UPDATE 1-Investors continue to pull out from DoubleLine's flagship fund

Thu Jan 2, 2014 8:24am IST

Related Topics

Stocks

   

NEW YORK Jan 1 (Reuters) - Jeffrey Gundlach's DoubleLine Total Return Bond Fund had outflows of $2.08 billion in December, marking the seventh straight month of investor withdrawals from the fund, data from Morningstar showed on Wednesday.

Federal Reserve Chairman Ben Bernanke triggered a bond market selloff and outflows from bond funds when he told Congress in May that the central bank could begin reducing its monthly bond-buying stimulus in 2013 if the U.S. economy looked strong enough.

The outflows from the fund, which is the flagship of the Los Angeles-based DoubleLine Capital LP, brought total outflows from the fund last year to about $6 billion, according to Morningstar.

The December outflows were the biggest in three months and more than doubled withdrawals of $811 million in November.

The fund had its first-ever monthly outflows in June, when investors withdrew $1.2 billion.

Gundlach, DoubleLine's chief executive and chief investment officer, manages the roughly $31 billion fund. The fund rose a slight 0.02 percent last year, beating 87 percent of its peers according to Morningstar data.

DoubleLine had over $52 billion in assets as of Sept. 30, according to the firm's website.

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared