Fund Evaluator:
DoubleLine Strategic Commodity N (DLCMX)
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Best Performing in Commodities Broad Basket Over the Last Year
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| 30.1% | ALPS/CorCmdty Mgmt CmpltCmdty Strat Inv (JCRAX) |
| 29.5% | PGIM Quant Solutions Commodity Strats Z (PQCZX) |
| 25.9% | AQR Risk-Balanced Commodities Strategy N (ARCNX) |
Fund Details
DoubleLine Strategic Commodity N Overview
DoubleLine Strategic Commodity N (DLCMX) is an actively managed Commodities Commodities Broad Basket fund. DoubleLine launched the fund in 2015.
The investment seeks long-term total return. The advisor normally seeks to generate long term total return through long and short exposures to commodity-related investments. The advisor expects to gain commodity-related investment exposure primarily through derivatives contracts, securities, or other instruments. The advisor uses investment leverage to achieve commodity exposures and expects to have, under normal circumstances, investment exposure to commodities in an amount up to the value of the fund's total assets.
About DoubleLine Strategic Commodity N (DLCMX)
There are 3 members of the management team with an average tenure of 6.85 years: Jeffrey Sherman (2015), Jeffrey Mayberry (2018), Eric Dhall (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Bloomberg Commodity TR USD index with a weighting of 100%. DoubleLine Strategic Commodity N has 10 securities in its portfolio. The top 10 holdings constitute 100.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
DoubleLine Strategic Commodity N is part of the Real Assets global asset class and is within the Commodities fund group. DoubleLine Strategic Commodity N has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 18.1%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 9.0% (9.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). DoubleLine Strategic Commodity N has 72.8% of the portfolio in cash.
Assets Under Management
The fund has $4 million in total assets, which is below the $476 million average for the Commodities Broad Basket category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DLCMX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The DoubleLine Strategic Commodity N expense ratio is high compared to funds in the Commodities Broad Basket category. DoubleLine Strategic Commodity N has an expense ratio of 1.36%, which is 23% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. A portfolio turnover rate cannot be currently calculated for DoubleLine Strategic Commodity N. By way of comparison, the average portfolio turnover is 78% for the Commodities Broad Basket category.
Recently, in the month of June 2026, DoubleLine Strategic Commodity N returned -5.9%, which earned it a grade of A, as the Commodities Broad Basket category had an average return of -8.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
DoubleLine Strategic Commodity N has a trailing yield of 2.30%, which is below the 9.25% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
DoubleLine Strategic Commodity N Grades
Year to date, the fund has returned 19.2%, 4.8 percentage points better than the category, which translates into a grade of A. The fund has returned 24.8% over the past year (grade of D), 8.4% over the past three years (grade of F) and 7.8% per year over the past five years (grade of F) and 5.7% per year over the past 10 years (grade of D).
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DLCMX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DLCMX Return (NAV) | -5.9% | -2.2% | 24.8% | 8.4% | 7.8% | 5.7% |
| DLCMX Grade | A | A | D | F | F | D |
| +/- Category | 2.2% | 3.8% | -1.2% | -3.6% | -1.8% | -0.8% |
| Commodities Broad Basket Avg | -8.1% | -6.0% | 26.0% | 12.0% | 9.6% | 6.5% |
| DLCMX Tax Cost Ratio | na | na | 1.1% | 1.1% | 4.4% | 2.5% |
DLCMX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DLCMX Return (NAV) | 19.2% | 5.9% | 0.1% | -4.1% | 13.0% | 31.0% | -6.3% | 4.5% | -10.9% | 8.9% | 13.1% |
| DLCMX Grade | A | F | F | B | C | C | F | F | A | A | C |
| +/- Category | 4.8% | -10.1% | -4.9% | 2.0% | -1.5% | 0.4% | -3.6% | -5.5% | 2.3% | 4.3% | -0.4% |
| Commodities Broad Basket Avg | 14.4% | 15.9% | 5.0% | -6.1% | 14.4% | 30.6% | -2.7% | 10.0% | -13.2% | 4.6% | 13.5% |
| Risk Measures | |
| Standard Deviation: | 11.9% |
| Total Risk Index: | 0.98 - Average |
| Category Risk Index: | 0.93 - Average |
| Category Risk Grade: | C (41% Rank) |
| Beta: | 0.73 |
| R-Squared: | 68% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 2.3% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $80 Mil |
| Fund Total Assets: | $ 5 Mil |
| Share Class Type: | N |
| Portfolio Turnover: | 0% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 11.1 years | |||
| Average Tenure: 6.9 years | |||
| Managers (Year): Sherman Jeffrey (2015), Mayberry Jeffrey (2018), Dhall Eric (2024) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 10 |
| % in Top 10 Holdings: | 100.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 18.1% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 9.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 72.8% |
Purchase Information
| Fund Family: | DoubleLine |
| Phone Number: | 877-354-6311 |
| Website: | www.doublelinefunds.com |
| Status: | Open |
| Inception Date: | May 18, 2015 |
| Min. Initial Purchase: | $2,000 |
| Min. Initial IRA Purchase: | $ 500 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.36% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.10% |
| Share Class: | DoubleLine Strategic Commodity I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
