TCW Emerging Markets Multi Asset Opportunities Fund


Ticker Symbol
Daily NAV
Overall Morningstar RatingTM (I) Class: More Info
Morningstar DisclaimerI & N Share; Out of 712 funds in the Diversified Emerging Markets 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 712 funds in the Diversified Emerging Markets 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

  • Penelope D. Foley
  • David I. Robbins
  • 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 Emerging Markets Multi Asset Opportunities Fund I
[Inception Date: 06/28/2013]
$11.91 0.42% 3.12% 3.12% 8.18% 18.15% 8.89% 5.14% - 4.77% 1.00% 1.29%
TCW Emerging Markets Multi Asset Opportunities Fund N
[Inception Date: 06/28/2013]
$11.88 0.42% 3.21% 3.21% 8.19% 17.99% 8.85% 5.12% - 4.69% 1.20% 1.61%
JPM EMBI GLB DIV 50%; MSCI TR EM NET 50% Index - - - - 6.76% 16.98% 9.30% 6.14% - 5.92% - -
JPM EMBI GLB DIV 50%; MSCI TR EM NET 50% Index - - - - 6.76% 16.98% 9.30% 6.14% - 5.92% - -
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 & Approach

The Fund seeks to provide current income and long-term capital appreciation. The investment objective of the Fund is to identify the most attractive reward-risk opportunities in emerging markets equity and debt.

Investment Philosophy

The Fund uses a total return approach in investing in emerging markets. The ability to invest in both equity and debt enables the Fund to participate in all stages of the development cycle. Asset allocation and security selection are determined using the team’s robust and long standing top-down, bottom-up process that combines fundamental and quantitative tools.

Country Weightings (%)

China 24.81
Taiwan 8.71
Brazil 6.12
South Korea 5.66
Russia 5.35
Mexico 3.91
India 3.79
South Africa 3.05
Egypt 2.73
Indonesia 2.60
United States 2.21
Kenya 2.17
Saudi Arabia 2.07
Greece 2.03
Ukraine 1.90
Bahrain 1.44
Dominican Republic 1.43
Sri Lanka 1.35
Nigeria 1.23
Ghana 1.13
Colombia 1.08
Turkey 1.03
Ecuador 1.00
Oman 0.97
Kazakhstan 0.93
Qatar 0.89
Argentina 0.88
United Arab Emirates 0.83
Costa Rica 0.81
Ivory Coast 0.81
Philippines 0.75
Chile 0.75
Panama 0.73
Angola 0.70
Uruguay 0.64
Thailand 0.59
El Salvador 0.54
Hungary 0.52
Peru 0.39
Azerbaijan 0.39
Vietnam 0.26
Paraguay 0.24
Mongolia 0.21
Tanzania 0.21
Venezuela 0.16
as of 12/31/2019 (updated monthly)

Asset Allocation (%)

Sovereign 23.20
Corporates 10.60
Quasi-sovereign 4.72
Local Currency 0.40
Hedge 0.00
Financials 14.13
Information Technology 11.49
Consumer Discretionary 10.57
Communication Services 6.15
Consumer Staples 3.78
Industrials 3.60
Health Care 2.68
Energy 2.33
Materials 2.29
Real Estate 2.22
Utilities 1.61
Cash 0.23
Total 100.00
as of 12/31/2019 (updated monthly)

Top Ten Positions (%)

DEBT (Issuer)  
Petroleos Mexicanos 2.26
Ukraine Government International Bond 1.90
Egypt Government International Bond 1.48
Dominican Republic International Bond 1.43
Bahrain Government International Bond 1.43
Petrobras Global Finance BV 1.38
Sri Lanka Government International Bond 1.35
Saudi Government International Bond 1.24
Ghana Government International Bond 1.13
Turkey Government International Bond 1.03
EQUITY (Issuer)  
Alibaba Group Holding Ltd 4.10
Taiwan Semiconductor Manufacturing Co Ltd 3.94
Tencent Holdings Ltd 3.43
Samsung Electronics Co Ltd 2.82
Ping An Insurance Group Co of China Ltd 1.89
Safaricom PLC 1.41
Galaxy Entertainment Group Ltd 1.34
Taiwan Union Technology Corp 1.28
Commercial International Bank Egypt SAE 1.25
Applied Materials Inc 1.12
as of 12/31/2019 (updated monthly)

Performance Returns

as of 12/31/2019 (updated monthly)

Legal Disclosures

The source for all charts and tables above is TCW

Brady Bonds – Bonds that are issued by the governments of developing countries.

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

Emerging Market (EM) – A country that has some characteristics of a developed market but is not a developed market. This includes countries that may be developed markets in the future or were in the past. 

Eurobonds – A bond issued in a currency other than the currency of the country or market in which it is issued. 

Market Capitalization – Represents the aggregate value of a company or stock. It is obtained by multiplying the number of shares outstanding by their current price per share.

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 January 1, 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 1.20% until March 1, 2020.
There can be no assurance that the objectives and/or trends will come to pass or be maintained.
Portfolio Characteristics & Holdings
Portfolio characteristics and holdings are subject to change at any time. It should not be assumed that an investment in the securities listed was or will be profitable.

JP Morgan EMBI Global Diversified Index (EMBI GD) -- A market capitalization-weighted total return index of U.S. dollar and other currency denominated Brady bonds, loans, Eurobonds and local market debt instruments traded in emerging markets.

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 Diversified Emerging Markets Funds for the 3- and 5-year time periods were 712 and 577, respectively. The TCW Emerging Markets Multi-Asset Opportunities Fund I & N Shares received a rating of 3 stars for the 3-year period, and 4 stars for the 5-year period.

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.

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.

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.

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: Penelope D. Foley
    Penelope D. Foley
    Group Managing Director

    Ms. Foley is a Portfolio Manager for the TCW Emerging Markets and International Equities Groups and currently serves on the board of the TCW Group, Inc. Prior to joining TCW in 1990, Ms. Foley was a Senior Vice President of Drexel Burnham Lambert where she was involved in the management of DBL Americas Development Association, L.P. and in the provision of investment and merchant banking services in Latin America. Before Drexel, she was a Vice President in Citicorp’s Investment Bank and was responsible for Eurosecurities, project finance and private placements in Latin America and Canada. Previously, she was an Associate in the Corporate Finance Department at Lehman Brothers. Ms. Foley attended Northwestern University and holds a BA from Hollins College.

  • Photo: David I. Robbins
    David I. Robbins
    Group Managing Director

    Mr. Robbins is a Portfolio Manager for the TCW Emerging Markets and International Equities Groups. Prior to joining TCW in 2000, Mr. Robbins was with Lehman Brothers where he was responsible for global emerging markets trading in the Fixed Income division. Prior to that, he worked at Morgan Stanley from 1983-1997 where he was head of Emerging Markets Trading. Mr. Robbins received a BA in Economics and History from Swarthmore College.

  • 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.