TCW Relative Value Mid Cap Fund

(Formerly the TCW Value Opportunities Fund - Amended September 9, 2014)

At-A-Glance

Ticker Symbol
Daily NAV

Style

Investment Team

  • Diane E. Jaffee, CFA
null null null null
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 Mid Cap Fund I
[Inception Date: 11/01/1996]
$26.68 1.14% 6.04% 6.04% 6.12% 19.70% 9.88% 13.77% 8.11% 11.01% 0.98% 0.98%
TCW Relative Value Mid Cap Fund N
[Inception Date: 10/31/2000]
$25.97 1.13% 6.00% 6.00% 6.12% 19.52% 9.67% 13.51% 7.82% 8.62% 1.16% 1.35%
Russell Midcap Value Index - - - - 5.50% 13.34% 9.00% 14.68% 9.10% 10.91% - -
Russell Midcap Value Index - - - - 5.50% 13.34% 9.00% 14.68% 9.10% 10.33% - -
1 as of 01/17/18 (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

The Fund seeks long-term capital appreciation. 

Investment Approach

To pursue this goal, the Fund invests primarily in equity securities of companies with market capitalizations, at time of acquisition, within the capitalization range of the companies comprising the Russell Midcap® Value Index.

Attribution Analysis

Sector Returns & Attribution (one month)
Russell Midcap Value Index Avg % of Total Equities Benchmark Avg Weight (%) TCW Return (%) Benchmark Return (%) Difference (%) Asset Alloc. Effect Sec. Selection Effect Total Effect
Consumer Discretionary 16.00 12.01 -0.57 2.15 -2.72 0.04 -0.46 -0.41
Consumer Staples 2.15 3.99 1.26 2.44 -1.18 -0.02 -0.03 -0.05
Energy 6.89 7.96 1.00 6.63 -5.63 -0.06 -0.38 -0.44
Financials 22.65 20.47 1.54 1.60 -0.06 0.01 -0.01 0.00
Health Care 6.15 6.41 -0.88 1.77 -2.65 0.00 -0.16 -0.17
Industrials 19.76 12.14 1.60 1.86 -0.26 0.05 -0.05 -0.01
Information Technology 11.91 6.14 0.29 0.43 -0.14 -0.05 -0.01 -0.06
Materials 4.70 5.46 17.81 6.76 11.05 -0.04 0.47 0.43
Real Estate 6.13 14.28 -1.36 -0.09 -1.27 0.11 -0.08 0.03
Telecom Services 0.64 0.47 4.13 11.80 -7.67 0.02 -0.05 -0.03
Utilities 3.01 10.69 1.08 -6.50 7.58 0.62 0.24 0.85
Total Equity   0.68 -0.52 0.14
as of 12/31/2017 (updated monthly)

Portfolio Characteristics

  Portfolio Russell Midcap Value Index
Number of Securities 67 584
Average Price/Earnings Next 12 Months 15.0x 17.5x
Price/Book 2.2x 2.1x
Price/Sales 1.4x 1.8x
Price/Cash Flow 12.2x 11.2x
Market Capitalization: Average (Dollar-Weighted) $9.8 bil $14.3 bil
Market Capitalization: Average (Equal-Weighted) $9.3 bil $9.9 bil
as of 12/31/2017 (updated monthly)

Performance Returns

as of 12/31/2017 (updated monthly)

Top Ten Holdings (%)

  Portfolio
MANITOWOC CO INC/THE 3.73
TEXTRON INC COMMON STOCK 3.35
WESTERN DIGITAL CORP DEL COM 3.25
KEYCORP NEW COM 3.03
JONES LANG LASALLE INC COM 3.03
TOLL BROS INC COM 2.95
KB HOME 2.82
MAXIM INTEGRATED PRODUCTS COMMON STOCK 2.75
SYNOVUS FINANCIAL CORP 2.68
TAPESTRY INC 2.58
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
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.
Inception Date

For the I Share Class, since inception 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 was registered under the 1940 Act, its performance may have been adversely affected.

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 1.16% until March 1, 2018.
Objective
There can be no assurance that the objectives and/or trends will come to pass or be maintained.
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 Midcap® Value Index – A market capitalization-weighted index of medium-capitalization, value-oriented stocks of U.S. companies.


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.
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.

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