TCW Relative Value Large Cap Fund

At-A-Glance

Ticker Symbol
Daily NAV

Style

Investment Team

  • Diane E. Jaffee, CFA
  • Matthew J. Spahn

FEATURED RECENTLY
IN BARRON'S

Barron's: The Top Sustainable Funds
October 09, 2017

Fund Name Daily NAV1 Daily1 MTD1 YTD1 3-mo2
Annualized Performance2
1-yr
3-yr 5-yr 10-yr3 Since Inc3
Expense Ratio
Net
Gross
TCW Relative Value Large Cap Fund I
[Inception Date: 12/31/2003]
$20.08 0.25% 1.31% -7.72% -10.36% -5.11% 5.78% 6.43% 11.25% 7.05% 0.77% 0.77%
TCW Relative Value Large Cap Fund N
[Inception Date: 12/31/1997]
$20.00 0.25% 1.32% -7.88% -10.39% -5.35% 5.54% 6.17% 11.01% 6.04% 1.00% 1.16%
Russell 1000 Value Index - - - - -3.59% 3.04% 8.88% 8.61% 11.30% 7.63% - -
Russell 1000 Value Index - - - - -3.59% 3.04% 8.88% 8.61% 11.30% 7.01% - -
1 as of 11/16/18 (updated daily)
2 Performance as of 10/31/2018 (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 seeks capital appreciation, with a secondary goal of current income.

Investment Approach

The Fund invests primarily in equity securities of large capitalization companies with a market capitalization of greater than one billion dollars at the time of purchase. The Fund will invest mostly in "value 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
Communication Services 5.13 6.83 3.87 0.60 3.27 -0.09 0.19 0.10
Consumer Discretionary 5.55 5.15 -12.82 -5.06 -7.76 0.00 -0.43 -0.43
Consumer Staples 4.79 7.49 3.81 3.77 0.04 -0.23 0.04 -0.20
Energy 9.15 10.62 -15.55 -11.46 -4.09 0.09 -0.40 -0.31
Financials 23.31 22.84 -6.85 -4.94 -1.91 0.01 -0.46 -0.45
Health Care 14.52 15.29 -8.43 -4.57 -3.86 0.00 -0.58 -0.58
Industrials 13.73 7.90 -16.62 -11.46 -5.16 -0.38 -0.77 -1.14
Information Technology 15.53 9.60 -13.98 -7.58 -6.40 -0.14 -1.07 -1.20
Materials 3.62 3.79 -16.03 -10.78 -5.25 0.01 -0.20 -0.18
Real Estate 1.87 4.64 -8.39 -3.37 -5.02 -0.05 -0.08 -0.13
Utilities 2.81 5.86 5.04 1.48 3.56 -0.18 0.09 -0.09
Total Equity   -0.96 -3.67 -4.61
as of 10/31/2018 (updated monthly)

Portfolio Characteristics

  Portfolio Russell 1000 Value Index
Number of Securities 48 726
Average Price/Earnings Next 12 Months 11.7x 13.5x
Price/Book 1.9x 2.1x
Price/Sales 1.3x 1.8x
Price/Cash Flow 11.7x 12.0x
Dividend Yield 2.42 2.64
Market Capitalization: Average (Dollar-Weighted) $91.0 bil $123.8 bil
Market Capitalization: Average (Equal-Weighted) $67.0 bil $25.0 bil
as of 10/31/2018 (updated monthly)

Performance Returns

as of 10/31/2018 (updated monthly)

Top Ten Holdings (%)

  Portfolio
CISCO SYSTEMS INC COMMON STOCK 4.76
JPMORGAN CHASE & CO COM 4.65
CITIGROUP INC COMMON STOCK 4.48
COMCAST CORP 4.21
MERCK & CO INC 4.12
TEXTRON INC COMMON STOCK 4.07
INTERCONTINENTAL EXCHANGE INC 3.70
CORNING INC 3.28
CHEVRON CORP 3.23
GILEAD SCIENCES INC 2.87
as of 10/31/2018 (updated monthly)

Sector Weight (%)

as of 10/31/2018 (updated monthly)
Sector weights include securities only & don't include cash

Legal Disclosures


The source for all charts and tables above is TCW
GLOSSARY OF TERMS

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.

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.
About the Predecessor Investment Company

For the Relative Value Large Cap Fund Class N Shares, the performance information of the Fund includes the performance of its predecessor investment company, ("SG Cowen Predecessor Fund"), which prior to December 14, 2001, was managed by SG Cowen Asset Management Company, Inc. The SG Cowen Predecessor Fund has investment objectives and strategies that are substantially similar to the Fund. The performance of the SG Cowen Predecessor Fund was calculated using the fees and expenses of the Class A shares not including the 4.75% sales charge for Class A shares of the SG Cowen Predecessor Fund.

Net and Gross Expense Ratio
Annual fund operating expenses as stated in the Prospectus dated February 28, 2018.
* Effective February 28, 2018, 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 0.80% and the N share class of the Fund at 1.00% until March 1, 2019.
Objective
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 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: Diane E. Jaffee, CFA
    Diane E. Jaffee, CFA
    Group Managing Director

    Ms. Jaffee is the Senior Portfolio Manager for the TCW Relative Value Large Cap, TCW Relative Value Dividend Appreciation, and TCW Relative Value Mid Cap strategies and funds. She joined TCW through the acquisition of SG Cowen Asset Management in 2001. She had been a Senior Portfolio Manager at Cowen Asset Management since 1995 and continues in that role at TCW. She has more than 30 years of investment experience. Before joining Cowen, she was Vice President and Portfolio Manager at Kidder, Peabody & Co from 1986 to 1995. Prior to that, she was Vice President at Lehman Management Company from 1985 to 1986 and an Equity Analyst with Prudential Insurance from 1982 to 1985. In 2007, Ms. Jaffee was named the Separately Managed Accounts Award winner in the Large Cap Equity category by Standard & Poor’s and its award partners Prima Capital and Investment Advisor magazine. The TCW Relative Value Large Cap, Dividend Appreciation, and Mid Cap mutual funds have been each awarded Wall Street Journal’s “Category Kings” in their respective categories, multiple times in 2012, and the TCW Dividend Appreciation Fund was ranked the #1, top performing fund among Lipper Equity Income Funds for 2012. In 2013, the TCW Relative Value Large Cap mutual fund was ranked #1 fund for the first quarter and the #6 fund for the one-year period ending March 31, 2013 among Large Cap Value peers, while the Dividend Appreciation Fund ranked #2 for the quarter and #3 for the one-year period ending March 31, 2013 among Equity Income peers. Ms. Jaffee holds a BA in Economics from Wellesley College (1982). She has completed post-graduate work in Finance and Accounting at Rutgers University Graduate School of Management and is a CFA charterholder. Ms. Jaffee is also a member of the New York Society of Security Analysts, the Economic Club of New York, and the CFA Society.

  • Photo: Matthew J. Spahn
    Matthew J. Spahn
    Managing Director

    Mr. Spahn, Senior Analyst, specializes in the industrials and utilities sectors. He joined TCW through the acquisition of SG Cowen Asset Management. In 2006, 2007, and 2008, Mr. Spahn earned the group’s highest merit bonus based on stock selection. He has more than 20 years of investment experience having begun his career at Cowen & Company in 1994 in the Information Technology Service Group before being promoted to Quantitative Analyst in 1996. A devotee of lean thinking to drive operational excellence in manufacturing and transactional environments, Mr. Spahn is the only professional on the buy-side to have completed the Shingo Institute’s Site Examiner coursework. Additionally, he earned a Certificate of Achievement in Lean Six Sigma from Villanova University. He has been assisting with the management of the Relative Value Large Cap investment discipline since 1998. Mr. Spahn graduated from Villanova University with a BS in Economics and minors in English and History and graduated with Honors from Fordham University with an MBA in Finance and Communications and Media Management.

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