DoubleLine Capital LP is an independent, employee-controlled investment management firm headquartered in Tampa, Florida. It was co-founded in December 2009 by Jeffrey Gundlach and Philip Barach along with 45 colleagues, following Gundlach's departure from TCW Group, where he had managed that firm's Total Return Bond Fund. The firm was established around a founding mandate: to deliver better risk-adjusted returns while avoiding the kind of risk-taking that has historically led to principal losses. Gundlach serves as CEO and chief investment officer, roles he has held since the firm's inception. The firm is majority owned by its employees, with Oaktree Capital Management holding a minority stake.
Website: doubleline.com
Founders: Jeffrey Gundlach and Philip Barach (co-founders, December 2009)
Company type: Private; employee-controlled; Oaktree Capital Management holds a minority stake (approximately 20%)
Regions served: United States and international institutional clients; UCITS vehicles for non-US markets
What does DoubleLine Capital offer?
DoubleLine is primarily a fixed-income-focused manager, with its most prominent strategies concentrated in taxable and mortgage-related bond markets. It serves institutional clients, registered investment advisers, high-net-worth individuals, and retail investors through a range of vehicle structures. Its investment offering includes:
- core and multi-sector fixed-income strategies including the DoubleLine Total Return Bond Fund — the firm's flagship mutual fund, launched at inception in 2010 — and the DoubleLine Core Fixed Income Fund
- mortgage and structured credit strategies, including strategies focused on agency and non-agency residential mortgage-backed securities, one of the firm's founding areas of expertise
- global fixed-income strategies including emerging markets fixed income, emerging markets local currency bonds, global bond, and low duration emerging markets strategies
- multi-asset strategies including the DoubleLine Multi-Asset Growth Fund
- equity-oriented strategies including the DoubleLine Shiller Enhanced CAPE strategy
- flexible and opportunistic income strategies, including opportunistic commercial real estate debt
- separate accounts for institutional clients, offered across DoubleLine's full strategy range
- private fund vehicles for qualified purchasers, including strategies that may employ performance-based fee arrangements
- UCITS funds for non-US institutional investors
DoubleLine's investment approach is guided by a stated willingness to close strategies when they reach capacity — a policy the firm positions as evidence that it will not sacrifice client returns for asset growth. The portfolio management team has worked together for an average of 15 years, per the firm's own disclosures, and averages 23 years of industry experience, which DoubleLine cites as a source of both continuity and institutional knowledge.
DoubleLine Capital in the market
DoubleLine is one of the most recognisable names in fixed-income asset management in the United States, built substantially on Gundlach's public profile and track record. Barron's named him "The New Bond King" in 2011, Institutional Investor named him "Money Manager of the Year" in 2013, and he was inducted into the FIASI Fixed Income Hall of Fame in 2017. That personal brand translates into significant media attention for DoubleLine's macro and market views — Gundlach holds regular webcast sessions that draw large audiences of institutional and retail investors and are widely followed by financial press. This visibility is unusual for an independent, employee-owned manager of its size and has contributed meaningfully to the firm's distribution without reliance on a large wirehouse or intermediary network.
The firm competes in the fixed-income asset management space against PIMCO, Western Asset Management, Loomis Sayles, and the fixed-income teams of large diversified managers including BlackRock and Fidelity. Its edge has historically resided in mortgage and structured credit analysis — skills developed and refined across Gundlach's tenure at TCW — along with a rigorous, risk-conscious investment process that the firm argues is more disciplined than that of larger competitors who prioritise asset growth over strategy capacity.
DoubleLine has expanded its distribution reach through partnerships with other managers. In February 2026, the firm extended its relationship with American Beacon Advisors, which assumed management of the DoubleLine Select Income Fund, renaming it the American Beacon DoubleLine Select Income Fund. That arrangement illustrated DoubleLine's willingness to allow institutional partners to distribute access to its strategies through their own platforms — a model that broadens the firm's reach into channels, such as defined contribution plans and the wirehouse system, where independent managers without large internal distribution forces often struggle to compete. The firm has also separately developed its own wealth channel outreach, offering resources and products tailored to financial advisors seeking institutional-grade fixed-income strategies for their clients.
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