TCW Emerging Markets Multi Asset Opportunities Fund

At-A-Glance

Ticker Symbol
Daily NAV
Overall Morningstar RatingTM (I) Class: More Info
Morningstar DisclaimerI & N Share; Out of 647 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 647 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
  • Ray S. Prasad, CFA
  • Alex Stanojevic
  • Andrey Glukhov, CFA
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 Emerging Markets Multi Asset Opportunities Fund I
[Inception Date: 06/28/2013]
$12.42 0.32% 4.55% 4.55% 6.14% 26.75% 8.05% - - 6.52% 1.23% 1.57%
TCW Emerging Markets Multi Asset Opportunities Fund N
[Inception Date: 06/28/2013]
$12.37 0.32% 4.48% 4.48% 6.17% 26.87% 8.08% - - 6.44% 1.23% 2.15%
JPM EMBI GLB DIV 50%; MSCI TR EM NET 50% - - - - 4.27% 23.14% 8.31% - - 7.26% - -
JPM EMBI GLB DIV 50%; MSCI TR EM NET 50% - - - - 4.27% 23.14% 8.31% - - 7.26% - -
1 as of 01/19/18 (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 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 the global EM debt and equity universe and gain significant exposure to the best ideas.

Investment Approach

The Fund uses a total return approach in investing in emerging markets. The ability to invest in both debt and equity 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 EM research process.

Country Weightings (%)

  Portfolio
China 25.85
South Korea 7.79
India 7.35
Brazil 6.81
Taiwan 5.16
South Africa 5.11
Argentina 4.18
Russia 3.79
Indonesia 2.40
United States 1.91
Ukraine 1.77
Mexico 1.68
Turkey 1.56
Kazakhstan 1.55
Poland 1.39
Emerging Markets 1.39
Other 20.32
as of 12/31/2017 (updated monthly)

Asset Allocation (%)

  Portfolio
DEBT  
Sovereign 15.67
Corporates 8.34
Local Currency 3.27
Quasi-sovereign 2.76
Hedge 0.00
  30.04
EQUITY  
Information Technology 22.33
Financials 14.45
Consumer Discretionary 7.70
Consumer Staples 5.99
Energy 4.62
Industrials 4.47
Health Care 3.70
Materials 2.72
Telecom Services 2.41
Real Estate 0.78
  69.17
CASH  
Cash 0.78
Total 100.00
as of 12/31/2017 (updated monthly)

Top Ten Positions (%)

  Portfolio
DEBT (Issuer)  
Argentine Republic Government International Bond 1.86
Ukraine Government International Bond 1.77
Petrobras Global Finance BV 1.30
Republic of South Africa Government International Bond 1.29
Russian Foreign Bond - Eurobond 1.13
Egypt Government International Bond 1.00
Turkey Government International Bond 0.97
Lebanon Government International Bond 0.77
Petroleos Mexicanos 0.74
Ecuador Government International Bond 0.72
  11.55
EQUITY (Issuer)  
Tencent Holdings Ltd 5.41
Samsung Electronics Co Ltd 4.51
Taiwan Semiconductor Manufacturing Co Ltd 2.47
Kweichow Moutai Co Ltd 2.02
Alibaba Group Holding Ltd 1.98
Dilip Buildcon Ltd 1.85
Wuliangye Yibin Co Ltd 1.56
Ping An Insurance Group Co of China Ltd 1.37
Industrial & Commercial Bank of China Ltd 1.35
Sberbank of Russia PJSC 1.34
  23.86
as of 12/31/2017 (updated monthly)

Performance Returns

as of 12/31/2017 (updated monthly)

Legal Disclosures


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

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, 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 1.23% until March 1, 2018.
Objective
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.


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.


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-, 5-, and 10-year time periods were 647, 467, and 186, respectively. The TCW Emerging Markets Multi-Asset Opportunities Fund I & N Shares received a rating of 4 stars for the 3-year period.
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.

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. 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: Ray S. Prasad, CFA
    Ray S. Prasad, CFA
    Managing Director

    Mr. Prasad is a Portfolio Manager for the TCW Emerging Markets and International Equities Groups. Prior to joining TCW in 2014, Mr. Prasad was the Director and Senior Portfolio Manager for emerging markets equities at Batterymarch Financial Management. In that capacity, he managed the investment process and co-led the emerging markets team. At Batterymarch, he was also a member of the investment strategy and research leadership team, which oversaw all investment products. Before Batterymarch in 1996, he worked in strategic planning at Modi-Revlon Inc. and at J. Walter Thompson. Mr. Prasad holds an MS in Finance from Boston College, an MBA from the Indian Institute of Management, and a BA (with Honors) in Mathematics from St. Stephen’s College in New Delhi, India. He is a CFA charterholder.

  • Photo: Alex Stanojevic
    Alex Stanojevic
    Managing Director

    Mr. Stanojevic is a Portfolio Manager for the TCW Emerging Markets Group. Prior to this, he served as the team’s Head Trader, where he was responsible for trading emerging markets fixed income assets and determining relative value opportunities in the investable universe. Mr. Stanojevic joined TCW in 2005 from Coast Asset Management LP, where he was responsible for interest rate derivatives transactions, trade modeling, research, and performance reporting. Mr. Stanojevic received his BS in Finance from the California State University Long Beach (Magna Cum Laude), and an MBA from Loyola Marymount University, Los Angeles.

  • 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.

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