Products

MS TCW Unconstrained Plus Bond Fund (1)

The MS TCW Unconstrained Plus Bond 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, Trust Company of the West (“TCW”) acquired Metropolitan West Asset Management LLC (“MetWest”), a U.S. highly-ranked Fixed Income manager. The operation brought together two prominent fixed income teams that now manage TCW’s US fixed income business ($179.8bn out of $201.6 bn in total as of 30 September 2017). The Fund seeks to provide investors with access to MetWest’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 and Generalist Portfolio Manager, leads both the Generalists and the sector Specialists.

TCW Unconstrained Plus Strategy Overview

  • Benefiting from the mean reverting character of Fixed income markets/securities

  • Not tethered to a traditional benchmark and taking advantage from a flexible duration (-3 to +8 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’

  • 89 Fixed Income professionals (U.S. and International) including 13 Portfolio Managers, 51 Analysts and 17 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, as well as Common and Preferred securities

Details

STRATEGY
  • Unconstrained Credit Fixed Income Strategy 

GENERAL FUND GUIDELINENES
  • Investment in multiple sectors to capture the most attractive risk/return opportunities, to benefit from decorrelations and to reduce volatility

  • Twofold 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

Managers

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.

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Fund Facts

Legal Structure: UCITS Irish OEIC

Umbrella Fund: FundLogic Alternatives PLC

Fund Manager: Metropolitan West Asset Management LLC (TCW Group)

Passporting: Approved in Spain, U.K., France, Germany, Italy, Singapore, Belgium, Luxembourg and Switzerland

Base Currency: USD

Other Currency Share Classes: EUR, GBP

Liquidity: Daily

Dealing Deadline (Subscription): 4 PM Irish time 1 Business Day prior to the relevant Dealing Day

Dealing Deadline (Redemption): 4 PM Irish time 1 Business Day prior to the relevant Dealing Day

Settlement Date (Subscription): by 12 midday Irish time 3 Business Days after the relevant Dealing Day

Settlement Date (Redemption): within 3 Business Days after the relevant Dealing Day

Fund Share Class Details

ISIN Code BBG Code Inception Mgmt Fee Perf Fee TER KIID Link
MS TCW Unconstrained Plus Bond Fund (1) (Exposure to the TCW Unconstrained Plus Strategy)
Early Bird * B1 EUR IE00BCZVTY89 FLTCB1E ID 11.09.2013 N.A. N.A. N.A. KIID
Institutional I EUR IE00BCZVV191 FLTCWIE ID 15.10.2013 0.80% 0% 1.10% KIID
Institutional I USD IE00BCZVV084 FLTCWIU ID 29.09.2015 0.80% 0% 1.10% KIID
Institutional I GBP IE00BTJRMZ33 FLTUPIG ID 27.08.2015 0.80% 0% 1.10% KIID
Private Wealth Mgmt P EUR IE00BCZVV423 FLTCWPE ID 23.04.2014 0.80% 0% 1.10% KIID
Private Wealth Mgmt P USD IE00BCZVV316 FLTCWPU ID 07.04.2014 0.80% 0% 1.10% KIID
Retail A EUR IE00BCZVV753 FLTCWAE ID 04.11.2013 1.60% 0% 1.90% KIID
Retail A USD IE00BCZVV647 FLTCWAU ID 11.04.2014 1.60% 0% 1.90% KIID

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

Source: Northern Trust

The above figures refer to the past. Past performance are net of fees and are not a reliable indicator of future results.

(1) Includes 0.30% p.a. administration fee covering services providers, audit, passporting, KIID management costs and Risk Management responsibilities performed by Morgan Stanley International plc

(2) Includes 0.37% p.a. administration fee covering services providers, audit, passporting, KIID management costs and Risk Management responsibilities performed by Morgan Stanley International plc

(3) Includes 0.40% p.a. administration fee covering services providers, audit, passporting, KIID management costs and Risk Management responsibilities performed by Morgan Stanley International plc

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