TCW Core Fixed Income Fund

Quarterly Commentary


Encouraging signs continued to appear across the macroeconomic spectrum in the second quarter, as GDP growth picked up slightly and strength persisted in corporate earnings and housing market metrics. Further, long dormant pricing pressures surfaced, as the Core PCE Index, the Fed’s preferred inflation measure, hit the long-sought 2% year-over-year target in May. Add this to an early June unemployment rate that fell to 3.8% (matching lows last seen in 2000 and 1969 previously) and a reasonable conclusion might be that economy is humming and quite possibly poised to gain speed in the wake of fiscal stimulus earlier this year. These backward-looking statistics do, indeed, tell a very good story, but not necessarily one likely to carry on much, much longer...

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Bloomberg Barclays U.S. Aggregate Bond Index – A market capitalization-weighted index of investment-grade, fixed-rate debt issues, including government, corporate, asset-backed and mortgage-backed securities, with maturities of at least one year.

About Securities

Securities issued by U.S. government agencies and authorities are not insured, and may not be guaranteed by the U.S. Government. Fixed income investments entail interest rate risk, the risk of issuer default, issuer credit risk, and price volatility risk. Funds investing in bonds can lose their value as interest rates rise and an investor can lose principal.

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.

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.

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The TCW Funds are distributed by TCW Funds Distributors LLC