DLY: Positioning Was Favorable For This Fund Year-To-Date

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DoubleLine Yield Opportunities Fund primarily invests in debt securities, which currently offer higher yields than common equities.The DLY fund has a distribution yield of 8.97%, which is probably ...

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDLY: Positioning Was Favorable For This Fund Year-To-Date\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-06-05 01:13 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4697381-dly-positioning-was-favorable-for-this-fund-year-to-date><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>DoubleLine Yield Opportunities Fund primarily invests in debt securities, which currently offer higher yields than common equities.The DLY fund has a distribution yield of 8.97%, which is probably ...</p>\n\n<a href=\"https://seekingalpha.com/article/4697381-dly-positioning-was-favorable-for-this-fund-year-to-date\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"EMB","symbol_name":"新兴市场美元债ETF-iShares","start_time":0,"source_url":"https://seekingalpha.com/article/4697381-dly-positioning-was-favorable-for-this-fund-year-to-date","article_id":"2441534092","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/145868159/image_145868159.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2441534092","pubTimestamp":1717521195,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"DoubleLine Yield Opportunities Fund primarily invests in debt securities, which currently offer higher yields than common equities.The DLY fund has a distribution yield of 8.97%, which is probably att","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"EMB":"新兴市场美元债ETF-iShares","BNDW":"Vanguard Total World Bond ETF","WDI":"Western Asset Diversified Income Fund","TSI":"TCW Strategic Income Fund Inc","VGI":"Virtus Global Multi-Sector Incom","BK4585":"ETF&股票定投概念","PAXS":"PIMCO Access Income Fund","BK4581":"高盛持仓","JNK":"债券指数ETF-SPDR Barclays高收益债","BK4588":"碎股","BK4550":"红杉资本持仓","GOF":"Guggenheim Strategic Opportuniti","DLY":"DOUBLELINE YIELD OPPORTUNITIES FUND","AGG":"债券指数ETF-iShares Barclays综合国债"},"translate_title":"DLY：今年迄今为止该基金的定位有利","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"WDI":1,"VGI":1,"BNDW":1,"DLY":1,"EMB":1,"GOF":1,"JNK":1,"PAXS":1,"TSI":1,"AGG":1,"US2Y.BOND":0.9,"US7Y.BOND":0.9,"US6M.BOND":0.9,"US5Y.BOND":0.9,"US3Y.BOND":0.9,"US30Y.BOND":0.9,"US12M.BOND":0.9,"US10Y.BOND":0.9,"US912797FS14.BOND":0.6,"US912797GB79.BOND":0.6,"US912797GK78.BOND":0.6,"US912797GL51.BOND":0.6,"US912797GW17.BOND":0.6,"US912797HE00.BOND":0.6},"content_text":"DoubleLine Yield Opportunities Fund primarily invests in debt securities, which currently offer higher yields than common equities.The DLY fund has a distribution yield of 8.97%, which is probably attractive to income-focused investors, but lower than some peers.The fund's performance has been decent, but caution is advised as the share price may have gotten ahead of itself.The fund's management team appeared to have recognized the prevailing bond market trends YTD, but their rationale was wrong.The fund covered its distribution for the first half of the current fiscal year.   Yuji Sakai The DoubleLine Yield Opportunities Fund (NYSE:DLY) is a closed-end fund aka CEF that income-focused investors can purchase as a method of achieving their goals. As is the case with most income-focused funds, the DoubleLine Yield Opportunities Fund invests primarily in debt securities. This is both a good thing and a bad thing. The good thing comes from the fact that fixed-income securities have significantly higher yields than common equities. We can see this by looking at the trailing twelve-month yields of a few fixed-income indices:   Index and ETF Tracking the Index TTM Yield   Bloomberg U.S. Aggregate Bond Index (AGG) 3.40%   Bloomberg High Yield Very Liquid Index (JNK) 6.60%   Vanguard World Bond Index (BNDW) 4.05%   J.P. Morgan EMBI Global Core Index (EMB) 4.85%   Click to enlarge These yields are all considerably higher than those of the major domestic stock indices:   Wall Street Journal Thus, the fact that the DoubleLine Yield Opportunities Fund invests primarily in fixed-income securities should allow it to generate a higher level of income from a given principal value than it would be able to achieve if it invested in common stocks. Unfortunately, the problem with this is that fixed-income securities do not hold their value as well as common stocks during periods of high inflation. As such, investors in these securities may lose purchasing power over time regardless of the yield if inflation rates are high enough. As I pointed out in a recent article, this may be the case today. The DoubleLine Yield Opportunities Fund boasts a very high distribution yield of 8.97% at the current price. This is certainly a high enough yield that most income investors would probably find it attractive. However, it is not as high as some of the fund’s peers possess:   Fund Name Morningstar Classification Current Yield   DoubleLine Yield Opportunities Fund Fixed Income-Taxable-Multi-Sector 8.97%   Guggenheim Strategic Opportunities Fund (GOF) Fixed Income-Taxable-Multi-Sector 14.90%   PIMCO Access Income Fund (PAXS) Fixed Income-Taxable-Multi-Sector 11.46%   Virtus Global Multi-Sector Income Fund (VGI) Fixed Income-Taxable-Multi-Sector 12.88%   Western Asset Diversified Income Fund (WDI) Fixed Income-Taxable-Multi-Sector 11.97%   Click to enlarge There are also a few funds that employ similar strategies as the DoubleLine Yield Opportunities Fund without the use of leverage. These funds generally have substantially lower yields. For example, the TCW Strategic Income Fund (TSI) only yields 5.21% at the current share price. Overall, though, we can see that the current yield of the DoubleLine Yield Opportunities Fund is not particularly attractive in today’s market environment, although it certainly would have been very attractive a few years ago. With that said, though, the yield of a fund alone should not be the only factor in an investment decision regarding it, so we should look at other factors before making a final decision. As regular readers can likely remember, we previously discussed the DoubleLine Yield Opportunities Fund in the middle of March 2024. That certainly does not seem so long ago, but the bond market has weakened quite a bit since that time. After all, the Bloomberg U.S. Aggregate Bond Index has fallen by 0.45% since the publication date of the previous article, as the market has gradually come to terms with the fact that interest rates will likely be remaining higher for longer than was previously expected. For its part, though, the DoubleLine Yield Opportunities Fund has done a bit better as the shares have appreciated by 0.52% since that time:   Seeking Alpha This may suggest that caution is in order here. It is difficult to see how the fund managed to deliver such a strong performance in an environment in which bond prices are falling. Admittedly, the DoubleLine Yield Opportunities Fund does include both foreign developed and emerging market bonds, but these have not gone up by anywhere close to 0.52% over the time period in question:   Seeking Alpha This could, therefore, suggest that the shares may have gotten a bit ahead of themselves. The fund’s net asset value has actually declined over the period, so this reinforces the conclusion that the fund’s shares have obtained a somewhat richer valuation than it had previously. After all, the performance of the portfolio was not nearly as good as the share price performance suggests. The fact that this fund’s share price outperformed the indices is likely to attract some investors. However, a 0.52% gain over a three-month period is also nowhere near as good as some other asset classes have delivered, so that is still disappointing. It is, therefore, important to keep in mind what I pointed out in my previous article on this fund: However, the actual performance that investors in the fund realized is much better than this figure suggests. This is because the DoubleLine Yield Opportunities Fund is a closed-end fund and one of the defining characteristics of such funds is that they pay out most or all of their investment profits to the shareholders in the form of distributions. This is the reason why these funds tend to boast higher yields than most other things in the market. It also results in the fund’s shareholders doing much better than the share price performance alone would suggest. The distributions paid by the fund represent a very real return that investors receive, which causes them to do better than the share price performance alone suggests. Thus, we should include the fund’s distributions in our analysis of its performance. When we do that, we get this alternative chart:   Seeking Alpha As we can see, investors in the DoubleLine Yield Opportunities Fund actually ended up receiving a 2.05% total return over the approximately three-month period. That is still much less than some other assets managed to deliver, but it still works out to about 9.8% annualized, so it is not too bad overall. That is pretty close to what common stocks have delivered on average over the past century after all, and in this case, we obtained it from a bond fund. The fund recently released its semi-annual report for the six-month period that ended on March 31, 2024. As such, it makes sense to revisit this fund today and see if it still makes sense based on its updated financial information. About The Fund According to the fund’s website, the DoubleLine Yield Opportunities Fund has the primary objective of providing its investors with a very high level of total return. As I explained in the previous article, this does not make much sense for a bond fund: As a rule, bonds provide all of their investment return in the form of direct payments to their investors. A bond investor purchases a newly issued bond at face value, collects a regular coupon payment from the issuer that corresponds to interest on the loan, and then receives the face value back when the bond matures. There are no net capital gains over the life of the bond because bonds have no inherent link to the growth and prosperity of the issuing company. Thus, the bond’s yield is the only source of net investment returns. For its part, though, the fund does state that it expects most of its total return to come in the form of current income. The fact that this fund states that it is targeting total return still means that it expects to earn both capital gains and current income; otherwise, it would have simply stated that it has the goal of achieving a high level of current income. A look at the fund’s strategy description reveals what exactly it is doing. Here is what the fund’s website states:  [The Fund] seeks a high level of total return, with an emphasis on current income. The Fund will seek to achieve its investment objective by investing in a portfolio of investments selected for its potential to provide a high level of total return, with an emphasis on current income. The Fund may invest in debt securities and other income-producing investments of issuers anywhere in the world, including in emerging markets, and may invest in investments of any credit quality.  This is not quite as clear as I would like, but basically, what this fund is doing is actively moving its assets from security to security around the world to take advantage of local trends or events that might cause the bonds in a certain area to rise in price. Once the manager’s thesis is fulfilled, the fund sells the bonds and realizes the gains. The fund has not been particularly active recently, though, as it only had a 14% annual turnover for the full-year period that ended on September 30, 2023. This is actually lower than many of its peers:   Fund Name Annual Turnover   DoubleLine Yield Opportunities Fund 14.00%   Guggenheim Strategic Opportunities Fund 26.00%   PIMCO Access Income Fund 28.00%   Virtus Global Multi-Sector Income Fund 57.00%   Western Asset Diversified Income Fund 35.00%   Click to enlarge (all figures as of the most recent annual report for each fund.) This basically says that the fund used a buy-and-hold strategy for most of the most recent full-year period. This is a strategy that the fund seems to be continuing for its 2024 fiscal year, as the semi-annual report states that it had a 13% turnover rate for the six-month period that ended on March 31, 2024. That 13% turnover rate is not annualized, though, so the full-year turnover rate will almost certainly come in higher than the 14% that the fund had in the most recent fiscal year. The fund’s six-month turnover rate is still only 26% annualized, though, so it does appear that the fund is doing less trading than its peers. The fact that the turnover rate seems to have increased during the most recent fiscal year could be a good thing, depending on what exactly the fund is holding. Here is a chart of the major domestic and foreign bond indices since September 30, 2023 (the final date of the previous fiscal year):   Seeking Alpha As we can see, domestic and foreign bonds have all delivered gains, with emerging market bonds leading the pack. However, let us look at only the year-to-date performance:   Seeking Alpha As we can see, every major bond index except for the emerging markets bond index is down year-to-date. American investment-grade bonds have been by far the worst performers. This is why I said that an increased trading activity would be expected depending on what the fund actually held on any given date. A strategy of selling American investment-grade bonds earlier this year and putting the money into emerging market bonds and domestic junk bonds would have done far better than a strategy of buying and holding a mix of investment-grade U.S. Treasuries and junk debt. Jeffrey Gundlach, CEO of DoubleLine and the manager of the DoubleLine Yield Opportunities Fund, made some comments back in November 2023 that strongly suggest that this fund may have done exactly the trade that I just described. This comes from an interview that Mr. Gundlach gave, which has been posted on DoubleLine’s website: Asked by Mr. Shinoda for his favorite investment setup going into 2024, Mr. Gundlach dislikes the “T-bill and chill” trade because he anticipates rate cuts by the Federal Reserve on the back of recession. Instead, he prefers high-grade credit with a duration of two to three years. Mr. Gundlach describes ways to mix different types of credit, including parts of the commercial mortgage-backed securities market and BB bank loans, to achieve attractive overall yields with very low default risk. After being negative on emerging markets debt for the past 18 months, he is starting to look at that sector. Timing to raise exposure to EM, he says, would be around a weakening of the U.S. dollar as the economy enters recession. Mr. Gundlach was wrong about the rate cuts and the United States entering recession. However, emerging markets and low-duration bonds have done well so far in 2024. His comments might suggest that he missed the emerging markets trade though, as the weakening of the U.S. dollar has been coming from the extremely high U.S. fiscal deficits and political issues as opposed to a recession. Overall, though, the market has played out as he predicted, even though the recession thesis was wrong. The fund might have still been able to take advantage of the fact that the market movements were as he expected. The semi-annual report says that the fund’s asset allocation on March 31, 2024, was:   Fund Semi-Annual Report The low-duration collateralized loan obligations were a very good choice as they have next to no interest rate risk due to their variable coupon rates. The same is actually true for a good portion of the commercial mortgage-backed securities. As we can see here, many, but not all, of these securities are floating-rate bonds:   Fund Semi-Annual Report A sizable proportion of the residential mortgage-backed securities are also floating-rate bonds. As I look over the entire schedule of investments, it becomes clear that many of the fixed-rate bonds have very high interest rates, near-term maturities, or both. Thus, it mostly looks like the fund was holding low-duration securities on March 31, 2024. That is what debt investors have wanted to hold so far in 2024. The fund did miss the emerging markets trade, but overall, the fund looks to have been positioned pretty well. Leverage As I mentioned in the introduction, the DoubleLine Yield Opportunities Fund employs leverage as a method of boosting the effective yield and total return of its portfolio. I explained how this works in the previous article on this fund:  In short, the fund borrows money and then uses that borrowed money to purchase bonds or other income-producing assets. As long as the purchased assets have a higher yield than the interest rate that the fund has to pay on the borrowed money, the strategy works pretty well to boost the effective yield of the portfolio. As this fund is capable of borrowing money at institutional rates, which are considerably lower than retail rates, this will usually be the case. However, it is important to note that leverage is much less effective at boosting the fund’s effective portfolio yield today with rates at 6% than it was three years ago when interest rates were at 0%. Unfortunately, the use of debt in this fashion is a double-edged sword because leverage boosts both gains and losses. As such, we want to ensure that the fund is not employing too much leverage since that would expose us to too much risk. I generally like a fund’s leverage to be less than a third as a percentage of its assets for this reason.  As of the time of writing, the DoubleLine Yield Opportunities Fund has leveraged assets comprising 19.34% of its portfolio. This is reasonably in line with the 19.39% leverage ratio that the fund had the last time that we discussed it. This is actually a bit surprising because the portfolio has decreased in size since the date of our previous discussion. The chart shows the fund’s net asset value since the March 19, 2024, publication date of the previous article:   Barchart As we can see, the fund’s net asset value has decreased by 1.28% since the previous discussion. Thus, the fund’s leverage ratio should have increased all else being equal. The fact that this is not the case suggests that the fund’s management actually paid down a bit of the debt in response to the declining asset valuation. That is a good move from a risk-management perspective, as it should prevent the fund’s leverage ratio from getting worse if asset values continue to decline. Risk-averse investors will probably appreciate this. Here is how the DoubleLine Yield Opportunities Fund compares with its peers in terms of leverage:   Fund Name Leverage Ratio   DoubleLine Yield Opportunities Fund 19.34%   Guggenheim Strategic Opportunities Fund 16.30%   PIMCO Access Income Fund 42.67%   Virtus Global Multi-Sector Income Fund 31.19%   Western Asset Diversified Income Fund 31.30%   Click to enlarge (all figures from CEF Data.) As we can immediately see, the DoubleLine Yield Opportunities Fund has a leverage ratio that is lower than all but one of its peers. The fund is therefore probably not employing too much leverage for its particular strategy. Overall, risk-averse investors should be reasonably comfortable here and should not need to lose any sleep over the fund’s use of leverage. Distribution Analysis The primary objective of the DoubleLine Yield Opportunities Fund is to provide its shareholders with a high level of current income. However, it expects that much of this will come in the form of current income. To this end, the fund pays a monthly distribution of $0.1167 per share ($1.4004 per share annually). This gives it a reasonable 8.97% yield at the current share price. The fund has been remarkably consistent regarding its distribution over the years:   CEF Connect From the previous article: As we can clearly see, the DoubleLine Yield Opportunities Fund has not changed its distribution since its 2020 inception. This is certainly the sort of track record that will undoubtedly appeal to any investor who is seeking to earn a safe and consistent level of income from the assets in their portfolios. However, it also begs the question of how this fund was able to sustain such a payout when many of its peers have changed their distributions over the same period. After all, interest rates increased substantially about halfway through the period shown above, and this resulted in many bond funds taking very high losses as the low-yielding bonds that were issued during the COVID-19 pandemic and the 2021 recovery are worth substantially less than face value in the market today. It is never a good idea for a fund to pay out more than it is actually earning from its investment portfolio since that will destroy its net asset value and ultimately hurt the sustainability of the fund. This is something that we should have a look at as part of our analysis of this fund. In our last article, we saw that the DoubleLine Yield Opportunities Fund failed to cover its distribution over the two-year period that ended on September 30, 2023. The fund has a more recent financial report available now, so let us see if it managed to resolve this problem over the six-month period that ended on March 31, 2024. For the six-month period, the DoubleLine Yield Opportunities Fund received $43,493,403 in interest along with $44,290,622 in dividends from the assets in its portfolio. This gives the fund a total investment income of $44,290,622 for the six-month period. It paid its expenses out of this amount, which left it with $31,162,218 available to shareholders. This was, however, not enough to cover the $36,592,219 that the fund paid out to its investors over the period. The fund was, fortunately, able to make up the difference via capital gains. For the six-month period, the DoubleLine Yield Opportunities Fund reported net realized losses of $11,428,378, but this was more than offset by $68,761,877 net unrealized gains. Overall, the fund’s net assets increased by $51,903,498 after accounting for all inflows and outflows over the period. Thus, we can clearly see that the fund managed to fix its distribution coverage problem, at least temporarily. However, the fund was only able to accomplish this because of substantial unrealized capital gains. As we all know, unrealized gains can be erased by a market correction, so we should still keep a close eye on the fund’s net asset value. The fund’s net asset value has declined by 0.62% since March 31, 2024, so this is something that we should not ignore. Valuation Shares of the DoubleLine Yield Opportunities Fund are currently trading at a 2.12% discount to net asset value. This is a much smaller discount than the 4.67% discount that the shares have averaged over the past month, so the fund is currently a bit more expensive than it usually is. Conclusion In conclusion, the DoubleLine Yield Opportunities Fund is an interesting closed-end fund that is capable of exploiting opportunities that are located all over the world. This is something that should be attractive considering that foreign bonds are frequently neglected by American investors and have some fundamentals that could make them preferable to domestic bonds right now. The fund’s manager seems to have been correct about the correct trades to make at the start of this year, but he missed the emerging markets rally. That is disappointing, but at least this fund does not look to be making too many mistakes. The distribution coverage has also improved, which is nice. Overall, DoubleLine Yield Opportunities Fund might be worth holding, but I would probably not rush out and buy it.  Editor's Note: This article covers one or more microcap stocks. 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