TCW Emerging Markets Multi-Asset Opportunities Fund

Quarterly Commentary


For the second quarter of 2019, the TCW Emerging Markets Multi-Asset Opportunities Fund, I Share Class (the “Fund”) returned 0.73%, underperforming the 2.42% return for the composite index 50% MSCI Daily Total Return Net Emerging Markets Index (“MSCI EM”) / 50% JP Morgan EMBI Global Diversified (“EMBI GD”). Year-to-date the Fund returned 9.81% versus 11.07% for the Index...

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JP Morgan EMBI Global Diversified Index (EMBI GD) -- A market capitalization-weighted total return index of U.S. dollar and other currency denominated Brady bonds, loans, Eurobonds and local market debt instruments traded in emerging markets.

MSCI Daily Total Return Net Emerging Markets Index – Measures the market performance, including both price performance and income from dividend payments. This series with net dividends approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates.

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.
Credit Quality

These ratings are provided by one or more outside credit agencies including Moodys, Standard & Poor’s and Fitch Ratings. The procedure used in calculating the Fund’s ratings breakdown involves assigning a rating based on the decision rule below, linking the rating to the Moody’s rating factor (numerical scale), weighting the securities and their ratings by their market value dollar amount and arriving at a weighted average rating factor. Credit quality ratings are subject to change and pertain to the underlying holdings of the Fund and not the Fund itself.  

The decision rule used in calculating the Fund’s ratings breakdown involves: i) using the higher of Moody’s or Standard & Poor’s ratings for each security; if neither agency rates it, then using Fitch; ii) applying a “Ca” rating (which is the lowest rating with a numerical value) if the security is unrated by any of these three agencies; and iii) applying “Aaa” rating to cash, which is invested in overnight repo backed by U.S. Treasuries. Gradations of creditworthiness are indicated by rating symbols, with each symbol representing a group in which the credit characteristics are broadly the same. The AAA rating is the highest (best) rating and D is the lowest (worst) rating, the Unrated category contains bonds that are not rated by a nationally recognized statistical rating organization.

The procedure has been in effect since the inception of the Fund in 2010. The credit quality of the investments in the portfolio does not apply to the stability or safety of the Fund.

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