TCW Global Real Estate Fund


Ticker Symbol
Daily NAV

Investment Team

  • Iman H. Brivanlou, PhD
Fund Name Daily NAV1 Daily1 MTD1 YTD1 3-mo2
Annualized Performance2
3-yr 5-yr 10-yr3 Since Inc3
Expense Ratio
TCW Global Real Estate Fund I
[Inception Date: 11/28/2014]
$11.34 0.18% 2.25% 2.25% 3.39% 29.49% 8.48% 5.21% - 5.01% 1.00% 3.78%
TCW Global Real Estate Fund N
[Inception Date: 11/28/2014]
$11.34 0.27% 2.35% 2.35% 3.26% 29.19% 8.35% 5.13% - 4.93% 1.15% 7.65%
S&P Global REIT Index - - - - 1.07% 24.49% 8.80% 6.73% - 6.79% - -
S&P Global REIT Index - - - - 1.07% 24.49% 8.80% 6.73% - 6.79% - -
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.

Click here for detailed Quarterly/Monthly Performance 

Investment Objective

The Fund’s investment objective is to seek to maximize total return from current income and long-term capital growth.

Investment Approach

The Fund will invest (except when maintaining a temporary defensive position) at least 80% of its net assets plus any borrowings for investment purposes in equity securities of real estate investment trusts (“REITs”) and real estate companies. If the Fund changes this investment policy, it will notify shareholders in writing at least 60 days in advance of the change.

Portfolio Characteristics

  Portfolio S&P Global REIT Index
Number of Securities 36 407
Average Price/Earnings Next 12 Months 25.4x 29.3x
Price/Book 2.3x 1.8x
Price/Sales 7.8x 8.6x
Price/Cash Flow 20.8x 18.0x
Return on Equity 10.2x 7.8x
Market Capitalization: Average (Dollar-Weighted) $21.5 bil $15.1 bil
Market Capitalization: Average (Equal-Weighted) $19.4 bil $4.1 bil
as of 12/31/2019 (updated monthly)

Top Ten Holdings (%)

as of 12/31/2019 (updated monthly)

Sector Value (%)

Specialized REITs 21.12
Industrial REITs 20.65
Office REITs 14.12
Residential REITs 10.81
Diversified Real Estate Activities 4.82
Retail REITs 4.63
Homebuilding 4.21
Leisure Facilities 3.41
Real Estate Development 3.24
Diversified REITs 3.22
Mortgage REITs 2.33
Real Estate Operating Companies 2.21
Hotels, Resorts & Cruise Lines 2.16
Health Care REITs 1.80
CASH 1.26
Hotel & Resort REITs 0.00
as of 12/31/2019 (updated monthly)

Legal Disclosures

The source for all charts and tables above is TCW
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 February 28, 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 1.00% and the N share class of the Fund at 1.15% until March 1, 2020.
There can be no assurance that the objectives and/or trends will come to pass or be maintained.

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.

Fund share prices and returns will fluctuate with market conditions, currencies, and the economic and political climates where the investments are made. Emerging markets securities carry special risks, such as less developed or less efficient trading markets, a lack of company information, and differing auditing and legal standards. The securities markets of emerging markets countries can be extremely volatile.

The Fund’s investments denominated in foreign currencies will decline in value if the foreign currency declines in value relative to the U.S. dollar.

Because the Fund concentrates its investments in the real estate industry, it may be susceptible to the impact of market, economic, regulatory, and other factors affecting the real estate industry and/or the local or regional real estate markets, which may cause the value of the Fund to fluctuate more widely than it would in a fund that invested more broadly across varying industries and sectors.

REITs invested in mortgages or loans may also be indirectly subject to various risks associated with those investments, including, but not limited to, interest rate risk, credit risk and defaulted securities risk.

The value of the Fund’s investments in REITs will decline based on a decline in the value of real estate and general real estate market and local economic conditions. REITs are pooled investment vehicles that typically invest directly in real estate, in mortgages and/or loans collateralized by real estate. REITs are also subject to highly technical and complex provisions under federal tax law.
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: Iman H. Brivanlou, PhD
    Iman H. Brivanlou, PhD
    Managing Director

    Dr. Brivanlou heads TCW’s High Income Equities group and is the Lead Portfolio Manager for the High Dividend, REIT, BDC, Preferred, and Low Volatility strategies. He is also the chair of TCW’s Proxy Committee. He joined TCW in 2006 as an Analyst in the Equity Research group. His research coverage has spanned the real estate, insurance, business services, transportation, and consumer staples sectors. Prior to TCW, he developed and tested quantitative models aimed at predicting the sizes of catalyst “events” using option pricing for Kayne Anderson, a hedge fund in Century City. He is involved in a number of philanthropic activities and serves on the L.A. Opera Board of Directors, a position that he has held since 2015. Dr. Brivanlou was a Howard Hughes post-doctoral fellow in Molecular Neurobiology at the Salk Institute in La Jolla. He holds a BS in Physics from Massachusetts Institute of Technology (MIT), a PhD in Computational Neuroscience from Harvard University, and an MBA in Finance and Strategy from the UCLA Anderson School of Management.

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