TCW Developing Markets Equity Fund


Ticker Symbol
Daily NAV

Investment Team

  • Andrey Glukhov, CFA
Fund Name Daily NAV1 Daily1 MTD1 YTD1 3-mo2
Annualized Performance2
3-yr 5-yr 10-yr3 Since Inc3
Expense Ratio
TCW Developing Markets Equity Fund I
[Inception Date: 06/30/2015]
$10.85 -0.91% 0.37% 0.37% 12.46% 19.22% 8.30% - - 2.38% 1.25% 3.45%
TCW Developing Markets Equity Fund N
[Inception Date: 06/30/2015]
$10.85 -0.91% 0.37% 0.37% 12.46% 19.35% 8.30% - - 2.38% 1.25% 4.51%
MSCI Daily Total Return Net Emerging Markets Index - - - - 11.84% 18.42% 11.57% - - 5.56% - -
MSCI Daily Total Return Net Emerging Markets Index - - - - 11.84% 18.42% 11.57% - - 5.56% - -
1 as of 01/24/20 (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.

NOTE: Since Inception not annualized if less than one year

Investment Objective

The Fund’s investment objective is to seek long-term capital appreciation. 

Investment Approach

Under normal circumstances, the Fund invests at least 80% of the value of its net assets, plus any borrowings for investment purposes, in equity securities issued by companies and financial institutions domiciled or with primary business operations in, or with the majority of their net assets in or revenues or net income deriving from, Developing Market Countries (as defined in glossary below).

The Fund may invest in foreign equity securities, which may or may not be listed on a recognized securities exchange or be publicly traded. These securities may be denominated in U.S. dollars, Developing Market Countries’ currencies or other foreign currencies. The Fund has no limit on the portion of its assets that may be invested in any country, and may invest in companies of any size. The portfolio managers invest in those securities that they think provide the best opportunity to achieve the Fund’s objective.

Country Weightings (%)

China 38.11
Taiwan 14.86
South Korea 7.15
Russia 6.82
United States 5.76
Brazil 5.56
India 4.97
Greece 3.69
South Africa 3.00
Kenya 2.12
Egypt 2.09
Philippines 1.34
Indonesia 1.00
Mexico 0.95
Thailand 0.94
Hungary 0.85
Chile 0.52
Argentina 0.27
as of 12/31/2019 (updated monthly)

Top Ten Positions (%)

Alibaba Group Holding Ltd 6.93
Taiwan Semiconductor Manufacturing Co Ltd 6.72
Tencent Holdings Ltd 5.80
Ping An Insurance Group Co of China Ltd 2.66
Samsung Electronics Co Ltd 2.63
Galaxy Entertainment Group Ltd 2.43
Safaricom PLC 2.12
Commercial International Bank Egypt SAE 2.09
Alpha Bank AE 2.07
Taiwan Union Technology Corp 2.03
as of 12/31/2019 (updated monthly)

Sector Weight (%)

as of 12/31/2019 (updated monthly)
Sector weights include securities only

Legal Disclosures

The source for all charts and tables above is TCW

Cash Flow – Is the movement of money into or out of a business, project, or financial product.

Derivative Instruments – Any type of financial securities that depend on the performance of some type of underlying security in order to have any value.

Dividend – A distribution of a portion of a company's earnings, decided by the board of directors, to a class of its shareholders.

External Accounts – International financial transactions between residents of a country and nonresidents.

Foreign – Located and/or domiciled outside of the United States.

Fundamental Research – A method of security analysis that attempts to measure a security's intrinsic value by examining factors which can affect a security's value, including macroeconomic factors (economic and industry conditions) and companyspecific factors (financial condition and management).

Monetary Policy – The actions of a central bank, currency board or other regulatory committee that determine the size and rate of growth of the money supply, which in turn affects interest rates.

Quantitative Techniques – Techniques that provide decision makers with systematic and powerful means of analysis, based on measurable and verifiable data, for achieving predetermined goals.

Valuations – The process of determining the current worth of an asset or company. There are many techniques that can be used to determine value, some are subjective and others are objective.

Developing Market Countries

A “Developing Market Country” is a country that has a developing economy or market and is considered a developing country by the International Bank of Reconstruction and Development or any affiliate thereof as well as The Bahamas, Bahrain, Barbados, Bermuda, Brunei, Croatia, Czech Republic, Estonia, Greece, Hong Kong, Hungary, Iceland, Ireland, Israel, Republic of Korea, Kuwait, Latvia, Macau, Poland, Portugal, Qatar, Russia, Saudi Arabia, Singapore, Slovak Republic, Slovenia, Taiwan, Trinidad & Tobago and the United Arab Emirates.

In allocating investments among various Developing Market Countries, the portfolio managers attempt to analyze internal political, market and economic factors. These factors include, but are not limited to:

  • Public finances • Exchange rate policy
  • Monetary policy
  • Labor conditions
  • External accounts
  • Political outlook
  • Financial markets
  • Structural reform policy
  • Foreign investment regulations
  • Environmental, social and governance factors

Certain countries require governmental approval prior to direct equity investments by foreign persons such as the Fund. If considered likely to help the Fund in achieving its investment objectives, the Fund may seek authorization to effect direct equity investments in such countries from their respective governments.

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 each class of the Fund at 1.25% until March 1, 2020.

MSCI Daily Total Return Net Emerging Markets Index – Measures the market performance, including both price performance and income from dividend payments. This series with net dividends approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates.

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

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.
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: Andrey Glukhov, CFA
    Andrey Glukhov, CFA
    Managing Director

    Mr. Glukhov is a Co-Portfolio Manager for the TCW Emerging Markets and International Equities Groups. Prior to joining TCW in 2011, Mr. Glukhov spent over a decade in sell side equity research focusing on Internet and enterprise software, most recently as a Managing Director at Brean Murray, Carret & Co. Mr. Glukhov holds a BA in International Business from Peter the Great St. Petersburg Polytechnic University in Russia and an MBA from the University of Texas at Dallas. He is a CFA charterholder.