TCW Artificial Intelligence Equity Fund


Ticker Symbol
Daily NAV

Investment Team

  • Jeffrey W. Lin, CFA
  • Thomas Lee
Fund Name Daily NAV1 Daily1 MTD1 YTD1 3-mo2
Annualized Performance2
3-yr 5-yr 10-yr3 Since Inc3
Expense Ratio
TCW Artificial Intelligence Equity Fund I
[Inception Date: 08/31/2017]
$14.60 0.34% 5.80% 5.80% 11.47% 33.46% - - - 14.80% 0.90% 8.22%
TCW Artificial Intelligence Equity Fund N
[Inception Date: 08/31/2017]
$14.58 0.34% 5.81% 5.81% 11.49% 33.27% - - - 14.73% 1.00% 9.50%
Russell 3000 Growth Index - - - - 10.67% 35.85% - - - 17.39% - -
Russell 3000 Growth Index - - - - 10.67% 35.85% - - - 17.39% - -
1 as of 01/17/20 (updated daily)
2 Performance as of 12/31/2019 (updated monthly)
3 Returns include the performance of the predecessor limited partnership for periods
before the Fund’s registration became effective. The predecessor limited partnership
was not registered under the Investment Company Act of 1940 (“1940 Act”) and
therefore was not subject to certain investment restrictions imposed by the 1940 Act.
If the limited partnership had been registered under the 1940 Act, its performance
may have been adversely affected.

Performance Not Annualized if less than one year
Click here for detailed Quarterly/Monthly Performance

Investment Objective

The Fund's investment objective is to seek long-term capital appreciation.


Attribution Analysis

Sector Returns & Attribution (one month)
Russell 3000 Growth Index Avg % of Total Equities Benchmark Avg Weight (%) TCW Return (%) Benchmark Return (%) Difference (%) Asset Alloc. Effect Sec. Selection Effect Total Effect
Communication Services 19.71 11.07 4.82 2.36 2.46 -0.05 0.47 0.43
Consumer Discretionary 7.17 13.64 4.81 3.41 1.40 -0.03 0.10 0.07
Consumer Staples 0.00 4.59 0.00 2.00 -2.00 0.04 0.00 0.04
Energy 0.00 0.27 0.00 11.15 -11.15 -0.02 0.00 -0.02
Financials 0.00 3.34 0.00 1.24 -1.24 0.06 0.00 0.06
Health Care 3.26 15.77 3.20 3.50 -0.30 -0.07 -0.01 -0.08
Industrials 0.00 10.06 0.00 -0.50 0.50 0.35 0.00 0.35
Information Technology 64.88 37.22 3.01 3.95 -0.94 0.27 -0.59 -0.32
Materials 0.00 1.46 0.00 1.95 -1.95 0.02 0.00 0.02
Real Estate 4.98 2.47 5.54 3.45 2.09 0.01 0.10 0.11
Utilities 0.00 0.10 0.00 1.54 -1.54 0.00 0.00 0.00
Total Equity   0.58 0.07 0.66
as of 12/31/2019 (updated monthly)

Portfolio Characteristics

  Portfolio Russell 3000 Growth Index
Number of Securities 48 1,702
Average Price/Earnings Past 12 Months 37.6x 29.3x
Price/Book 8.0x 8.9x
Debt/Capital 0.5x 0.6x
Price/Sales 6.2x 3.8x
Price/Cash Flow 22.6x 21.3x
Market Capitalization: Average (Dollar-Weighted) $227.9 bil $368.2 bil
Market Capitalization: Average (Equal-Weighted) $163.3 bil $14.0 bil
Market Capitalization: Median $51.5 bil $1.9 bil
as of 12/31/2019 (updated monthly)

Top Ten Holdings (%)

as of 12/31/2019 (updated monthly)

Sector Weight (%)

as of 12/31/2019 (updated monthly)

Legal Disclosures

The source for all charts and tables above is TCW

Attribution Analysis – A performance-evaluation tool used to analyze the abilities of portfolio or fund managers. Attribution analysis uncovers the impact of the manager's investment decisions with regard to overall investment policy, asset allocation, security selection and activity. A fund or portfolio's returns are compared to a benchmark in order to determine whether a manager is actually skilled or just lucky.

Capital Appreciation – A rise in the value of an asset based on a rise in market price.

About Performance
The performance data presented represents past performance and is no guarantee of future results. Total returns include reinvestment of dividends and distributions. Current performance may be lower or higher than the performance data presented. Performance data current to the most recent month end is available on the product detail page for each Fund. Investment returns and principal value will fluctuate with market conditions. The value of an investment in the Fund, when redeemed, may be worth more or less than its original purchase cost.
Net and Gross Expense Ratio
Annual fund operating expenses as stated in the Prospectus dated February 28, 2019.
* Effective January 1, 2019, the Advisor has contractually agreed to cap the expenses (excluding interest and acquired fund fees and expenses, if any) of the I share class of the Fund at 0.90% and the N share class of the Fund at 1.00% until March 1, 2020.
There can be no assurance that the objectives and/or trends will come to pass or be maintained.
Portfolio Characteristics & Holdings
It should not be assumed that an investment in the securities listed was or will be profitable. Portfolio characteristics and holdings are subject to change at any time.

This content may include estimates, projections and other "forward-looking" statements. Actual events may differ substantially from those presented. TCW/MetWest assumes no duty to update any such statements. All projections are based on current asset prices and are subject to change.

Russell Trademark

Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes.  Russell® is a trademark of Russell Investment Group.

Russell 3000® Growth Index – Measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000 companies with higher price-to-book ratios and higher forecasted growth values.

The index is not available for direct investment; therefore its performance does not reflect a reduction for fees or expenses incurred in managing a portfolio. The securities in the index may be substantially different from those in the Fund.

A Word About Risk

Equity investments entail equity risk and price volatility risk. The value of stocks and other equity securities will change based on changes in a company’s financial condition and in overall market and economic conditions.

Funds investing in mid and small cap companies involve special risks including higher volatility and lower liquidity.

The Fund may be susceptible to the impact of market, economic, regulatory, and other factors affecting the technology sector because of its concentrated investments in companies expected to benefit from the rising influence of artificial intelligence. At times of such impact, the value of the Fund may fluctuate more widely than it would for a fund that invests more broadly across varying sectors. (Sector Concentration Risk)

The Fund may be more susceptible to any single economic, political or regulatory event than a diversified fund because a higher percentage of the Fund’s assets may be invested in the securities of a limited number of issuers. (Non-diversification Risk)
Obtain a Prospectus

You should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. A Fund’s Prospectus and Summary Prospectus contain this and other information about the Fund. To receive a Prospectus, please call 800-386-3829 or you may download the PDF TCW Funds Prospectus. Please read it carefully.

The TCW Funds are distributed by TCW Funds Distributors LLC

Investment Team

  • Photo: Jeffrey W. Lin, CFA
    Jeffrey W. Lin, CFA
    Lead Portfolio Manager

    Mr. Lin is the lead Portfolio Manager for the TCW Global Artificial Intelligence Equity and TCW Global Technology strategies. Additionally, Jeffrey is a Senior Equity Analyst and his coverage responsibilities include computer hardware & storage, electronics manufacturing systems (EMS), software, IT services, and autos. Mr. Lin has more than 25 years of industry experience in the technology sector with roles as Engineer, buy and sell-side Analyst, venture capitalist, CFO of a communications equipment start-up and Co-Portfolio Manager of a technology sector hedge fund. Mr. Lin began his investment career at Montgomery Securities in 1994 following electronics manufacturing and computer storage. He joined Paul Allen’s Vulcan Ventures in 1999. At Vulcan, three of his investments went public and three were acquired by publicly traded companies. In 2001, he served as the CFO of Zaffire, an optical equipment company funded by Kleiner Perkins, until the company’s sale to Centerpoint Broadband. From 2002-2004, he was an Analyst at Provident Investment Counsel and followed computer and communications equipment as well as communications services. Most recently, he was a Co-Portfolio Manager of Conquistador Ventures, a technology sector focused hedged fund. Mr. Lin holds a BS in Electrical Engineering with an emphasis in Communications and Computer Architecture and an MBA from the University of Southern California. He is a CFA charterholder.

  • Photo: Thomas Lee
    Thomas Lee
    Portfolio Manager

    Mr. Lee is a Portfolio Manager for the TCW Global Artificial Intelligence Equity and TCW Global Technology strategies. Mr. Lee also is a Senior Equity Analyst covering Semiconductors and Semi-Cap Equipment as well as Telecom Equipment and Services. Mr. Lee has nearly 15 years of technology investment experience having previously served as a Senior Research Analyst at Empire Capital, a long/short TMT hedge fund. Prior to Empire Capital, he worked for Goldman Sachs as an Analyst for several years and UBS as a Research Associate after beginning his career at Motorola in various functional roles (engineering, market analysis, product management). Mr. Lee holds a BS and MS in Electrical Engineering from the University of Illinois at Urbana-Champaign and an MBA from the University of Chicago.

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