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April 26, 2013 at 07:28 AM
New products introduced over the last week include DoubleLine’s Income Solutions Fund.
In addition, First Trust Advisors announced a new actively managed ETF.
Here are the latest developments of interest to advisors:
1) DoubleLine Announces New Income Solutions Fund
DoubleLine Capital announced that its new closed-end bond fund, the Income Solutions Fund (DSL), has completed an initial public offering of common shares listed on the NYSE. DSL, which is organized as a nondiversified, closed-end management investment company, has as its primary objective to seek high current income; its secondary objective is to seek capital appreciation. It will seek to achieve its objectives by investing in a portfolio of investments selected for their potential to provide high current income, growth of capital or both. Jeffrey Gundlach, CEO and CIO of DoubleLine, Luz Padilla and Bonnie Baha have primary responsibility for the day-to-day portfolio management of DSL.
DoubleLine expects that DSL will normally invest at least 80% of its net assets, plus any borrowings for investment purposes, in debt securities and other income-producing investments anywhere in the world, including emerging markets. It may invest in mortgage-backed securities of any kind and may invest without limit in securities rated below investment grade (high-yield securities or junk bonds). It also intends, subject to favorable market conditions, to add leverage to its portfolio by using reverse repurchase agreements, dollar roll transactions and/or borrowings, such as through loans or lines of credit from banks or other credit facilities.
