Gundlach’s DoubleLine pulls in record cash

DoubleLine Capital, the bond firm co-founded by Jeffrey Gundlach, attracted its biggest monthly subscriptions ever last month after beating peers in 2014.
DoubleLine got $3 billion in January, the most collected since the Los Angeles-based company’s mutual funds started in April 2010, the firm said on Monday in an e-mailed statement. Those deposits topped the previous record of $2.7 billion in February 2012.
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DoubleLine is among bond managers benefiting after Pacific Investment Management Co.’s investors pulled money in unprecedented amounts following co-founder Bill Gross’s abrupt departure on Sept. 26. Mr. Gross’s exit opened the way for smaller competitors to break Pimco’s dominance, with Mr. Gundlach’s firm picking up $7.4 billion of net new client money from September through year-end.
Mr. Gundlach’s DoubleLine Total Return Bond Fund led the way with $2.6 billion in net subscriptions last month, also a record.
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The fund returned 6.7% last year, outperforming 91% of comparable funds, according to data compiled by Bloomberg. This year through Jan. 29, it returned 1.2%, beating 88% of peers. Mr. Gundlach’s main fund has been near the top of the pack every calendar year.
Clients pulled $102.9 billion in 2014 from the Pimco Total Return Fund, which was run by Mr. Gross until his exit, according to data from Chicago-based research firm Morningstar Inc. The $143.4 billion fund, Pimco’s largest, has returned about 2.3% this year, beating 97% of peers.