XML 28 R29.htm IDEA: XBRL DOCUMENT v3.20.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName Dunham Funds
Prospectus Date rr_ProspectusDate Feb. 28, 2020
Dunham International Opportunity Bond Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Dunham International Opportunity Bond Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective:
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
The Fund seeks to provide a high level of current income,
Objective, Secondary [Text Block] rr_ObjectiveSecondaryTextBlock
with capital appreciation as a secondary goal.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund:
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in How to Purchase Shares on page 89 of the Fund's Prospectus and in How to Buy and Sell Shares on page 88 of the Fund's Statement of Additional Information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover:
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund’s turnover rate was 109% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 109.00%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 50,000
Expense Example [Heading] rr_ExpenseExampleHeading Example:
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies:
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund’s Sub-Adviser seeks to achieve the Fund’s investment objectives by investing, under normal market conditions, at least 80% of the Fund’s assets (defined as net assets plus borrowings for investment purposes) in bonds. The Fund defines “bonds” as bonds, adjustable rate securities, derivatives and other instruments with similar economic exposures (including interest rate futures, interest rate swaps, inflation swaps, credit default swaps, forward contracts on foreign exchanges, forward mortgage-backed securities trades and repurchase agreements) of foreign government and corporate issuers. The Fund primarily invests in issuers outside the United States.


The Fund invests in debt securities of issuers in both developed and emerging markets. The Fund may buy securities issued by companies of any size or market capitalization and it can invest in debt securities having short, intermediate or long maturities. The Fund does not limit its investments to a particular credit quality or rating category and can invest without limit in securities rated below investment grade (known as “high-yield” or “junk” bonds) by a nationally recognized statistical rating organization (NRSRO) or in unrated securities.

 

The Fund may also use derivatives to seek increased returns or to try to manage investment risks, including but not limited to options, forward contracts, futures contracts, swaps (including interest rate swaps, inflation swaps and credit default swaps), and structured notes. The Sub-Adviser may manage foreign currency exposure, both to reduce risk and to seek to enhance returns. To do so, the Fund may invest in foreign exchange derivatives, including forwards and options related to foreign currencies, including currencies of both developed and emerging market countries.

 

The Fund’s Sub-Adviser constructs portfolios through a combination of bottom-up security selection and top-down asset allocation, thereby accounting for security specific risk and broad market and asset class volatility. The Sub-Adviser’s opportunity set encompasses a Non-U.S issuer universe of global credit markets including Pan European High Yield, Emerging Markets Sovereign Debt, Developed Markets Investment Grade Corporate Debt, Developed Markets Government Debt, and Emerging Markets Corporate Debt. Generally, individual opportunities are identified through a rigorous fundamental credit analysis process applied across global markets and across the capital structure of issuers. The Sub-Adviser also evaluates each security on a relative value basis to other potential investments. The Sub-Adviser manages broad volatility risks through setting total risk levels and asset class exposures. The Sub-Adviser evaluates each potential investment to determine its contribution to overall portfolio risk. It generally sells securities when full valuation is reached, when a security comes up materially short versus expected results, or if alternative investments have been identified as offering better value. Investment exposures typically focus on the higher yielding spread markets, however the strategy retains the flexibility to take a more defensive position as deemed appropriate.

 

The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund.

 

The Fund may also engage in securities lending.
Risk [Heading] rr_RiskHeading Principal Investment Risks:
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Although the Fund will strive to meet its investment objective, there is no assurance that it will do so. Many factors affect the Fund's net asset value and performance.

 

Credit Risk – Issuers of debt securities may suffer from a reduced ability to repay their interest and principal obligations. They may even default on interest and/or principal payments due to the Fund. An increase in credit risk or a default will cause the value of Fund debt securities to decline. Issuers with lower credit quality are more susceptible to economic or industry downturns and are more likely to default.

 

Changing Fixed Income Market Conditions Risk – During periods of sustained rising rates, fixed income risks will be amplified. If the U.S. Federal Reserve’s Federal Open Market Committee (“FOMC”) raises the federal funds interest rate target, interest rates across the U.S. financial system may rise. Rising rates tend to decrease liquidity, increase trading costs, and increase volatility, all of which make portfolio management more difficult and costly to the Fund and its shareholders.

 

Interest Rate Risk – In general, the price of a debt security falls when interest rates rise. Debt securities have varying levels of sensitivity to changes in interest rates. Securities with longer maturities may be more sensitive to interest rate changes. The Fund may invest in adjustable rate securities that pay interest at rates that reset at various times. These reset provisions tend to reduce the impact of changes in interest rates on the value of the security. However, there can be no assurance that such reset provisions will have their intended effect.

 

Derivatives Risk – Financial derivatives may not produce the desired investment results because they are not perfect substitutes for the underlying securities, indices or currencies from which they are derived. Derivatives may also create leverage, which will amplify the effect on the Fund, which may produce significant losses. Over the counter derivatives, such as swaps, are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation.

 

Currency Risk – Adverse changes in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from the Fund’s investments denominated in a foreign currency or may widen existing losses. Exchange rate movements are volatile and it may not be possible to effectively hedge the currency risks of many countries.

 

Foreign Investing Risk – Investments in foreign countries are subject to currency risk and country-specific risks such as political, diplomatic, regional conflicts, terrorism, war, social and economic instability and policies that have the effect of decreasing the value of foreign securities. Foreign countries may be subject to different trading settlement practices, less government supervision, less publicly available information, limited trading markets and greater volatility than U.S. investments.

 

Emerging Markets Risk – Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems which do not protect securities holders. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid.

 

Liquidity Risk – Some securities may have few market-makers and low trading volume, which tend to increase transaction costs and may make it impossible for the Fund to dispose of a security position at all or at a price which represents current or fair market value.

 

Lower-Rated Securities Risk – Securities rated below investment-grade, sometimes called “high-yield” or “junk” bonds, are speculative investments that generally have more credit risk than higher-rated securities. Companies issuing high-yield fixed-income securities are not as strong financially as those issuing securities with higher credit ratings and are more likely to encounter financial difficulties. Lower rated issuers are more likely to default and their securities could become worthless.

 

Call or Redemption Risk – If interest rates decline, issuers of debt securities may exercise redemption or call provisions. This may force the Fund to reinvest redemption or call proceeds in securities with lower yields, which may reduce Fund performance.

 

Management Risk – The Fund is subject to management risk because it is an actively managed investment portfolio. The Sub-Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its decisions will produce the intended result. The successful use of hedging and risk management techniques may be adversely affected by imperfect correlation between movements in the price of the hedging vehicles and the securities being hedged.

 

Non-Diversification Risk – As a non-diversified fund, the Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.

 

Structured Note Risk – Structured notes involve tracking risk, issuer default risk and may involve leverage risk.

 

Securities Lending Risk – The risk of securities lending is that the financial institution that borrows securities from the Fund could go bankrupt or otherwise default on its commitment under the securities lending agreement and the Fund might not be able to recover the loaned securities or their value.
Risk Lose Money [Text] rr_RiskLoseMoney As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus Non-Diversification Risk – As a non-diversified fund, the Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance:
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class N Shares of the Fund from year to year and by showing how the Fund's Class A, Class C and Class N average annual returns compare with those of a broad measure of market performance. The Class A sales charge is reflected in the average annual total return table. Past performance (before and after taxes) does not necessarily indicate how a Fund will perform in the future. Updated performance information is available at no cost by visiting www.dunham.com or by calling toll free (888) 3DUNHAM (338-6426).
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class N Shares of the Fund from year to year and by showing how the Fund's Class A, Class C and Class N average annual returns compare with those of a broad measure of market performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone (888) 3DUNHAM (338-6426)
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.dunham.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance (before and after taxes) does not necessarily indicate how a Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Class N Shares Annual Total Return for Year Ended December 31
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

During the period shown in the bar chart, the highest return for a quarter was 7.08% (quarter ended March 31, 2016) and the lowest return for a quarter was -10.27% (quarter ended December 31, 2016).
Performance Table Heading rr_PerformanceTableHeading AVERAGE ANNUAL TOTAL RETURN For the periods ended December 31, 2019
Performance Table Does Reflect Sales Loads rr_PerformanceTableDoesReflectSalesLoads The Class A sales charge is reflected in the average annual total return table.
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are estimated, and are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor's tax situation and are likely to differ from those shown.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment, because such accounts are only subject to taxes upon distribution.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After tax returns for Class C and Class A shares, which are not shown, will vary from those of Class N shares.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

After-tax returns are estimated, and are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor's tax situation and are likely to differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment, because such accounts are only subject to taxes upon distribution. After tax returns for Class C and Class A shares, which are not shown, will vary from those of Class N shares.
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 01, 2013
Dunham International Opportunity Bond Fund | Bloomberg Barclays Global Aggregate Bond ex-US Index Hedged  
Risk/Return: rr_RiskReturnAbstract  
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses, or taxes)
Label rr_AverageAnnualReturnLabel Bloomberg Barclays Global Aggregate Bond ex-US Index Hedged
1 Year rr_AverageAnnualReturnYear01 7.57% [1]
5 Years rr_AverageAnnualReturnYear05 3.87% [1]
Life of Fund rr_AverageAnnualReturnSinceInception 4.47% [1],[2]
Dunham International Opportunity Bond Fund | Bloomberg Barclays Global Aggregate Bond ex-US Index Unhedged Index  
Risk/Return: rr_RiskReturnAbstract  
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses, or taxes)
Label rr_AverageAnnualReturnLabel Bloomberg Barclays Global Aggregate Bond ex-US Index Unhedged
1 Year rr_AverageAnnualReturnYear01 5.09%
5 Years rr_AverageAnnualReturnYear05 1.62%
Life of Fund rr_AverageAnnualReturnSinceInception 0.64% [2]
Dunham International Opportunity Bond Fund | Morningstar World Bond Category  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Morningstar World Bond Category (return before taxes)
1 Year rr_AverageAnnualReturnYear01 6.73% [3]
5 Years rr_AverageAnnualReturnYear05 1.78% [3]
Life of Fund rr_AverageAnnualReturnSinceInception 2.06% [2],[3]
Dunham International Opportunity Bond Fund | Class A  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 4.50%
Maximum Deferred Sales Charge (Load) (as a % of the original purchase price for purchases of $1 million or more) rr_MaximumDeferredSalesChargeOverOfferingPrice 0.75%
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Exchange Fee rr_ExchangeFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.05% [4]
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.56%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.86%
1 Year rr_ExpenseExampleYear01 $ 630
3 Years rr_ExpenseExampleYear03 1,008
5 Years rr_ExpenseExampleYear05 1,411
10 Years rr_ExpenseExampleYear10 $ 2,532
Label rr_AverageAnnualReturnLabel return before taxes
1 Year rr_AverageAnnualReturnYear01 (0.84%)
5 Years rr_AverageAnnualReturnYear05 (0.89%)
Life of Fund rr_AverageAnnualReturnSinceInception (1.60%) [2]
Dunham International Opportunity Bond Fund | Class C  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a % of the original purchase price for purchases of $1 million or more) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Exchange Fee rr_ExchangeFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.05% [4]
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.75%
Other Expenses rr_OtherExpensesOverAssets 0.56%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.36%
1 Year rr_ExpenseExampleYear01 $ 239
3 Years rr_ExpenseExampleYear03 736
5 Years rr_ExpenseExampleYear05 1,260
10 Years rr_ExpenseExampleYear10 $ 2,696
Label rr_AverageAnnualReturnLabel return before taxes
1 Year rr_AverageAnnualReturnYear01 3.33%
5 Years rr_AverageAnnualReturnYear05 (0.49%)
Life of Fund rr_AverageAnnualReturnSinceInception (1.37%) [2]
Dunham International Opportunity Bond Fund | Class N  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a % of the original purchase price for purchases of $1 million or more) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Exchange Fee rr_ExchangeFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.05% [4]
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.56%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.61%
1 Year rr_ExpenseExampleYear01 $ 164
3 Years rr_ExpenseExampleYear03 508
5 Years rr_ExpenseExampleYear05 876
10 Years rr_ExpenseExampleYear10 $ 1,911
Annual Return 2014 rr_AnnualReturn2014 (3.90%)
Annual Return 2015 rr_AnnualReturn2015 (7.12%)
Annual Return 2016 rr_AnnualReturn2016 0.18%
Annual Return 2017 rr_AnnualReturn2017 9.80%
Annual Return 2018 rr_AnnualReturn2018 (4.74%)
Annual Return 2019 rr_AnnualReturn2019 4.01%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel the highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2016
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 7.08%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel the lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2016
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (10.27%)
Label rr_AverageAnnualReturnLabel return before taxes
1 Year rr_AverageAnnualReturnYear01 4.01%
5 Years rr_AverageAnnualReturnYear05 0.25%
Life of Fund rr_AverageAnnualReturnSinceInception (0.62%) [2]
Dunham International Opportunity Bond Fund | Class N | return after taxes on distributions  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel return after taxes on distributions                             
1 Year rr_AverageAnnualReturnYear01 3.96%
5 Years rr_AverageAnnualReturnYear05 0.12%
Life of Fund rr_AverageAnnualReturnSinceInception (0.77%) [2]
Dunham International Opportunity Bond Fund | Class N | return after taxes on distributions and sale of Fund shares  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel return after taxes on distributions and sale of Fund shares
1 Year rr_AverageAnnualReturnYear01 2.42%
5 Years rr_AverageAnnualReturnYear05 0.16%
Life of Fund rr_AverageAnnualReturnSinceInception (0.51%) [2]
[1] Change in Fund’s benchmark due to the implementation of the Sub-Adviser’s approach to currency management in the Fund. As a result, the Fund’s performance is compared to both indices in the table above.
[2] The Fund commenced operations on November 1, 2013.
[3] The Morningstar World Bond Category is generally representative of funds that invest at least 40% of bonds in foreign markets.
[4] Management Fees have been restated to reflect a new Sub-Advisory agreement that was effective after the close of business on December 31, 2019. The Management fees assume the Sub-Adviser’s base fee. Actual Sub-Advisory fees may be higher or lower depending on Fund performance. The new Sub-Advisory Fee is a fulcrum fee with a base or fulcrum of 45 bps (0.45%) and can range from 0.20% to 0.70% based on the Fund’s performance relative to the Bloomberg Barclays Global Aggregate ex-US Total Return Index Hedged, the Fund’s benchmark.