TCW Artificial Intelligence Equity Fund

Quarterly Commentary

March 31, 2019


The TCW Artificial Intelligence Equity Fund, I Share Class (the “Fund”) generated a return of 18.09% during the quarter and outperformed the Russell 3000® Growth Index return of 16.18%. The portfolio’s outperformance was due to the Fund’s strong exposure to the Information Technology sector relative to the Russell 3000® Growth Index. Individual outperformers for the quarter included ServiceNow (NOW; 4.34%**), EPAM Systems (EPAM; 2.36%**), Trade Desk (TTD; 2.39%**), Ceridian HCM (CDAY; 1.09%**), Domo (DOMO; 0.64%**), NVIDIA (NVDA; 2.15%**), and Smartsheet (SMAR; 0.70%**). Additionally, relative strength outside of the IT sector came from Alibaba Group (BABA; 2.25%**) and American Tower (AMT; 3.23%**). Offsetting the strength was weak performance in the quarter from companies outside the Information Technology sector, such as Tesla (TSLA; 1.63%**), Domino’s Pizza (DPZ; 0.00%†), Illumina (ILMN; 2.06%**), and Communication Services companies Take-Two Interactive Software (TTWO; 0.00%†), Activision Blizzard (ATVI; 1.06%**), and Baidu (BIDU; 0.73%**). Additional underperformers were Apple (AAPL; 0.00%†) and QUALCOMM (QCOM; 1.41%**)...

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Russell 3000® Growth Index – Measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000 companies with higher price-to-book ratios and higher forecasted growth values.

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It should not be assumed that an investment in the securities listed was or will be profitable. Portfolio characteristics and holdings are subject to change at any time.

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