TCW International Small Cap Fund

At-A-Glance

Ticker Symbol
Daily NAV

Investment Team

  • Ray S. Prasad, CFA
  • 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 International Small Cap Fund I
[Inception Date: 02/28/2011]
$9.51 -0.21% -1.04% -13.78% -15.18% -8.65% 5.51% 2.76% - 1.17% 1.44% 2.89%
TCW International Small Cap Fund N
[Inception Date: 02/28/2011]
$9.52 -0.21% -1.04% -13.77% -15.17% -8.64% 5.51% 2.74% - 1.14% 1.44% 3.48%
MSCI AC World ex USA Small Cap Net Index - - - - -11.71% -9.73% 5.47% 3.36% - 3.80% - -
MSCI AC World ex USA Small Cap Net Index - - - - -11.71% -9.73% 5.47% 3.36% - 3.80% - -
1 as of 11/16/18 (updated daily)
2 Performance as of 10/31/2018 (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's investment objective is to seek long-term capital appreciation.

Investment Philosophy

TCW International Small Cap seeks long-term capital appreciation. The fund invests at least 80% of its net assets in equity securities of small capitalization companies that are domiciled outside the United States or whose primary business operations are outside the United States.

For the purposes of this fund, small capitalization companies are defined as those with a market capitalization of $6 billion or less at the time of investment including members of the MSCI World Ex USA Small Cap Index. Equity securities include common and preferred stocks; securities convertible into common or preferred stocks such as convertible bonds and debentures; rights or warrants to purchase common or preferred stocks; American Depository Receipts (ADRs); Global Depository Receipts (GDRs); and other securities with equity characteristics.

Portfolio Characteristics

  Portfolio MSCI AC World ex USA Small Cap Net Index
Number of Securities 154 4,280
Forecast EPS 1 Year Med 13.6% 8.6%
Average Price/Earnings Next 12 Months 14.1x 13.5x
Market Capitalization: Average (Dollar-Weighted) $3.0 bil $2.2 bil
Return on Equity 14.9x 12.3x
as of 10/31/2018 (updated monthly)

Country Weightings (%)

  Portfolio
Japan 20.85
Great Britain 15.15
United States 12.00
Germany 5.52
Switzerland 4.97
Netherlands 4.53
Austria 4.52
France 3.69
Australia 3.30
Sweden 2.90
Italy 2.65
China 2.32
Norway 2.31
Denmark 2.04
India 1.60
Taiwan 1.45
Other 10.20
as of 10/31/2018 (updated monthly)

Sector Weighting (%)

  Portfolio
Financials 14.73
Health Care 12.41
Consumer Staples 10.45
Industrials 10.42
Information Technology 10.32
Consumer Discretionary 6.73
Real Estate 6.57
Materials 5.73
Communication Services 4.53
Energy 3.86
Utilities 2.75
as of 10/31/2018 (updated monthly)

Top Ten Positions (%)

  Portfolio
ASR Nederland NV 1.50
TAG Immobilien AG 1.40
SSP Group Plc 1.27
B&M European Value Retail SA 1.18
EVN AG 1.18
Nemetschek SE 1.15
Premier Oil PLC 1.13
IMCD NV 1.11
HKBN Ltd 1.09
Topdanmark A/S 1.08
as of 10/31/2018 (updated monthly)

Performance Returns

as of 10/31/2018 (updated monthly)

Legal Disclosures


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

ADR (American Depositary Receipt) – A negotiable certificate issued by a U.S. bank representing a specified number of shares (or one share) in a foreign stock that is traded on a U.S. exchange. ADRs are denominated in U.S. dollars, with the underlying security held by a U.S. financial institution overseas. ADRs help to reduce administration and duty costs that would otherwise be levied on each transaction.

Common Stock - A security that represents ownership in a corporation.

Convertibles – Securities, usually bonds or preferred shares, that can be converted into common stock.   

Debenture
– A type of debt instrument that is not secured by physical assets or collateral.

Defensive
– Stock that provides a constant dividend and stable earnings regardless of the state of the overall stock market.

GDR (Global Depositary Receipt) – A bank certificate issued in more than one country for shares in a foreign company. The shares are held by a foreign branch of an international bank. The shares trade as domestic shares, but are offered for sale globally through the various bank branches.

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.

Preferred Securities/Preferred Stock – A class of ownership in a corporation that has a higher claim on the assets and earnings than common stock. Preferred stock generally has a dividend that must be paid out before dividends to common stockholders and the shares usually do not have voting rights.

Rights– Give stockholders entitlement to purchase new shares issued by the corporation at a predetermined price (normally at a discount to the current market price) in proportion to the number of shares already owned.

Warrant – A derivative that confers the right, but not the obligation, to buy or sell a security – normally an equity – at a certain price before expiration.

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, 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 1.44% until March 1, 2019.
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.

MSCI All Country World ex-USA Small Cap Net Index - The Morgan Stanley Capital International AC World ex-USA Small Cap Net Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance in developed and emerging markets. It is composed of stocks which are categorized as small capitalization stocks and based outside of the USA.


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.

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: 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: 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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