JNL/FPA + DoubleLine Flexible Allocation Fund
Data updated: 2020-05-28
C000079327 — JNL/FPA + DoubleLine Flexible Allocation Fund. Commodity · $1.23B AUM · 1.09% expense ratio. Holdings, fees, performance and SEC filings.
C000079327 Fund Overview
JNL/FPA + DoubleLine Flexible Allocation Fund is a US mutual fund managed by JNL Series Trust, categorised as Commodity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: JNL Series Trust
- Category: Commodity
- Assets under management: $1.23B
- SEC CIK: 0000933691
- SEC series ID: S000026435
- Share class ID: C000079327
C000079327 Investment Objective and Strategy
JNL/FPA + DoubleLine Flexible Allocation Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by JNL Series Trust.
Investment objective
The investment objective of the Fund is to seek to provide total return.
Principal investment strategy
The Fund seeks to achieve its investment objective by allocating among updated strategies managed by unaffiliated investment managers (Sub-Advisers). Each of the Sub-Advisers generally provides day-to-day management for a designated portion of the Funds assets. Ivy Investment Management Company (Ivy) will continue to serve as the sub-adviser only with respect to certain private investments held by the Fund. It is currently contemplated that the duration of Ivys involvement as sub-adviser to the Fund will be for however long it takes to sell these private investments. Each Sub-Adviser uses different investment strategies in managing Fund assets, acts independently from the other Sub-Adviser, and uses its own methodology for selecting investments. Below are the principal investment strategies for the Fund initiated in April 2016 by First Pacific Advisors, LLC (FPA) and DoubleLine Capital LP (DoubleLine).
The Sub-Advisers may implement other investment strategies in keeping with the Funds objective. FPA FPA pursues a contrarian value strategy that seeks to identify absolute value opportunities across the capital structure, and in a variety of market capitalizations, geographies and sectors with the long-term objective of achieving equity rates of return with less risk than the market. Being contrarian in nature means the management team focuses on out-of-favor companies, does not pay close attention to benchmark weightings and is willing to hold meaningful amounts of cash for prolonged periods if opportunities for investment do not present themselves. FPA seeks value in companies whose securities are trading at a substantial discount to FPAs estimate of their intrinsic value. Investments are generally greater than $10 billion in market capitalization at time of purchase and typically include common and preferred stock, convertible securities, corporate and high yield bonds, as well as government debt.
In addition, FPA may sell securities short. DoubleLine Under normal circumstances, and to the extent use of the FPA strategy leaves a substantial portion of the Funds assets available for other investment by the Fund, DoubleLine intends to invest those assets in a portfolio of debt instruments to seek to provide additional long-term total return. Alternatively, DoubleLine may choose to invest all or a portion of the Funds assets in debt instruments or one or more fixed-income funds managed by DoubleLine. DoubleLine pursues a Short-Intermediate Plus fixed-income strategy, comprised primarily of investment-grade bonds with an overall expected portfolio duration range of 1 to 3 years. Sector exposure is expected to be diversified, with a bias to securitized securities and a minimum of 25% in agency mortgages, a maximum of 20% in non-agency residential mortgage-backed securities and commercial mortgage-backed securities, and a maximum of 30% in below investment-grade securities.
By maintaining a relatively low duration, DoubleLine expects the portfolios interest-rate sensitivity to be decreased, while active management across fixed-income sectors can act to potentially lower credit and interest-rate risk. Because bonds have typically produced positive returns during periods of equity market stress, the underlying bond portfolio should help reduce overall risk during periods of market decline. Generally, the Fund may invest in futures contracts, futures-related instruments and equity swaps, including, but not limited to, global developed and emerging market equity index futures, swaps on equity index futures and equity swaps, global developed and emerging market currency forwards, global developed fixed-income futures, bond futures and swaps on bond futures and may also invest in commodity futures and swaps on commodity futures (collectively, Instruments).
These Instruments may be used for investment or speculative purposes, hedging or as a substitute for investing in conventional securities.
C000079327 Costs and Fees
C000079327 costs about $109 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.09%
- Gross expense ratio: 1.09%
- Portfolio turnover: 55%
- Brokerage commissions: 1.82 bps of average net assets (SEC N-CEN)
C000079327 Cashflows
Over the 12 months to 2020-03, JNL/FPA + DoubleLine Flexible Allocation Fund had net outflows of $285.33M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2020-03 | −$52.63M |
| 2020-02 | −$21.85M |
| 2020-01 | −$23.09M |
| 2019-12 | −$19.29M |
| 2019-11 | −$83.18M |
| 2019-10 | −$21.45M |
C000079327 Debt Constituents
No individual debt constituents are reported in JNL/FPA + DoubleLine Flexible Allocation Fund's latest SEC N-PORT filing.
C000079327 Prospectus and SEC Filings
Official JNL/FPA + DoubleLine Flexible Allocation Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2019-05-15
- Prospectus (485BPOS) — filed 2018-05-16
- Prospectus (485BPOS) — filed 2017-10-11
- Portfolio holdings (N-PORT) — filed 2020-05-28
- Portfolio holdings (N-PORT) — filed 2020-02-28
- Portfolio holdings (N-PORT) — filed 2019-11-27
- Annual census (N-CEN) — filed 2020-03-16
- Annual census (N-CEN) — filed 2019-03-15
Related Funds
Other Commodity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.