CI Investments Inc. announced the launch of CI DoubleLine Funds on Tuesday, featuring three new fixed income mandates subadvised by Los Angeles-based DoubleLine Capital LP and noted income fund manager Jeffrey Gundlach.
The three mandates are available as both mutual funds and ETFs. The ETF series starting trading Tuesday on the Toronto Stock Exchange.
In February, CI Financial Corp., the parent firm of CI Investment Inc., announced on that DoubleLine Capital would serve as subadvisor for CI’s upcoming lineup of fixed income ETFs and mutual funds.
The new funds and their investment objectives are:
The CI DoubleLine Total Return Bond US$ Fund (ETF C$ Hedged Series, CDLB; ETF US$ Series, CDLB.U; ETF C$ Unhedged Series, CDLB.B), which seeks to maximize total returns by investing primarily in securitized investments and other fixed-income securities issued by the U.S. government or other issuers.
The CI DoubleLine Core Plus Fixed Income US$ Fund (ETF C$ Hedged Series, CCOR; ETF US$ Series, CCOR.U; ETF C$ Unhedged Series, CCOR.B), which seeks to maximize current income and total returns by investing primarily in a portfolio of fixed-income securities of any maturity across the global fixed-income spectrum.
The CI DoubleLine Income US$ Fund (ETF C$ Hedged Series, CINC; ETF US$ Series, CINC.U; ETF C$ Unhedged Series, CINC.B), which seeks to maximize total returns by investing primarily 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 Series A, F, P and I.
Gundlach, nicknamed “The Bond King,” is the CEO and CIO of DoubleLine, a company he founded in 2009.
“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, CEO of CI Financial Corp., in a release. “The CI DoubleLine funds are especially timely today, as many investors are looking for less-volatile options to put money to work.”
Over recent months, CI Financial has been revamping and consolidating its mutual fund lineup while boosting its lineup of ETFs, liquid alternatives and other products.
In November, CI Financial purchased WisdomTree Asset Management Canada Inc., acquiring 14 ETFs with a combined $958 million in assets