fund, NMFIX. Managed by Lazard and Brookfield. Though I'm stunned that Northern does not disclose the members of Lazard or Brookfield who are responsible for the day-to-day management. (The last time they listed the managers in the prospectus, they were the same as the TOLLX and GLFOX managers.)

Thanks, catch22. I just noticed that myself. Also, GLFOX is not as heavily invested in energy per se. I see about 8.5 % whereas TOLLX is about 25%. I'm sure that's part of the difference as well.

That's probably the core difference - pipeline companies and other such energy infrastructure names have done terribly this year.

The semi-annual was released on 9/8 and has some information about performance during the relevant period. GLFOX PP. 5-6, 2nd col. IIRC

Thanks, catch22. I just noticed that myself. Also, GLFOX is not as heavily invested in energy per se. I see about 8.5 % whereas TOLLX is about 25%. I'm sure that's part of the difference as well.

Hi @Willmatt72
I own two infrastructure funds TOLLX and PGUAX. At this time, I keeping both and will add to them over time.

Yes, it's a tough spot right now. I thought it would hold up better in a downturn but it seems the opposite happened. I'm trying to figure out why GLFOX cited by BenWP is doing so well this year.

GLFOX is still up YTD and for a year. I have not watched other funds in the sector.

Sooooo, let's see what you would do with your portfolio if you had to put things into 1-3-5-10-year buckets......and the one where, after death, your heirs will deal with it?!!
Year 1: The What's Hot Now stuff as overseas mine DODFX, RERFX, FMIJX.
Year 3: Say what might be -- FMEIX, FSCRX, FSENX, GLFOX, MAPIX.
Year 5: The Who Knows Zone --- healthcare --- GLRBX, PRBLX, YAFFX --- things that will be there.
Year 10: The core -- index funds -- health, again -- bonds.
Til Death --- insurance --- house --- toys you have, i.e., cars, boats, coins, guns -- and the forever stocks, bonds & funds land.
Just some ideas......what I would like to see is what a Board of Many thinks.....because of the ranges in ages, wealth, upbringing, etc., where you live as well as many other things.....how you think about the rest of your life. Something to give pause to and sip a longneck over....at a slow point in time, maybe.....
God bless.
the Pudd

Right now I am overweight foreign equities (40% US, 31% foreign) because of more attractive valuations and, more importantly, those countries are in the midst of QE whereas we are at the end of our QE. I continue to like lower volatility foreign plays like MINIX, EFAV and GLIFX/GLFOX.
Kevin

A few active management funds I have screened based on comparative performance within their sector:
Foreign Small Blend - GLFOX
Foreign Small Value - QUSOX
Foreign Small Growth - WAIOX
World Allocation - KTRSX
Europe - CAEZX

Not to rain too heavily on your parade, but regarding a couple of the funds I recognize here:
The Lazard Global Listed Infrastructure Fund (GLFOX) is just what it sounds like - a sector fund, and one that even for a concentrated fund, is very concentrated (1/3 of its assets in its top five holdings). It is value leaning (as is typical of Lazard), unlike most infrastructure funds (and despite M*'s characterization of the fund as blend). A fine fund, and it holds mostly foreign equity, but that's as far as it goes to fitting in as a foreign fund.
Polaris Foreign Value Small Cap (QUSOX) - if you're including this one and a world allocation fund, it seems that you might also want to list Polaris Global Value (PGVFX) - a world stock fund from the same team, that recently lowered its ER to make it quite attractive. (As M* notes, its former higher cost was its only negative.)
Acorn Europe Z (CAEZX) - like the rest of the Acorn funds, this noload share class is closed except to grandfathered investors (who own any Columbia or Acorn Z class shares from before 2005). I keep a toehold for just this reason.