TCW Artificial Intelligence Equity Fund

Quarterly Commentary

March 31, 2019

Performance

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.

Portfolio Characteristics & Holdings
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.

This content may include estimates, projections and other "forward-looking" statements. Actual events may differ substantially from those presented. TCW/MetWest assumes no duty to update any such statements. All projections are based on current asset prices and are subject to change.

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.

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.

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.
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