Henry V. Chase
Treasurer and Principal Financial and Accounting Officer at DoubleLine Opportunistic Credit Fund
Executive
About Henry V. Chase
Henry V. Chase (born 1949) serves as Treasurer and Principal Financial and Accounting Officer of DoubleLine Opportunistic Credit Fund (DBL) with an indefinite term since January 2020; he holds the same roles for DoubleLine Income Solutions Fund (DSL), DoubleLine Yield Opportunities Fund (DLY), DoubleLine Funds Trust, and DoubleLine ETF Trust, and has been Chief Financial Officer of DoubleLine Group LP since January 2013 . As an officer of the Funds, he is classified as an “interested person” under the Investment Company Act of 1940 . During his tenure, DBL’s total returns (NAV) were 8.49% (FY2020), -18.05% (FY2021), 6.55% (FY2022), 19.24% (FY2023), and 2.91% for the period ended March 31, 2025 (not annualized), with corresponding total returns on market price of -1.04%, -20.55%, 10.46%, 18.40%, and 3.09% respectively . The Trustees also noted DBL outperformed its benchmark index over the one-, three-, five-, and ten-year periods shown in ISS MI reports (periods ended October 31, 2024) while relative category quartiles were mixed, improving to second quartile over one year .
Past Roles
| Organization | Role | Years | Strategic Impact/Notes |
|---|---|---|---|
| DoubleLine Opportunistic Credit Fund (DBL) | Treasurer; Principal Financial and Accounting Officer | Indefinite; since Jan 2020 | Officer of the Fund; “interested person” under 1940 Act |
| DoubleLine Income Solutions Fund (DSL) | Treasurer; Principal Financial and Accounting Officer | Indefinite; since Jan 2020 | Officer of the Fund; “interested person” |
| DoubleLine Yield Opportunities Fund (DLY) | Treasurer; Principal Financial and Accounting Officer | Indefinite; since Jan 2020 | Officer of the Fund; “interested person” |
| DoubleLine Funds Trust | Treasurer; Principal Financial and Accounting Officer | Since Jan 2020 | Officer role across mutual fund complex |
| DoubleLine ETF Trust | Treasurer; Principal Financial and Accounting Officer | Since Nov 2021 | Officer role for ETF complex |
| DBL/DSL/DLY/DoubleLine Funds Trust | Vice President (prior) | 2019–2020 | Preceded appointment as Treasurer/PFO |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| DoubleLine Group LP | Chief Financial Officer | Since Jan 2013 | Affiliate of the Funds’ adviser |
Fixed Compensation
- Fund-level compensation policy: Trustees and officers employed by DoubleLine or its affiliates do not receive any compensation or expense reimbursement from the Funds .
| Pay Component | 2023 | 2024 | Notes |
|---|---|---|---|
| Base Salary (Fund) | $0 | $0 | Officers’ compensation is paid by DoubleLine/affiliates, not the Funds |
| Cash Bonus (Fund) | $0 | $0 | Not paid by the Funds |
| Equity/Options (Fund) | Not applicable | Not applicable | Funds do not grant equity/option awards to officers |
No disclosure of Mr. Chase’s adviser-level salary/bonus/equity; such data is not included in the Funds’ proxy statements .
Performance Compensation
| Metric | Weighting | Target | Actual/Payout | Vesting | Source/Notes |
|---|---|---|---|---|---|
| Adviser-level incentive metrics | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Officer compensation is paid by DoubleLine/affiliates; no metric disclosure in Fund proxy |
Equity Ownership & Alignment
| Date | Security | Beneficial Ownership | Ownership % | Pledged/Hedged | Notes |
|---|---|---|---|---|---|
| Dec 31, 2023 | DBL Common Shares | None | 0% | Not disclosed | Officers as a group owned <1% of each Fund |
| Dec 31, 2024 | DBL Common Shares | None | 0% | Not disclosed | Officers as a group owned <1% of each Fund |
- Aggregate group ownership: Trustees, nominees and officers as a group beneficially owned less than 1% of each Fund’s outstanding common shares as of both Dec 31, 2023 and Dec 31, 2024 .
- Ownership guidelines/pledging: No officer ownership guideline or pledging/hedging policy disclosure specific to officers in the Fund proxy .
Employment Terms
| Term | Detail | Source |
|---|---|---|
| Position | Treasurer; Principal Financial and Accounting Officer (DBL) | |
| Appointment Date | Since January 2020 (DBL/DSL/DLY; also DoubleLine Funds Trust) | |
| Term | Indefinite | |
| Classification | “Interested person” officer under the 1940 Act | |
| Compensation Source | Paid by DoubleLine/affiliates; no Fund-level officer pay | |
| Severance / Change-in-Control | Not disclosed at Fund level | |
| Non-compete / Non-solicit / Garden Leave | Not disclosed |
Performance & Track Record (DBL context during tenure)
| Metric | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | Period Ended Mar 31, 2025 |
|---|---|---|---|---|---|---|
| Total Return on NAV | 8.49% | -18.05% | 6.55% | 19.24% | 2.91% (period) | 2.91% (period; not annualized) |
| Total Return on Market Price | 12.85% | -20.55% | 10.46% | 18.40% | 3.09% (period) | 3.09% (period; not annualized) |
- Trustees noted DBL’s relative performance improved to second quartile of its category for the one-year period ended Oct 31, 2024, with third quartile over three- and ten-year periods and fourth quartile over five years; DBL outperformed its benchmark index over one-, three-, five-, and ten-year periods in ISS MI reports considered by the Board .
Board Governance (context)
- Board leadership: Ronald R. Redell serves as Chairman/CEO (Interested Trustee); John C. Salter serves as Lead Independent Trustee; independent executive sessions occur each quarter .
- Officers (including Mr. Chase) are “interested persons” due to their positions with DoubleLine affiliates .
Investment Implications
- Alignment: At the Fund level, Mr. Chase receives no salary/bonus/equity and holds no DBL shares; thus direct pay-for-performance and “skin-in-the-game” alignment to DBL shareholders is limited. Incentives likely arise at the adviser (DoubleLine Group LP), but adviser-level targets/vesting are not disclosed in Fund documents .
- Selling pressure: With no reported DBL holdings, near-term insider selling pressure from Mr. Chase appears negligible; pledging/hedging not disclosed .
- Retention/transition risk: Term is indefinite; no disclosed severance or change-in-control protections at the Fund level. Stability is supported by his long-standing CFO role at DoubleLine Group LP (since 2013) and continued officer roles across the DoubleLine fund complex .
- Execution context: DBL’s performance recovered in FY2023 and early FY2025 after a challenging FY2021; Trustees cited sustained benchmark outperformance across multi-year horizons despite mixed category quartiles, indicating investment process resilience under the broader DoubleLine platform that Mr. Chase supports as CFO/PFO .