TCW High Yield Bond Fund

At-A-Glance

Ticker Symbol
Daily NAV
Overall Morningstar RatingTM (I) Class: More Info
Morningstar DisclaimerI & N Share; Out of 636 funds in the High Yield Bond categoryThe Overall Morningstar Rating™ is based on risk adjusted returns, derived from a weighted average of the Fund 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. Please see full Morningstar disclosure at the bottom of this page.
4 star rating
Overall Morningstar RatingTM (N) Class: More Info
Morningstar DisclaimerI & N Share; Out of 636 funds in the High Yield Bond categoryThe Overall Morningstar Rating™ is based on risk adjusted returns, derived from a weighted average of the Fund 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. Please see full Morningstar disclosure at the bottom of this page.
4 star rating

Investment Team

  • Laird R. Landmann
  • Jamie Farnham
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 High Yield Bond Fund I
[Inception Date: 02/01/1989]
$6.23 -0.16% 0.32% 0.56% 0.88% 2.27% 4.38% 4.77% 6.45% 7.10% 0.55% 1.22%
TCW High Yield Bond Fund N
[Inception Date: 02/26/1999]
$6.28 0.00% 0.48% 0.62% 0.82% 2.06% 4.10% 4.49% 6.23% 5.17% 0.80% 1.65%
Citigroup High Yield Cash Pay Custom - - - - 1.05% 2.75% 5.09% 5.06% 7.49% 7.88% - -
Citigroup High Yield Cash Pay Custom - - - - 1.05% 2.75% 5.09% 5.06% 7.49% 6.61% - -
1 as of 07/20/18 (updated daily)
2 Performance as of 06/30/2018 (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 to maximize income and achieve above average total return consistent with reasonable risk over a full market cycle.

Investment Approach

The Fund invests primarily in high yield/below investment grade bonds, commonly known as "junk" bonds.

Performance Returns

as of 06/30/2018 (updated monthly)

Legal Disclosures


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

Asset Backed Security (ABS) – A debt obligation that represents claims to the cash flows from a pool of loans, leases or receivables against assets other than real estate and mortgage-backed securities, such as credit card debt, student loans, car loans, aircraft leases, etc.

Mortgage-Backed Securities  (MBS) – A type of asset-backed security that is secured by a mortgage or collection of mortgages. These securities must also be grouped in one of the top two ratings as determined by a accredited credit rating agency, and usually pay periodic payments that are similar to coupon payments. Furthermore, the mortgage must have originated from a regulated and authorized financial institution.

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, 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 each class of the Fund at 1.04% until March 1, 2019..

Morningstar Rating Disclosure: The Morningstar RatingTM for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

The total number of High Yield Bond Funds for the 3-, 5-, and 10-year time periods were 636, 526, and 362, respectively. The MetWest High Yield Bond Fund I Share received a rating of 3 stars for the 3- and 5-year periods, and 5 stars for the 10-year period. The MetWest High Yield Bond Fund M Share received a rating of 3 stars for the 3- and 5-year periods, and 4 stars for the 10-year period. The TCW High Yield Bond Fund I & N Shares received a rating of 5 stars for the 3-year period, 4 stars for the 5-year period, and 3 stars for the 10-year period.

Objective
There can be no assurance that the objectives and/or trends will come to pass or be maintained.

Citigroup High Yield Cash Pay Custom Index – A blend of the Citigroup High Yield Cash Pay Index and the Citigroup High Yield Cash Pay Capped Index. (Citigroup High Yield Cash Pay from inception through 12/31/05 and Citigroup High Yield Capped thereafter.) The Citigroup High Yield Cash Pay Capped Index includes only cash-pay bonds (both registered and Rule 144A) with remaining maturities of at least one year and a minimum amount outstanding of USD 100 million and a cap on the par amount of each issuer in the Index at USD 5 billion.


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

It is important to note that the Fund is not guaranteed by the U.S. Government. Fixed income investments entail interest rate risk, the risk of issuer default, issuer credit risk, and price volatility risk. Funds investing in bonds can lose their value as interest rates rise and an investor can lose principal.

High yield securities may be subject to greater fluctuations in value and risk of loss of income and principal than higher-rated securities.
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: Laird R. Landmann
    Laird R. Landmann
    Group Managing Director

    Mr. Landmann is a Generalist Portfolio Manager in the Fixed Income Group. He joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest). Mr. Landmann currently serves on the boards of the TCW and Metropolitan West Mutual Funds. Mr. Landmann currently co-manages many of TCW and MetWest’s mutual funds, including the MetWest Total Return Bond Fund, the MetWest High Yield Bond Fund and the TCW Core Fixed Income Fund, and leads the fixed in-come group’s risk management efforts. He is a leader of the MetWest investment team that was recognized as Morningstar’s Fixed Income Manager of the Year for 2005 and has been nominated for the award eight times. Prior to founding MetWest in 1996, Mr. Landmann was a principal and the co-director of fixed income at Hotchkis and Wiley. He also served as a portfolio manager and vice president at PIMCO. Mr. Landmann holds an AB in Economics from Dartmouth College and an MBA from the University of Chicago Booth School of Business.

  • Photo: Jamie Farnham
    Jamie Farnham
    Managing Director

    Mr. Farnham joined TCW in 2009 as the Director of Credit Research and a Specialist Portfolio Manager in the Fixed Income group. Previously with Metropolitan West Asset Management LLC (MetWest), Mr. Farnham served as a Portfolio Manager where he led a team of credit analysts and oversaw the firm’s proprietary credit research process within the corporate, high yield, and leveraged loan markets. Prior to that, he was a Private Equity Investor at Primus Capital after working as an Investment Banker at Merrill Lynch in New York, focusing on new issue origination of equity and fixed income securities, as well as mergers and acquisitions. Mr. Farnham holds an AB in Economics from Princeton University and an MBA from the UCLA Anderson School of Management.

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