Fund Evaluator:
DoubleLine Shiller Enhanced CAPE® N (DSENX)
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Best Performing in Large Value Over the Last Year
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Fund Details
DoubleLine Shiller Enhanced CAPE® N Overview
DoubleLine Shiller Enhanced CAPE® N (DSENX) is an actively managed U.S. Equity Large Value fund. DoubleLine launched the fund in 2013.
The investment seeks total return which exceeds the total return of its benchmark index over a full market cycle. The advisor will seek to use derivatives, or a combination of derivatives and direct investments, to provide a return (before fees and expenses) that approximates the performance of the Shiller Barclays CAPE® U.S. Sector TR USD Index. It will also invest in a portfolio of debt securities to seek to provide additional total return over the long term.
About DoubleLine Shiller Enhanced CAPE® N (DSENX)
There are 2 members of the management team with an average tenure of 12.67 years: Jeffrey Sherman (2013), Jeffrey Gundlach (2013). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. DoubleLine Shiller Enhanced CAPE® N has 791 securities in its portfolio. The top 10 holdings constitute 38.4% 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 Shiller Enhanced CAPE® N is part of the Equity global asset class and is within the U.S. Equity fund group. DoubleLine Shiller Enhanced CAPE® N has 10.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 100.2%. 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 90.5% (80.4% domestic bond, 10.2% foreign bond and 0.0% convertible bond). DoubleLine Shiller Enhanced CAPE® N has -90.7% of the portfolio in cash.
Assets Under Management
The fund has $140 million in total assets, which is below the $1 billion average for the Large Value 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.
DSENX 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 Shiller Enhanced CAPE® N expense ratio is high compared to funds in the Large Value category. DoubleLine Shiller Enhanced CAPE® N has an expense ratio of 0.81%, which is 13% lower than its category average, making the fund expense ratio grade a C. 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. DoubleLine Shiller Enhanced CAPE® N has a portfolio turnover rate of 48%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 62% for the Large Value category.
Recently, in the month of June 2026, DoubleLine Shiller Enhanced CAPE® N returned 0.4%, which earned it a grade of D, as the Large Value category had an average return of 1.6%. 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 Shiller Enhanced CAPE® N has a trailing yield of 4.72%, which is above the 1.25% category average. The fund normally distributes its income monthly 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 Shiller Enhanced CAPE® N Grades
Year to date, the fund has returned -0.4%, 11.5 percentage points worse than the category, which translates into a grade of F. The fund has returned 1.9% over the past year (grade of F), 10.1% over the past three years (grade of F) and 5.0% per year over the past five years (grade of F) and 11.5% per year over the past 10 years (grade of C).
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DSENX 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 |
|
| DSENX Return (NAV) | 0.4% | 4.8% | 1.9% | 10.1% | 5.0% | 11.5% |
| DSENX Grade | D | F | F | F | F | C |
| +/- Category | -1.3% | -5.0% | -19.1% | -5.9% | -5.4% | 0.2% |
| Large Value Avg | 1.6% | 9.8% | 21.0% | 15.9% | 10.4% | 11.3% |
| DSENX Tax Cost Ratio | na | na | 1.9% | 1.9% | 3.2% | 2.5% |
DSENX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DSENX Return (NAV) | -0.4% | 9.1% | 12.6% | 26.7% | -23.4% | 24.2% | 16.0% | 33.4% | -4.3% | 21.3% | 20.0% |
| DSENX Grade | F | F | D | A | F | D | A | A | A | A | A |
| +/- Category | -11.5% | -6.0% | -1.5% | 14.9% | -17.4% | -1.6% | 12.2% | 7.8% | 4.2% | 4.9% | 5.4% |
| Large Value Avg | 11.1% | 15.2% | 14.1% | 11.8% | -6.1% | 25.8% | 3.8% | 25.6% | -8.5% | 16.4% | 14.5% |
| Risk Measures | |
| Standard Deviation: | 13.6% |
| Total Risk Index: | 1.12 - Above Average |
| Category Risk Index: | 1.13 - High |
| Category Risk Grade: | F (94% Rank) |
| Beta: | 0.83 |
| R-Squared: | 63% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.7% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $2728 Mil |
| Fund Total Assets: | $ 141 Mil |
| Share Class Type: | N |
| Portfolio Turnover: | 48% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 12.7 years | |||
| Average Tenure: 12.7 years | |||
| Managers (Year): Sherman Jeffrey (2013), Gundlach Jeffrey (2013) | |||
Portfolio Composition (as of 1/31/26)
| # of Holdings: | 791 |
| % in Top 10 Holdings: | 38.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 10.2% |
Portfolio Allocation |
|
| Domestic Stock: | 100.2% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 80.4% |
| Foreign Bond: | 10.2% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -90.7% |
Purchase Information
| Fund Family: | DoubleLine |
| Phone Number: | 877-354-6311 |
| Website: | www.doublelinefunds.com |
| Status: | Open |
| Inception Date: | October 31, 2013 |
| 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 (%): | 0.81% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.93% |
| Share Class: | DoubleLine Shiller Enhanced CAPE® I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
