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DoubleLine Yield Opportunities Fund (DoubleLine Yield Opportunities Fund) Piotroski F-Score : 8 (As of May. 12, 2024)


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What is DoubleLine Yield Opportunities Fund Piotroski F-Score?

Good Sign:

Piotroski F-Score is 8, indicates a very healthy situation.

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

DoubleLine Yield Opportunities Fund has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for DoubleLine Yield Opportunities Fund's Piotroski F-Score or its related term are showing as below:

DLY' s Piotroski F-Score Range Over the Past 10 Years
Min: 5   Med: 7   Max: 8
Current: 8

During the past 4 years, the highest Piotroski F-Score of DoubleLine Yield Opportunities Fund was 8. The lowest was 5. And the median was 7.


DoubleLine Yield Opportunities Fund Piotroski F-Score Historical Data

The historical data trend for DoubleLine Yield Opportunities Fund's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

DoubleLine Yield Opportunities Fund Piotroski F-Score Chart

DoubleLine Yield Opportunities Fund Annual Data
Trend Sep20 Sep21 Sep22 Sep23
Piotroski F-Score
N/A N/A 5.00 8.00

DoubleLine Yield Opportunities Fund Semi-Annual Data
Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23
Piotroski F-Score Get a 7-Day Free Trial N/A - 5.00 - 8.00

Competitive Comparison of DoubleLine Yield Opportunities Fund's Piotroski F-Score

For the Asset Management subindustry, DoubleLine Yield Opportunities Fund's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


DoubleLine Yield Opportunities Fund's Piotroski F-Score Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, DoubleLine Yield Opportunities Fund's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where DoubleLine Yield Opportunities Fund's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Sep23) TTM:Last Year (Sep22) TTM:
Net Income was $60.21 Mil.
Cash Flow from Operations was $109.32 Mil.
Revenue was $61.29 Mil.
Average Total Assets from the begining of this year (Sep22)
to the end of this year (Sep23) was (957.741 + 914.151) / 2 = $935.946 Mil.
Total Assets at the begining of this year (Sep22) was $957.74 Mil.
Long-Term Debt & Capital Lease Obligation was $185.00 Mil.
Total Assets was $914.15 Mil.
Total Liabilities was $191.16 Mil.
Net Income was $-172.42 Mil.

Revenue was $-171.29 Mil.
Average Total Assets from the begining of last year (Sep21)
to the end of last year (Sep22) was (1315.527 + 957.741) / 2 = $1136.634 Mil.
Total Assets at the begining of last year (Sep21) was $1,315.53 Mil.
Long-Term Debt & Capital Lease Obligation was $225.00 Mil.
Total Assets was $957.74 Mil.
Total Liabilities was $227.82 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

DoubleLine Yield Opportunities Fund's current Net Income (TTM) was 60.21. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

DoubleLine Yield Opportunities Fund's current Cash Flow from Operations (TTM) was 109.32. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Sep22)
=60.213/957.741
=0.06286982

ROA (Last Year)=Net Income/Total Assets (Sep21)
=-172.417/1315.527
=-0.13106306

DoubleLine Yield Opportunities Fund's return on assets of this year was 0.06286982. DoubleLine Yield Opportunities Fund's return on assets of last year was -0.13106306. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

DoubleLine Yield Opportunities Fund's current Net Income (TTM) was 60.21. DoubleLine Yield Opportunities Fund's current Cash Flow from Operations (TTM) was 109.32. ==> 109.32 > 60.21 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Sep23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep22 to Sep23
=185/935.946
=0.19766098

Gearing (Last Year: Sep22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep21 to Sep22
=225/1136.634
=0.1979529

DoubleLine Yield Opportunities Fund's gearing of this year was 0.19766098. DoubleLine Yield Opportunities Fund's gearing of last year was 0.1979529. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.

Current Ratio (This Year: Sep23)=Total Assets/Total Liabilities
=914.151/191.155
=4.78225001

Current Ratio (Last Year: Sep22)=Total Assets/Total Liabilities
=957.741/227.815
=4.20402959

DoubleLine Yield Opportunities Fund's current ratio of this year was 4.78225001. DoubleLine Yield Opportunities Fund's current ratio of last year was 4.20402959. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

DoubleLine Yield Opportunities Fund's number of shares in issue this year was 47.788. DoubleLine Yield Opportunities Fund's number of shares in issue last year was 47.894. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.

Net Margin (This Year: TTM)=Net Income/Revenue
=60.213/61.29
=0.9824278

Net Margin (Last Year: TTM)=Net Income/Revenue
=-172.417/-171.291
=1.00657361

DoubleLine Yield Opportunities Fund's net margin of this year was 0.9824278. DoubleLine Yield Opportunities Fund's net margin of last year was 1.00657361. ==> Last year's net margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Sep22)
=61.29/957.741
=0.06399434

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep21)
=-171.291/1315.527
=-0.13020713

DoubleLine Yield Opportunities Fund's asset turnover of this year was 0.06399434. DoubleLine Yield Opportunities Fund's asset turnover of last year was -0.13020713. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+1+1+1+1+0+1
=8

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

DoubleLine Yield Opportunities Fund has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

DoubleLine Yield Opportunities Fund  (NYSE:DLY) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


DoubleLine Yield Opportunities Fund Piotroski F-Score Related Terms

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DoubleLine Yield Opportunities Fund (DoubleLine Yield Opportunities Fund) Business Description

Traded in Other Exchanges
N/A
Address
2002 North Tampa Street, Suite 200, Tampa, FL, USA, 33602
DoubleLine Yield Opportunities Fund is organized as a non-diversified, limited-term, closed-end management investment company. The Fund's investment objective is to seek a high level of total return, with an emphasis on current income.
Executives
Lisa Chen officer: AML Compliance Officer C/O DOUBLELINE FUNDS, 2002 NORTH TAMPA STREET, SUITE 200, TAMPA FL 33602
John C. Salter other: Trustee C/O DOUBLELINE CAPITAL LP, 2002 NORTH TAMPA STREET, SUITE 200, TAMPA FL 33602
Jose Sarmenta officer: AML Officer C/O DOUBLELINE CAPITAL LP, 333 SOUTH GRAND AVENUE, 18TH FLOOR, LOS ANGELES CA 90071
Joan Elam officer: Dir of HR for DLY's Inv Adv C/O DOUBLELINE CAPITAL, 333 SOUTH GRAND AVENUE, LOS ANGELES CA 90071
Robert Herron officer: Vice President C/O DOUBLELINE CAPITAL LP, 333 SOUTH GRAND AVENUE, LOS ANGELES CA 90071
Raymond Woolson other: Trustee 333 SOUTH GRAND AVENUE, 18TH FLOOR, LOS ANGELES CA 90071
Jeffrey E Gundlach officer: See Remarks 333 SOUTH GRAND AVENUE, 18TH FLOOR, LOS ANGELES CA 90071
David James Kennedy officer: Vice President 333 SOUTH GRAND AVE 18TH FLOOR, LOS ANGELES CA 90071
Patrick Aaron Townzen officer: Vice President 333 SOUTH GRAND AVE 18TH FLOOR, LOS ANGELES CA 90071
Every Barbara Van officer: See Remarks 333 SOUTH GRAND AVENUE, 18TH FLOOR, LOS ANGELES CA 90071
Casey Moore officer: See Remarks 333 SOUTH GRAND AVENUE, 18TH FLOOR, LOS ANGELES CA 90071
Ana Cris Santa officer: Vice President and Secretary 333 SOUTH GRAND AVENUE, 18TH FLOOR, LOS ANGELES CA 90071
Earl A. Lariscy officer: Vice President 333 SOUTH GRAND AVENUE, 18TH FLOOR, LOS ANGELES CA 90071
Henry V Chase officer: See Remarks C/O DOUBLELINE CAPITAL LP, 333 SOUTH GRAND AVENUE, 18TH FLOOR, LOS ANGELES CA 90071
Joseph J. Ciprari other: Trustee 333 SOUTH GRAND AVENUE, 18TH FLOOR, LOS ANGELES CA 90071

DoubleLine Yield Opportunities Fund (DoubleLine Yield Opportunities Fund) Headlines