TCW Income Fund Strategy Overview

The TCW Income Fund’s (the “Fund”) goal is to seek long-term capital appreciation through a flexible investment approach that invests primarily in global debt securities without being tethered to a traditional benchmark. In December 2009, TCW acquired Metropolitan West Asset Management LLC (“MetWest”), a highly-ranked U.S. Fixed Income manager. The operation brought together two prominent fixed income teams that now manage TCW’s fixed income business ($188bn out of $205bn in total as of 30 June 2019). The Fund seeks to provide investors with access to TCW’s excellence in the Fixed Income space. It has been designed to operate with a wide investment latitude, allowing it to benefit from movement in the credit, currency and interest rate markets and thus to deliver returns in all market environments while focusing on securities across the Fixed Income spectrum that are believed to offer the most attractive characteristics. All Fixed Income investment activities are overseen by both Generalist and Specialist Portfolio Managers. Tad Rivelle, Chief Investment Officer of TCW’s Fixed Income business, Generalist Portfolio Manager and Co-Director of Fixed Income, together with Laird Landmann, Co-Director and Generalist Portfolio Manager, lead both the Generalists and the sector Specialists.

  • Benefiting from the mean reverting character of Fixed income markets/securities
  • Not tethered to a traditional benchmark and taking advantage from a flexible duration (0 to 10 years)
  • Long-term economic outlook implemented through the combination of top-down analysis of macro risks (determination of duration, yield curve and sector management) as well as a bottom-up security selection process
  • Fundamental and value driven security selection allow to take advantage of price drifts due to technical factors: ‘bond picking’
  • 84 Fixed Income professionals (U.S. and International) including 13 Portfolio Managers, 48 Analysts and 15 Traders and 8 Portfolio Specialists providing in-depth understanding of the markets
  • Main asset classes considered: U.S. Government bonds, U.S. Investment Grade credit, High Yield bonds, Emerging Markets and International bonds, Foreign Currencies, Asset-Backed and Mortgage-Backed securities

Performance as of 16/08/2019

NAVMTDYTDLTD
1,124.83€0.12%4.14%12.48%
Loading

Past performance is not an indicator of future performance.

Details

Strategy
  • Unconstrained Credit Fixed Income Strategy
General Fund Guidelines
  • Investment in multiple sectors to capture the most attractive risk/return opportunities, to benefit from decorrelations and to reduce volatility
  • Two-fold approach to Fixed Income investing: top-down and bottom up security selection
  • Top-down: duration and yield curve management as well as allocation to the multiple sectors
  • Bottom-up: a value driven fundamental research process to select mispriced bonds
Instruments & Geography
  • U.S. Government bonds, U.S. Investment Grade credit, High Yield bonds, Emerging Markets and International bonds, Foreign Currencies, Asset-Backed, and Mortgage-Backed securities, as well as Common and Preferred securities
Philosophy
  • Fixed Income markets/securities are mean reverting
  • Technical factors can temporarily drive pricing away from fundamentals
  • Persistent inefficiencies in the Fixed Income Markets can be exploited through disciplined research and bottom-up security selection

Fund Facts

Legal Structure:UCITS Luxembourg SICAV
Umbrella Fund:TCW Funds
Fund Manager:TCW Investment Management Company LLC
Passporting:Approved in Spain, Italy, France, Germany, Switzerland, Belgium
Base Currency:USD
Other Currency Share Classes:EUR
Liquidity:Daily
Dealing Deadline (Subscription):10 PM Luxembourg time on the relevant Dealing Day
Dealing Deadline (Redemption):10 PM Luxembourg time on the relevant Dealing Day
Settlement Date (Subscription):Within 3 Business Days following the relevant Valuation Day
Settlement Date (Redemption):Within 3 Business Days following the relevant Valuation Day

Key Professionals

Tad Rivelle
Chief Investment Officer–Fixed Income and Group Managing Director

Tad Rivelle is Chief Investment Officer, Fixed Income, overseeing over $170 billion in fixed income assets, including nearly $105 billion of mutual fund assets under the TCW Funds and MetWest Funds brands. Prior to joining TCW, Tad served as Chief Investment Officer for MetWest, an independent institutional investment manager that he cofounded. The MetWest investment team has been recognized for a number of performance related awards, including Morningstar’s Fixed Income Manager of the Year. Mr. Rivelle was also the co-director of fixed income at Hotchkis & Wiley and a portfolio manager at PIMCO. Tad holds a bachelor’s degree in Physics from Yale University, a master’s degree in Applied Mathematics from University of Southern California, and an MBA from UCLA Anderson.

Stephen Kane
CFA, Group Managing Director, U.S. Fixed Income

Mr. Kane is a Generalist Portfolio Manager in the U.S. Fixed Income Group. He joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest). At MetWest, Mr. Kane was responsible for leading MetWest’s AlphaTrak, Ultra Short and Liability Driven Investment (LDI) products, and he co-manages many of the firm’s mutual funds. Under his co-leadership, the MetWest investment team was recognized as Morningstar’s Fixed Income Manager of the Year for 2005. Prior to establishing MetWest, he was a fixed income portfolio manager at Hotchkis and Wiley. He also served as a Vice President at PIMCO. Mr. Kane earned a bachelor’s degree in Business from the University of California, Berkeley and an MBA from the University of Chicago Booth School of Business.

Laird R. Landmann
Group Managing Director, Co-Director Fixed Income, U.S. Fixed Income

Mr. Landmann is a Generalist Portfolio Manager in the U.S. Fixed Income Group. He joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest). Mr. Landmann currently serves on the boards of the Trust Company of the West and the Metropolitan West Mutual Funds. Mr. Landmann currently co-manages many of TCW and MetWest’s mutual funds, including the MetWest Total Return Bond Fund, the MetWest High Yield Bond Fund and the TCW Core Fixed Income Fund, and leads the fixed income group’s risk management efforts. He is a leader of the MetWest investment team that was recognized as Morningstar’s Fixed Income Manager of the Year for 2005 and has been nominated for the award six times. Prior to founding MetWest in 1996, Mr. Landmann was a principal and the co-director of fixed income at Hotchkis and Wiley. He also served as a portfolio manager and vice president at PIMCO. Mr. Landmann holds an AB in Economics from Dartmouth College and an MBA from the University of Chicago Booth School of Business.

Bryan T. Whalen
CFA, Group Managing Director, U.S. Fixed Income

Mr. Whalen is a Generalist Portfolio Manager in the U.S. Fixed Income Group. Mr. Whalen joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest) as co-head of the Securitized Products division. Prior to joining TCW, Mr. Whalen was a partner and co-head of MetWest’s Securitized Products division. Prior to joining MetWest in 2004, he was a director in the fixed income department at Credit Suisse First Boston in New York. Previously, he was a vice president at Donaldson, Lufkin & Jenrette. Mr. Whalen earned a BA in Economics from Yale University. He is a CFA charterholder.

Fund Share Class Details

* Reference share classes used to report NAVs, Daily, MTD, YTD and LTD performances.

Overview

TCW Income Fund Strategy Overview

The TCW Income Fund’s (the “Fund”) goal is to seek long-term capital appreciation through a flexible investment approach that invests primarily in global debt securities without being tethered to a traditional benchmark. In December 2009, TCW acquired Metropolitan West Asset Management LLC (“MetWest”), a highly-ranked U.S. Fixed Income manager. The operation brought together two prominent fixed income teams that now manage TCW’s fixed income business ($188bn out of $205bn in total as of 30 June 2019). The Fund seeks to provide investors with access to TCW’s excellence in the Fixed Income space. It has been designed to operate with a wide investment latitude, allowing it to benefit from movement in the credit, currency and interest rate markets and thus to deliver returns in all market environments while focusing on securities across the Fixed Income spectrum that are believed to offer the most attractive characteristics. All Fixed Income investment activities are overseen by both Generalist and Specialist Portfolio Managers. Tad Rivelle, Chief Investment Officer of TCW’s Fixed Income business, Generalist Portfolio Manager and Co-Director of Fixed Income, together with Laird Landmann, Co-Director and Generalist Portfolio Manager, lead both the Generalists and the sector Specialists.

  • Benefiting from the mean reverting character of Fixed income markets/securities
  • Not tethered to a traditional benchmark and taking advantage from a flexible duration (0 to 10 years)
  • Long-term economic outlook implemented through the combination of top-down analysis of macro risks (determination of duration, yield curve and sector management) as well as a bottom-up security selection process
  • Fundamental and value driven security selection allow to take advantage of price drifts due to technical factors: ‘bond picking’
  • 84 Fixed Income professionals (U.S. and International) including 13 Portfolio Managers, 48 Analysts and 15 Traders and 8 Portfolio Specialists providing in-depth understanding of the markets
  • Main asset classes considered: U.S. Government bonds, U.S. Investment Grade credit, High Yield bonds, Emerging Markets and International bonds, Foreign Currencies, Asset-Backed and Mortgage-Backed securities
Performance

Performance as of 16/08/2019

NAVMTDYTDLTD
1,124.83€0.12%4.14%12.48%
Loading

Past performance is not an indicator of future performance.

Details

Details

Strategy
  • Unconstrained Credit Fixed Income Strategy
General Fund Guidelines
  • Investment in multiple sectors to capture the most attractive risk/return opportunities, to benefit from decorrelations and to reduce volatility
  • Two-fold approach to Fixed Income investing: top-down and bottom up security selection
  • Top-down: duration and yield curve management as well as allocation to the multiple sectors
  • Bottom-up: a value driven fundamental research process to select mispriced bonds
Instruments & Geography
  • U.S. Government bonds, U.S. Investment Grade credit, High Yield bonds, Emerging Markets and International bonds, Foreign Currencies, Asset-Backed, and Mortgage-Backed securities, as well as Common and Preferred securities
Philosophy
  • Fixed Income markets/securities are mean reverting
  • Technical factors can temporarily drive pricing away from fundamentals
  • Persistent inefficiencies in the Fixed Income Markets can be exploited through disciplined research and bottom-up security selection
Fund Facts

Fund Facts

Legal Structure:UCITS Luxembourg SICAV
Umbrella Fund:TCW Funds
Fund Manager:TCW Investment Management Company LLC
Passporting:Approved in Spain, Italy, France, Germany, Switzerland, Belgium
Base Currency:USD
Other Currency Share Classes:EUR
Liquidity:Daily
Dealing Deadline (Subscription):10 PM Luxembourg time on the relevant Dealing Day
Dealing Deadline (Redemption):10 PM Luxembourg time on the relevant Dealing Day
Settlement Date (Subscription):Within 3 Business Days following the relevant Valuation Day
Settlement Date (Redemption):Within 3 Business Days following the relevant Valuation Day
Key Professionals

Key Professionals

Tad Rivelle
Chief Investment Officer–Fixed Income and Group Managing Director

Tad Rivelle is Chief Investment Officer, Fixed Income, overseeing over $170 billion in fixed income assets, including nearly $105 billion of mutual fund assets under the TCW Funds and MetWest Funds brands. Prior to joining TCW, Tad served as Chief Investment Officer for MetWest, an independent institutional investment manager that he cofounded. The MetWest investment team has been recognized for a number of performance related awards, including Morningstar’s Fixed Income Manager of the Year. Mr. Rivelle was also the co-director of fixed income at Hotchkis & Wiley and a portfolio manager at PIMCO. Tad holds a bachelor’s degree in Physics from Yale University, a master’s degree in Applied Mathematics from University of Southern California, and an MBA from UCLA Anderson.

Stephen Kane
CFA, Group Managing Director, U.S. Fixed Income

Mr. Kane is a Generalist Portfolio Manager in the U.S. Fixed Income Group. He joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest). At MetWest, Mr. Kane was responsible for leading MetWest’s AlphaTrak, Ultra Short and Liability Driven Investment (LDI) products, and he co-manages many of the firm’s mutual funds. Under his co-leadership, the MetWest investment team was recognized as Morningstar’s Fixed Income Manager of the Year for 2005. Prior to establishing MetWest, he was a fixed income portfolio manager at Hotchkis and Wiley. He also served as a Vice President at PIMCO. Mr. Kane earned a bachelor’s degree in Business from the University of California, Berkeley and an MBA from the University of Chicago Booth School of Business.

Laird R. Landmann
Group Managing Director, Co-Director Fixed Income, U.S. Fixed Income

Mr. Landmann is a Generalist Portfolio Manager in the U.S. Fixed Income Group. He joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest). Mr. Landmann currently serves on the boards of the Trust Company of the West and the Metropolitan West Mutual Funds. Mr. Landmann currently co-manages many of TCW and MetWest’s mutual funds, including the MetWest Total Return Bond Fund, the MetWest High Yield Bond Fund and the TCW Core Fixed Income Fund, and leads the fixed income group’s risk management efforts. He is a leader of the MetWest investment team that was recognized as Morningstar’s Fixed Income Manager of the Year for 2005 and has been nominated for the award six times. Prior to founding MetWest in 1996, Mr. Landmann was a principal and the co-director of fixed income at Hotchkis and Wiley. He also served as a portfolio manager and vice president at PIMCO. Mr. Landmann holds an AB in Economics from Dartmouth College and an MBA from the University of Chicago Booth School of Business.

Bryan T. Whalen
CFA, Group Managing Director, U.S. Fixed Income

Mr. Whalen is a Generalist Portfolio Manager in the U.S. Fixed Income Group. Mr. Whalen joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest) as co-head of the Securitized Products division. Prior to joining TCW, Mr. Whalen was a partner and co-head of MetWest’s Securitized Products division. Prior to joining MetWest in 2004, he was a director in the fixed income department at Credit Suisse First Boston in New York. Previously, he was a vice president at Donaldson, Lufkin & Jenrette. Mr. Whalen earned a BA in Economics from Yale University. He is a CFA charterholder.

Shares

Fund Share Class Details

* Reference share classes used to report NAVs, Daily, MTD, YTD and LTD performances.