TCW Relative Value Dividend Appreciation Strategy

Quarterly Commentary

September 30, 2018

Performance

For the third quarter, the TCW Relative Value Dividend Appreciation (RVDA) strategy returned +2.93% gross (2.75% net of fees) underperforming the Russell 1000 Value and S&P 500 gains of +5.70% and +7.71%, respectively. Year-to-date, the RVDA portfolio has returned +1.99% gross (1.45% net of fees) which underperformed the Russell 1000 Value and S&P 500 gains of +3.92% and +10.56%, respectively. Usually a long-term positive, the strategy’s diversified portfolio structure has hampered returns since mid-May as economically sensitive companies and industries have been negatively impacted by President Trump’s trade war rhetoric and the rotation to U.S. domestic , bond proxy sectors...

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For Information Only

This publication is for general information purposes only. Past performance is no guarantee of future results. While the information and statistical data contained herein are based on sources believed to be reliable, we do not represent that it is accurate and should not be relied on as such or be the basis for an investment decision.

Subject to Change

Any opinions expressed are current only as of the time made and are subject to change without notice. TCW assumes no duty to update any such statements. The views expressed herein are solely those of the author and do not represent the views of TCW as a firm or of any other portfolio manager or employee of TCW. Any holdings of a particular company or security discussed herein are under periodic review by the author and are subject to change at any time, without notice. In addition, TCW manages a number of separate strategies and portfolio managers in those strategies may have differing views or analysis with respect to a particular company, security or the economy than the views expressed herein.

Forward Looking Statement

This report may include estimates, projections and other "forward-looking statements." Due to numerous factors, actual events may differ substantially from those presented. TCW assumes no duty to update any such statements.

Not an Offer
This publication is not to be used or considered as an offer to sell, or a solicitation to an offer to buy, any security. Nothing contained herein should be considered a recommendation or advice to purchase or sell any security. TCW, its officers, directors, employees or clients may have positions in securities or investments mentioned in this publication, which positions may change at any time, without notice.