Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment) |
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Class A
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Management Fee
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0.62%
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Distribution and/or Service (12b-1) Fees
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0.30%
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Other Expenses1
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0.16%
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Total Annual Fund Operating Expenses
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1.08%
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1
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"Other Expenses" include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser").
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Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment) |
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|
Class I
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Management Fee
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0.62%
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Distribution and/or Service (12b-1) Fees
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0.00%
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Other Expenses1
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0.16%
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Total Annual Fund Operating Expenses
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0.78%
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1
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"Other Expenses" include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser").
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JNL/DoubleLine® Emerging Markets Fixed Income Fund Class A
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1 year
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3 years
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5 years
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10 years
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$110
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$343
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$595
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$1,317
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JNL/DoubleLine® Emerging Markets Fixed Income Fund Class I
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|||
1 year
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3 years
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5 years
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10 years
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$80
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$249
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$433
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$966
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Period
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1/1/2023 - 12/31/2023
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42
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%
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•
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public finances;
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•
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monetary policy;
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•
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external accounts;
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•
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financial markets;
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•
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foreign investment regulations;
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•
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stability of exchange rate policy; and
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•
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labor conditions.
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•
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Counterparty risk – Transactions involving a counterparty are subject to the credit risk of the counterparty. A fund that enters into contracts with
counterparties, such as repurchase or reverse repurchase agreements or derivatives contracts, or that lends its securities, runs the risk that the counterparty will be unable or unwilling to make timely settlement payments or otherwise
honor its obligations. If a counterparty fails to meet its contractual obligations, files for bankruptcy, or otherwise experiences a business interruption, the Fund could suffer losses, including monetary losses, miss investment
opportunities or be forced to hold investments it would prefer to sell. Counterparty risk is heightened during unusually adverse market conditions.
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•
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Credit risk – Credit risk is the actual or perceived risk that the issuer of a bond, borrower, guarantor, counterparty, or other entity responsible for
payment will not pay interest and principal payments when due. The price of a debt instrument can decline in response to changes in the financial condition of the issuer, borrower, guarantor, counterparty, or other entity responsible for
payment. The Fund could lose money if the issuer or guarantor of a fixed-income security, or the counterparty to a derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling to make timely principal
and/or interest payments, or to otherwise honor its obligations.
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•
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Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure
to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be
volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in
the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency.
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•
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Debt securities ratings risk – The use of
credit ratings in evaluating debt securities can involve certain risks, including the risk that the credit rating may not reflect the issuer's current financial condition or events since the security was last rated by a rating agency.
Credit ratings may be influenced by conflicts of interest or based on historical data that no longer apply or are accurate.
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•
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Derivatives risk – Investments in derivatives, which are financial instruments whose value depends on, or is derived from, the value of underlying assets,
reference rates, or indices, can be highly volatile and may be subject to transaction costs and certain risks, such as unanticipated changes in securities prices and global currency investment. Derivatives also are subject to leverage
risk, liquidity risk, interest rate risk, market risk, counterparty risk, and credit risk. They also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly
with the underlying asset, interest rate or index. Gains or losses from derivatives can be substantially greater than the derivatives’ original cost.
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•
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Emerging markets and less
developed countries risk – Emerging market and less developed countries generally are located in Asia, the Middle East,
Eastern Europe, Central and South America and Africa. Investments in, or exposure to, securities that are tied economically to emerging
market and less developed countries are subject to all of the risks of investments in, or exposure to, foreign securities, generally to a greater extent than in developed markets, among other risks. Investments in securities that are tied economically to emerging markets involve greater risk from economic and political systems that typically are less developed,
and likely to be less stable, than those in more advanced countries. The Fund also will be subject to the risk of adverse foreign currency rate fluctuations. Emerging market and less developed countries may also have economies that are
predominantly based on only a few industries or dependent on revenues from particular commodities. The risks of nationalization, expropriation or other confiscation of assets of non-U.S. issuers is also greater in emerging and less
developed countries. As a result of these risks, investments in securities tied economically to emerging markets tend to be more volatile than investments in securities of developed countries.
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•
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Extension risk – When
interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, which may cause the value of those securities to fall. Rising interest rates tend to extend the duration of securities, making them more
sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may
exhibit additional volatility and may lose value.
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•
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Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions
about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security
before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit
strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default.
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•
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Foreign securities risk –
Investments in, or exposure to, foreign securities involve risks not typically associated with U.S. investments. These risks include, among others, adverse fluctuations in foreign currency values, possible imposition of foreign withholding
or other taxes on income payable on the securities, as well as adverse political, social and economic developments, such as political upheaval, acts of terrorism, financial troubles, sanctions or the threat of new or modified sanctions, or
natural disasters. Many foreign securities markets, especially those in emerging market countries, are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the costs of trading in those markets is often
higher than in U.S. securities markets. There may also be less publicly available information about issuers of foreign securities compared to issuers of U.S. securities. In addition, the economies of certain foreign markets may not compare
favorably with the economy of the United States with respect to issues such as growth of gross national product, reinvestment of capital, resources and balance of payments position.
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•
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Government regulatory risk –
Certain industries or sectors, including, but not limited to, real estate, financial services, utilities, oil and natural gas exploration and production, and health care are subject to increased regulatory requirements. There can be no
guarantee that companies in which the Fund invests will meet all applicable regulatory requirements. Certain companies could incur substantial fines and penalties for failing to meet government regulatory requirements. These requirements
may also result in additional compliance expenses and costs. Such increased regulatory compliance costs could hurt a company’s performance.
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•
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High-yield bonds, lower-rated
bonds, and unrated securities risk – High-yield bonds, lower-rated bonds, and unrated securities are broadly referred to as “junk bonds,” and are considered below “investment-grade” by national ratings agencies. Junk bonds are
subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. As a result, an investment in junk bonds is considered speculative. High-yield bonds may be subject to liquidity risk, and the Fund
may not be able to sell a high-yield bond at the price at which it is currently valued.
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•
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Interest rate risk – When interest rates increase, fixed-income securities generally will decline in value. Long-term fixed income securities normally have
more price volatility than short-term fixed income securities. The value of certain equity investments, such as utilities and real estate-related securities, may also be sensitive to interest rate changes.
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•
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Investment in other investment
companies risk – As with other investments, investments in other investment companies, including exchange-traded funds, are subject to market risk. In addition, if the Fund acquires shares of investment companies, including ones
affiliated with the Fund, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies in which the Fund invests. To the extent
that shares of the Fund are held by an affiliated fund, the ability of the Fund itself to invest in other investment companies may be limited.
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•
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Issuer risk – The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform
differently from the market as a whole. A security’s value may decline for reasons that directly relate to the issuer, such as management performance, corporate governance, financial leverage and reduced demand for the issuer’s goods or
services.
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•
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Leverage risk – Certain derivative transactions involve the use of leverage and may cause the Fund to liquidate portfolio positions at disadvantageous
times to satisfy its obligations. The effect of using leverage is to amplify the Fund’s gains and losses in comparison to the amount of the Fund’s assets (that is, assets other than borrowed assets) at risk, which may cause the Fund’s
portfolio to be more volatile. If the Fund uses leverage, the Fund has the risk of capital losses that exceed the net assets of the Fund.
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•
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Liquidity risk –
Investments in securities that are difficult to purchase or sell (illiquid or thinly-traded securities) may reduce returns if the Fund is unable to sell the securities at an advantageous time or price or achieve its desired level of
exposure to a certain sector. Liquidity risk arises, for example, from small average trading volumes, trading restrictions, or temporary suspensions of trading. To meet redemption requests, the Fund may be forced to sell securities at an
unfavorable time and/or under unfavorable conditions.
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•
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Managed portfolio risk –
As an actively managed portfolio, the Fund's portfolio manager(s) make decisions to buy and sell holdings in the Fund's portfolio. Because of this, the value of the Fund’s investments could decline because the financial condition of an
issuer may change (due to such factors as management performance, reduced demand or overall market changes), financial markets may fluctuate or overall prices may decline, the Sub-Adviser's investment techniques could fail to achieve the
Fund’s investment objective or negatively affect the Fund’s investment performance, or legislative, regulatory, or tax developments may affect the investment techniques available to the Sub-Adviser of the Fund. There is no guarantee that
the investment objective of the Fund will be achieved.
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•
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Market risk – Portfolio
securities may decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political, or regulatory conditions, inflation, changes in interest or currency rates or adverse investor
sentiment, public health issues, including widespread disease and virus epidemics or pandemics, war, terrorism or natural disasters, among others. Adverse market conditions may be prolonged and may not have the same impact on all types of
securities. The values of securities may fall due to factors affecting a particular issuer, industry or the securities market as a whole.
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•
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Portfolio turnover risk – Frequent changes in the securities held by the Fund, including investments made on a shorter-term basis or in derivative instruments or in
instruments with a maturity of one year or less at the time of acquisition, may increase transaction costs, which may reduce performance.
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•
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Prepayment risk – During periods of falling interest rates, a debt security with a high interest rate may be prepaid before its expected maturity date. The
Fund may have to reinvest the proceeds in an investment that may have lower yields than the yield on the prepaid debt security. In addition, prepayment rates are difficult to predict and the potential impact of prepayment on the price of a
debt instrument depends on the terms of the instrument.
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•
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Sector risk – Companies
with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the risk that securities of companies within specific sectors of the economy can perform differently than the overall market. For
example, this may be due to changes in the regulatory or competitive environment or changes in investor perceptions regarding a sector. Because the Fund may allocate relatively more assets to certain sectors than others, the Fund’s
performance may be more susceptible to any developments which affect those sectors emphasized by the Fund. In addition, the Fund could underperform other funds investing in similar sectors or comparable benchmarks because of the investment
manager’s choice of securities within such sector.
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•
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Sovereign debt risk – Investments
issued by a governmental entity are subject to the risk that the governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt due to, among other things, cash flow problems, insufficient foreign currency
reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral
agencies. If a governmental entity defaults, it may ask for more time in which to pay its debt, request additional loans or otherwise restructure its debt. There is no legal process for collecting sovereign debt that a government does not
pay nor are there bankruptcy proceedings through which all or part of the sovereign debt may be collected.
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•
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Volatility risk – The
Fund may have investments that appreciate or depreciate significantly in value over short periods of time. This may cause the Fund’s net asset value per share to experience significant appreciations or depreciations in value over short
periods of time.
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Average Annual Total Returns as of 12/31/2023
|
|
|
|
|
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|
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1 year
|
|
5 year
|
|
Life of Fund (April 25, 2016)
|
|
JNL/DoubleLine® Emerging Markets Fixed Income Fund (Class A)
|
9.48
|
%
|
1.46
|
%
|
2.14
|
%
|
Bloomberg Global Aggregate Index (reflects no deduction for fees, expenses, or taxes)
|
5.71
|
%
|
-0.32
|
%
|
0.10
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%
|
Bloomberg EM USD Aggregate Index (reflects no deduction for fees, expenses, or taxes)
|
9.09
|
%
|
1.84
|
%
|
2.41
|
%
|
JPMorgan EMBI Global Diversified Index (reflects no deduction for fees, expenses, or taxes)
|
11.09
|
%
|
1.67
|
%
|
2.27
|
%
|
Average Annual Total Returns as of 12/31/2023
|
|
|
|
|
|
|
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1 year
|
|
5 year
|
|
Life of Class (September 25, 2017)
|
|
JNL/DoubleLine® Emerging Markets Fixed Income Fund (Class I)
|
9.83
|
%
|
1.76
|
%
|
0.99
|
%
|
Bloomberg Global Aggregate Index (reflects no deduction for fees, expenses, or taxes)
|
5.71
|
%
|
-0.32
|
%
|
-0.38
|
%
|
Bloomberg EM USD Aggregate Index (reflects no deduction for fees, expenses, or taxes)
|
9.09
|
%
|
1.84
|
%
|
1.16
|
%
|
JPMorgan EMBI Global Diversified Index (reflects no deduction for fees, expenses, or taxes)
|
11.09
|
%
|
1.67
|
%
|
0.80
|
%
|
Name:
|
Joined Fund Management Team In:
|
Title:
|
Luz Padilla
|
April 2016
|
Director of Emerging Markets Fixed Income and Portfolio Manager, DoubleLine
|
Mark Christensen
|
April 2016
|
Portfolio Manager, DoubleLine
|
Su Fei Koo
|
April 2016
|
Portfolio Manager, DoubleLine
|