This fund is similar to the Loomis Sayles Bond Fund LSBDX I owned it thru the Financial Crisis and it dropped over 30%,,,I actually got out after 12% downturn then back in at the bottom. With up to about a third junk, there is risk for the higher reward in decent times. Look at PIMIX as it's a bit safer.
Before leaving TCW in 2010 Grundlach managed TCW's Total Return Bond Fund (TGLMX), which he founded in 1993. He has always invested primarily in mortgage-backed securities, and was always in the top 10% of the intermediate term bond category. In 2008, TGLMX actually had a positive return of 1.09%. His current fund, DBLTX, is managed in the same way as was TGLMX. I believe his track record of almost 20 years with superior results makes DBLTX relatively safe even with its BB rating because of non-agency mortgage backs. It has an average duration of under two years, which makes it a low interest sensitive fund. It also throws off a high monthly dividend. I believe the man knows what he's doing.