Neal L. Zalvan
About Neal L. Zalvan
Neal L. Zalvan (born 1973) serves as Vice President of DoubleLine Opportunistic Credit Fund (DBL) since May 2017, DoubleLine Income Solutions Fund (DSL) since May 2017, and DoubleLine Yield Opportunities Fund (DLY) since November 2019; he is also Vice President of DoubleLine Funds Trust since May 2016 and has held Legal/Compliance roles at DoubleLine Group LP since January 2013, including Anti-Money Laundering Officer roles across DoubleLine entities from March 2016 to September 2020 . DBL’s proxy states officers employed by DoubleLine or its affiliates do not receive compensation from the Funds, so individual salary/bonus metrics are not disclosed at the fund level . Fund performance context: DBL delivered a 19.24% total return on NAV in FY 2024 and 2.91% (not annualized) for the period ended March 31, 2025; market price total returns were 18.40% (FY 2024) and 3.09% (period ended March 31, 2025) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| DoubleLine Opportunistic Credit Fund (DBL) | Vice President | Since May 2017 | Fund officer; governance and operations support |
| DoubleLine Income Solutions Fund (DSL) | Vice President | Since May 2017 | Fund officer; governance and operations support |
| DoubleLine Yield Opportunities Fund (DLY) | Vice President | Since Nov 2019 | Fund officer; governance and operations support |
| DoubleLine Funds Trust | Vice President | Since May 2016 | Trust-level officer; governance and operations support |
| DoubleLine Group LP | Legal/Compliance | Since Jan 2013 | Legal/compliance functions across DoubleLine |
| DoubleLine Capital LP, DBL, DSL, DoubleLine Equity LP, DoubleLine Alternatives | Anti-Money Laundering Officer | Mar 2016–Sep 2020 | AML program responsibilities across entities |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Not disclosed in DBL/DSL/DLY proxy statements | — | — | No external directorships or roles disclosed in fund filings |
Fixed Compensation
| Component | Disclosure | Notes |
|---|---|---|
| Base salary | Not disclosed | Officers employed by DoubleLine do not receive compensation from the Funds |
| Target bonus % | Not disclosed | Fund-level filings do not provide officer incentive details |
| Actual bonus paid | Not disclosed | Fund-level filings do not provide officer incentive details |
| Perquisites | Not disclosed | No officer perquisite disclosure for the Funds |
Performance Compensation
| Incentive type | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed in fund filings | — | — | — | — | — |
| Note: DBL proxies do not disclose officer performance metrics or equity award structures; officers are compensated by the Adviser, not the Funds . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Individual beneficial ownership in DBL | Not specified for Zalvan; trustees/principal executive and financial officers listed; group (Trustees and Executive Officers) holds “Over $100,000” in DBL |
| Ownership as % of shares outstanding | Trustees, nominees, and officers as a group and individually beneficially owned less than 1% of each Fund’s Common Shares |
| Vested vs unvested shares | Not disclosed |
| Options (exercisable vs unexercisable) | Not disclosed |
| Shares pledged as collateral | Not disclosed |
| Stock ownership guidelines | Not disclosed |
| Section 16 filings context | Funds reported compliance; exception noted for a late Form 3 for Mr. Ciprari (DLY); several new officers at DBL filed Form 3s in 2025 showing 0 Common Stock beneficially owned (e.g., Liu‑Hartman, Zaidi, Kingery, Alcantara) |
| 5%+ beneficial holders | Sit Investment Associates, Inc.: 2,948,686 shares of DBL (16.1%) |
Employment Terms
| Term | Disclosure |
|---|---|
| Employment start date at DBL | Vice President since May 2017 |
| Contract term length/expiration | Not disclosed |
| Auto-renewal | Not disclosed |
| Non-compete/non-solicit | Not disclosed |
| Garden leave/post-termination consulting | Not disclosed |
| Severance/change-of-control | Not disclosed |
| Clawback provisions | Not disclosed |
| Tax gross-ups | Not disclosed |
Performance & Track Record (Fund context)
DBL performance metrics relevant to evaluating operating backdrop during Zalvan’s tenure:
| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | FY 2024 | Period Ended Mar 31, 2025 |
|---|---|---|---|---|---|---|---|
| Total Return on NAV (%) | 14.33% | 7.81% | 3.49% | -1.31% | 13.12% | 19.24% | 2.91% (not annualized) |
| Total Return on Market Price (%) | 17.08% | 14.38% | 2.09% | -5.78% | 8.12% | 18.40% | 3.09% (not annualized) |
| Metric | FY 2024 | Period Ended Mar 31, 2025 |
|---|---|---|
| Net Assets (End of period, $000s) | $284,889 | $290,982 |
| NAV per Share (End of period, $) | $15.63 | $15.41 |
Investment Implications
- Compensation alignment at the fund level is not assessable: officers employed by DoubleLine receive no compensation from DBL, and fund filings do not disclose salary/bonus/equity awards for those officers, limiting pay‑for‑performance analysis at the Fund entity .
- Compliance-heavy background and multi-fund vice president roles suggest a focus on legal/compliance/operational execution rather than portfolio risk-taking; his disclosed tenure across DBL/DSL/DLY and AML responsibilities support continuity in governance functions .
- Insider selling pressure appears low at the Fund: trustees/officers as a group own under 1% of DBL’s shares with “Over $100,000” aggregate dollar range; recent Form 3s by other officers reported 0 Common Stock holdings, and only a single late Form 3 (for a trustee at DLY) was noted in 2024 filings .
- Fund performance was strong in FY 2024 and modestly positive in the March 31, 2025 period; while not attributable to Zalvan individually, these returns contextualize operating conditions during his tenure .