July 29, 2019 / 10:10 PM / a year ago

UPDATE 1-Hsu will join Gundlach as co-manager of DoubleLine Total Return Bond Fund

(Adds DoubleLine declined to comment, byline)

By Jennifer Ablan

July 29 (Reuters) - Andrew Hsu, who heads the global infrastructure and asset-backed securities (ABS) group at Jeffrey Gundlach's DoubleLine Capital, will join Gundlach and Philip Barach as co-manager of the DoubleLine Total Return Bond Fund, an SEC filing said on Monday.

The addition of a co-portfolio manager at DoubleLine Total Return reflects investor demand for big, actively managed core bond funds.

Loren Fleckenstein, an analyst at DoubleLine, declined to comment on the appointment, citing SEC quiet period rules.

The fund has more than $53.3 billion in assets under management and has a five-year annualized return of 3.26% as of July 26, surpassing 78 percent of its peer category for the time period, according to data from Morningstar, which gives it an overall four-star rating.

DoubleLine Total Return is one of four of the five largest actively managed core bond funds whose assets have grown year to date. The others are Metropolitan West Total Return Bond Fund (MWTIX), Dodge & Cox Income Fund and the Strategic Advisers Core Income Fund. Also, the Pimco Total Return Bond Fund (PTTRX) is slightly up from its assets under management at the end of 2018.

Hsu is co-manager of the DoubleLine Infrastructure Income fund, which has a three-year track record and an overall four-star Morningstar rating for risk-adjusted performance versus 549 funds in Morningstar's Intermediate Core Plus Bond fund category as of May 31. (Reporting by Jennifer Ablan Editing by Chris Reese and Leslie Adler)

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