TCW Relative Value Large Cap Fund

Quarterly Commentary

June 30, 2018

Investment Environment

U.S. equities performed respectably over the course of the second quarter but were kept in check due to investors’ concern over the U.S. imposition of steel and aluminum tariffs and trade tiffs with China which supplanted strong and better than expected 1Q:18 earnings reports and domestic economic data. The third release of 1Q:18 U.S. GDP showed the economy grew a 2.0% annualized rate. The result is a significant uptick from recent first quarters which have averaged in the 1% range as first quarter GDP tends to be seasonally weak. Affected by adverse weather conditions and a delay in the processing of tax refunds, consumer spending slowed to a 0.9% pace in the first quarter following the robust 4.0% rate experienced in 4Q:17. However, U.S. consumer activity has picked up of late with retail sales rising solidly with the March 2018 – May 2018 period up 5.2% from the same period one year ago...

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Russell 1000® Value Index – Measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values.

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.

Portfolio Characteristics & Holdings

Portfolio characteristics and holdings are subject to change at any time.

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.

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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