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ETF Equivalant of DBLTX in terms of yield and holdings?
There is nothing out there in ETF land that comes close to the performance of Gundlach at TGLMX and DBLTX; the low-cost index fund, VFIIX, comes the closest.
Some folks do not care for his alleged lifestyle, but do you really know the lifestyles of the other people who manage your assets ? IMHO, Gundlach definitely adds value beyond what you could get with a passive vehicle like an ETF, and any of the DoubleLine funds is a good investment for the long-term. Disclosure: we own a 5% position in DBLFX.
Is there a good reason to prefer DBLFX as compared to DBLTX? I believe DBLFX is more diversified, but its yield is smaller. On the other hand, DBLTX is getting very large. I am trying to make up my mind...
They are both fine funds, but I tend to prefer more diversified bond funds, so DBLFX wins. And if you look at his old funds which have maintained similar bond exposures since he left -- TGLMX and TGCFX -- TGCFX has had more attractive returns over the past 1M, 3M, YTD, 1-year, 5-year, and 10-year periods. The trailing 3-year returns for these funds are essentially the same.
You really can't go wrong with either fund. If you have $100K to invest, I really like a racier version of DBLFX, which is ADLIX. Although ADLIX has a higher expense ratio, it has handily outperformed DBLFX. But I remain invested in DBLFX due to the lower ER.
Interesting recent 1 month under performance by both DBLTX and DBLFX compared to a muni fund I own, USATX. Might be good time to diversify into either if one owns primarily munis as I do.
How tax efficient are these funds?
To the link below, add DBLTX and DBLFX into the compare box and set to 1 or 3 month time frame:
I don't give a rat's _ss about his privare life. What I do care about is his overall performance of DBLTX. I will stick with DBLTX in my non-retirement account and keep DFLNX in my Roth. Even with the market's volitility, DBLTX has maintained a more or less steady NAV. I would certainly buy DBLTX for its dividend yield, not for its potential capital appreciation.
If you look at TGLMX and TGCFX, both funds have not been very tax efficient historically, although TGCFX has better tax-adjusted returns over the past 1-, 3-, 5-, and 10-year periods.
Since inception of the DoubleLine funds, DBLTX and DBLFX have handily outperformed USATX, but after taxes, I think that USATX would win.
Thanks for your comments. I checked the composition of ADLIX, and I wonder whether its outperformance is just the "new money" effect: This composition does not seem much different from DBLFX.
I also looked at the performance of TGLMX versus TGCFX. I am not good at reading the charts, but over the last 20 years TGLMX handily beats TGCFX. $10 invested in 1993 in TGCFX would give you now $31.4, whereas in TGLMX they would become $35.6.
Very recently TGCFX behaved better, but this maybe due to the "operation twist", which suddenly lifted up all government bonds. Meanwhile TGLMX and DBLTX have much higher yields, which may come handy if interest rates rise. I must say that I am very new to bond investing, so my guesses may be very naive...
Comments
There is nothing out there in ETF land that comes close to the performance of Gundlach at TGLMX and DBLTX; the low-cost index fund, VFIIX, comes the closest.
Some folks do not care for his alleged lifestyle, but do you really know the lifestyles of the other people who manage your assets ? IMHO, Gundlach definitely adds value beyond what you could get with a passive vehicle like an ETF, and any of the DoubleLine funds is a good investment for the long-term. Disclosure: we own a 5% position in DBLFX.
Kevin
Is there a good reason to prefer DBLFX as compared to DBLTX? I believe DBLFX is more diversified, but its yield is smaller. On the other hand, DBLTX is getting very large. I am trying to make up my mind...
They are both fine funds, but I tend to prefer more diversified bond funds, so DBLFX wins. And if you look at his old funds which have maintained similar bond exposures since he left -- TGLMX and TGCFX -- TGCFX has had more attractive returns over the past 1M, 3M, YTD, 1-year, 5-year, and 10-year periods. The trailing 3-year returns for these funds are essentially the same.
You really can't go wrong with either fund. If you have $100K to invest, I really like a racier version of DBLFX, which is ADLIX. Although ADLIX has a higher expense ratio, it has handily outperformed DBLFX. But I remain invested in DBLFX due to the lower ER.
Kevin
How tax efficient are these funds?
To the link below, add DBLTX and DBLFX into the compare box and set to 1 or 3 month time frame:
http://quote.morningstar.com/fund/chart.aspx?t=USATX®ion=USA&culture=en-US
http://4.bp.blogspot.com/_8Mo9wgzZpRk/RwdrUrhIsRI/AAAAAAAAAXI/bwnMLYeJ64g/s1600-h/ratsass.gif
What is the difference between ADLIX and DBLFX? I couldn't find much from Aston or Doubleline's websites.
Here is a nice review from another site:
http://socialize.morningstar.com/NewSocialize/forums/p/287732/3092742.aspx#3092742
If you look at TGLMX and TGCFX, both funds have not been very tax efficient historically, although TGCFX has better tax-adjusted returns over the past 1-, 3-, 5-, and 10-year periods.
Since inception of the DoubleLine funds, DBLTX and DBLFX have handily outperformed USATX, but after taxes, I think that USATX would win.
Kevin
Too funny !
Thanks for your comments. I checked the composition of ADLIX, and I wonder whether its outperformance is just the "new money" effect: This composition does not seem much different from DBLFX.
I also looked at the performance of TGLMX versus TGCFX. I am not good at reading the charts, but over the last 20 years TGLMX handily beats TGCFX. $10 invested in 1993 in TGCFX would give you now $31.4, whereas in TGLMX they would become $35.6.
Very recently TGCFX behaved better, but this maybe due to the "operation twist", which suddenly lifted up all government bonds. Meanwhile TGLMX and DBLTX have much higher yields, which may come handy if interest rates rise. I must say that I am very new to bond investing, so my guesses may be very naive...
Andrei