CI Investments announces launch of three mandates managed by Jeffrey Gundlach’s DoubleLine Capital, one of the world’s leading fixed-income managers
TORONTO (May 12, 2020) – CI Investments Inc. (“CI”) today announced the launch of the CI DoubleLine Funds – three new income mandates to be sub-advised by DoubleLine Capital LP (“DoubleLine”) and the legendary “Bond King” Jeffrey Gundlach. The three mandates are available in both mutual fund and exchange-traded fund series, with the ETF series commencing trading today on the Toronto Stock Exchange.
Mr. Gundlach and the DoubleLine team have established a global reputation as outstanding income investors due to their consistent long-term performance. In partnership with CI, DoubleLine is now offering three of its income strategies to the Canadian market, including its flagship Total Return Bond strategy.
The new funds, the TSX tickers for the ETF Series, and their investment objectives are:
- CI DoubleLine Total Return Bond US$ Fund (ETF C$ Hedged Series, CDLB; ETF US$ Series, CDLB.U; ETF C$ Unhedged Series, CDLB.B) – to seek to maximize total return by primarily investing in securitized investments and other fixed-income securities issued by the U.S. government or other issuers.
- CI DoubleLine Core Plus Fixed Income US$ Fund (ETF C$ Hedged Series, CCOR; ETF US$ Series, CCOR.U; ETF C$ Unhedged Series, CCOR.B) – to seek to maximize current income and total return by primarily investing in a portfolio of fixed-income securities of any maturity across the global fixed-income spectrum.
- CI DoubleLine Income US$ Fund (ETF C$ Hedged Series, CINC; ETF US$ Series, CINC.U; ETF C$ Unhedged Series, CINC.B) – to seek to maximize total return by primarily investing in a combination of securitized assets and other income-producing securities of varying characteristics, selected for their potential to provide a high level of current income, capital appreciation or both.
Mutual fund units are offered in U.S. dollar, Canadian dollar unhedged, and Canadian dollar hedged versions in each of Series A, F, P and I.
“We’re excited to offer Canadians access to the deep expertise and proven strategies of one of the world’s most influential and successful asset managers,” said Kurt MacAlpine, Chief Executive Officer of CI Financial, CI’s parent company. “The CI DoubleLine funds are especially timely today, as many investors are looking for less-volatile options to put money to work. These mandates, actively managed by a seasoned team of fixed-income experts, are excellent choices as core income holdings.”
Offering these mandates as both mutual funds and ETFs is part of CI’s approach to making its investment capabilities available in a variety of structures, providing additional choices to clients. The new funds expand CI’s extensive fixed-income lineup, where the company is already a Canadian market leader with approximately $40 billion under management in this asset class.
“With the CI DoubleLine funds, we are adding new capabilities to our wide choice of income mandates while providing compelling options to investors uncomfortable with the volatility in equity markets,” Mr. MacAlpine said. “We are also continuing to address the need for high-quality income solutions as increasing numbers of Canadians prepare for and begin retirement.”
Mr. Gundlach is Chief Executive Officer and Chief Investment Officer of Los Angeles-based DoubleLine. His success in fixed-income investing over several decades has earned him the media nickname “The Bond King.” He founded Los Angeles-based DoubleLine in 2009. Just more than 10 years later, the firm manages over US$150 billion in assets. Mr. Gundlach’s accolades include being inducted into the FIASI Fixed Income Hall of Fame in 2017, named to Bloomberg Markets Magazine’s “50 Most Influential” in 2012, 2015 and 2016, and named Institutional Investor’s “Money Manager of the Year” in 2013, among others.
DoubleLine has been recognized as: Chief Investment Officer Magazine’s “Asset Management and Servicing Winner, Fixed Income – Core Plus Fixed Income” in 20181; Risk Magazine’s “Institutional Investor of the Year” for Shiller Enhanced CAPE® in 20162; and Institutional Investor’s “U.S. Fixed Income – Mortgage Backed Securities” award in 2013, 2014 and 20163.
About DoubleLine Capital
DoubleLine is an independent, employee-owned money management firm with over US$150 billion in combined assets under management invested across a wide array of investment strategies (as of December 31, 2019). The firm’s fixed-income portfolio management team averages 23 years of industry experience and 17 years of working together.
About CI Investments
CI Investments is one of Canada’s largest investment management companies. It offers a wide range of investment products and services and is on the Web at www.ci.com. CI is a subsidiary of CI Financial Corp. (TSX: CIX), an independent company offering global asset management and wealth management advisory services with $166.3 billion in fee-earning assets as of April 30, 2020.
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CI Investments Inc.
1. Chief Investment Officer Magazine, Asset Management and Servicing Winner – Fixed Income/Credit – CIO Magazine seeks nominations through its website from other CIOs. The staff researches the nominee by, among other things, reaching out to “asset owners in the community.” The magazine chose a list of finalists and then chose a winner based on recommendations from the CIOs.
2. Risk Magazine Institutional Investor of the Year – Banks and other service providers are encouraged to nominate investors that have made significant gains through their use of structured derivatives, who can demonstrate best practices in risk management using innovative structures, or who have executed an innovative trade.
3. Institutional investor U.S. Fixed Income – Mortgage Backed Securities award winners are chosen by the editorial staff of Institutional Investor magazine based on their market intelligence, performance data and additional information received from the industry following a public call for nominations.
Commissions, trailing commissions, management fees and expenses all may be associated with an investment in mutual funds and exchange traded funds (ETFs). Please read the prospectus before investing. Important information about mutual funds and ETFs is contained in its respective prospectus. Mutual funds and ETFs are not guaranteed; their values change frequently and past performance may not be repeated. You will usually pay brokerage fees to your dealer if you purchase or sell units of an ETF on the TSX. If the units are purchased or sold on the TSX, investors may pay more than the current net asset value when buying units of the ETF and may receive less than the current net asset value when selling them.
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