TCW Focused Equities Fund



Ticker Symbol
Daily NAV


Investment Team

  • Tom McKissick
  • John Snider
null null null null
Fund Name Daily NAV1 Daily1 MTD1 YTD1 3-mo2
Annualized Performance2
3-yr 5-yr 10-yr3 Since Inc3
Expense Ratio
TCW Focused Equities Fund I
[Inception Date: 10/29/2004]
$23.43 0.13% 5.16% 5.16% 4.98% 13.95% 4.35% 13.10% 4.47% 6.12% 1.09% 1.60%
TCW Focused Equities Fund N
[Inception Date: 07/20/1998]
$23.18 0.13% 5.17% 5.17% 4.98% 13.95% 4.34% 13.10% 4.30% 5.86% 1.09% 3.19%
Russell 1000 Value Index - - - - 5.33% 13.66% 8.65% 14.04% 7.10% 8.18% - -
Russell 1000 Value Index - - - - 5.33% 13.66% 8.65% 14.04% 7.10% 6.83% - -
1 as of 01/18/18 (updated daily)
2 Performance as of 12/31/2017 (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.

Click here for detailed Quarterly/Monthly Performance 

Investment Objective & Approach

The Fund seeks long-term capital appreciation. The Fund will invest primarily in publicly traded equity securities of companies with a market capitalization of greater than three billion dollars at the time of purchase. The Fund will invest in companies the portfolio managers believe are trading below their intrinsic value. The Fund will typically invest in a portfolio of 25 to 40 companies.

Attribution Analysis

Sector Returns & Attribution (one month)
Russell 1000 Value Index Avg % of Total Equities Benchmark Avg Weight (%) TCW Return (%) Benchmark Return (%) Difference (%) Asset Alloc. Effect Sec. Selection Effect Total Effect
Consumer Discretionary 12.57 6.80 1.59 2.13 -0.54 0.04 -0.06 -0.03
Consumer Staples 6.51 8.61 -2.68 1.38 -4.06 0.00 -0.27 -0.27
Energy 10.10 10.73 6.56 4.95 1.61 -0.02 0.15 0.13
Financials 17.89 26.82 2.55 2.01 0.54 -0.05 0.10 0.05
Health Care 19.74 13.55 -1.36 0.31 -1.67 -0.07 -0.33 -0.40
Industrials 14.32 8.28 1.27 1.53 -0.26 0.00 -0.04 -0.03
Information Technology 8.10 8.49 -0.97 0.68 -1.65 0.01 -0.14 -0.13
Materials 10.77 2.92 1.46 4.18 -2.72 0.21 -0.29 -0.08
Real Estate 0.00 4.76 0.00 -0.19 0.19 0.08 0.00 0.08
Telecom Services 0.00 2.94 0.00 6.13 -6.13 -0.13 0.00 -0.13
Utilities 0.00 6.11 0.00 -5.98 5.98 0.47 0.00 0.47
Total Equity   0.54 -0.88 -0.34
as of 12/31/2017 (updated monthly)

Portfolio Characteristics

  Portfolio Russell 1000 Value Index
Number of Securities 36 713
Average Price/Earnings Past 12 Months 23.8x 20.8x
Average Price/Earnings Next 12 Months 18.3x 16.4x
Price/Book 3.1x 2.2x
Market Capitalization: Average (Dollar-Weighted) $113.7 bil $126.4 bil
Market Capitalization: Average (Equal-Weighted) $102.2 bil $24.5 bil
Market Capitalization: Median $66.2 bil $9.7 bil
as of 12/31/2017 (updated monthly)

Performance Returns

as of 12/31/2017 (updated monthly)

Top Ten Holdings (%)

M & T BANK CORP 3.37
as of 12/31/2017 (updated monthly)

Sector Weight (%)

as of 12/31/2017 (updated monthly)
Sector weights include securities only & don't include cash

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.

Price/Earnings – The price/earnings ratio is the price of a stock divided by its earnings per share. A trailing P/E refers to a ratio that is based on earnings from the latest year, while a forward P/E uses an analyst's forecast of next year's earnings. P/E ratio estimates should not be considered illustrative of future performance of the Fund.

Price/Book – A ratio used to compare a stock's market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter's book value per share.

Market Capitalization – The market value of all outstanding bonds of a particular issue. Market capitalization is calculated by multiplying the principal amount of the bond issue by the current market price of an individual bond expressed as a percentage of par.

Net and Gross Expense Ratio
Annual fund operating expenses as stated in the Prospectus dated February 28, 2017.
* Effective February 28, 2017, the Advisor has contractually agreed to cap the expenses (excluding interest and acquired fund fees and expenses, if any) of each class of the Fund at 1.09% until March 1, 2018.
There can be no assurance that the objectives and/or trends will come to pass or be maintained.
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.
Morningstar Style Box
The Morningstar Style BoxTM reveals a fund’s investment strategy. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend or growth).
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 1000® Value Index – Measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected 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.
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: Tom McKissick
    Tom McKissick
    Group Managing Director

    Mr. McKissick is a Group Managing Director responsible for co-managing the TCW Value strategies including Focused Equities and Pluris. In 1985, Mr. McKissick joined TCW as an Equity Analyst focusing on the oil and gas, utilities, telecommunications, consumer staples, and capital goods industries. Since 1990, he served as Portfolio Manager for the Core Value Equity group and founded the Core Value strategies in 1996. Mr. McKissick received a BA in Political Science from the University of California, Berkeley.

  • Photo: John Snider
    John Snider
    Group Managing Director

    Mr. Snider is a Group Managing Director responsible for co-managing the TCW Value strategies: Concentrated Value, Focused Value, and Pluris. Prior to joining TCW in early 2000, Mr. Snider was a Vice President and Portfolio Manager at Provident Investment Counsel. Before that, he worked as a Portfolio Manager at ARCO Investment Manage-ment Company responsible for the Large Cap Value Strategic Fund. Prior to managing investments, he held the position as the Director of Investor Relations and also man-aged a Corporate Finance and Profit Planning unit, both at ARCO. Mr. Snider received a BA in Quantitative Economics from Claremont McKenna College and an MBA from the University of Southern California. Mr. Snider is also the Chairman of the Investment Committee and the Vice Chairman of the Board of Trustees at the Mayfield Senior School in Pasadena.