TCW Global Healthcare Strategy

Marketable Securities Division

The strategy seeks long-term capital appreciation by identifying publicly-traded healthcare-related equity securities that are trading below fundamental value. The strategy uses charting, fundamental and technical analysis, as well as analysis of political risk, discounted cash flows, and discussions with third parties.

At-A-Glance

Investment Vehicles and Minimums Separate Account
For Institutions $5 Million
For High Net Worth Individuals $1 Million

Style

Investment Team

  • Robert J. Park, CFA
Strategy Information
Product Name 1-mo 3-mo YTD
Annualized Performance
1-yr
3-yr 5-yr Since Inception
[03/30/2003]
TCW (Gross) -1.94% 1.63% 1.63% 14.31% 6.33% 14.93% 13.01%
TCW (Net) -2.00% 1.44% 1.44% 13.45% 5.53% 14.07% 11.99%
S&P Global BMI Health Care -1.41% 0.36% 0.36% 13.20% 4.50% 11.96% 10.40%
as of 03/31/2018 (updated quarterly)

Click here for detailed Performance Disclosures 

Investment Objective

The strategy seeks long-term capital appreciation. To pursue this goal, the strategy invests primarily in publicly traded equity securities that the portfolio managers believe are trading below fundamental value. The strategy may also invest in equity securities of non-U.S. companies trading on a U.S. exchange, NASDAQ, or in the U.S. over-the-counter markets. Performance should be measured over a full market cycle.

Investment Philosophy

The investment philosophy underlying the Global Healthcare strategy is to seek to achieve long-term performance by investing in companies with future opportunities that suggest value in excess of current market prices. Typically, these companies are developing breakthrough medical technology or products and are well positioned to benefit from changes in future industry dynamics. Using deep fundamental research and thorough due diligence, the managers seek to generate above benchmark returns while minimizing risk.

Performance Returns

as of 03/31/2018 (updated quarterly)

Top Ten Holdings (%)

  Portfolio
Johnson & Johnson 4.73
AbbVie 3.97
UnitedHealth Group 3.59
Merck & Co. 3.47
Roche Holding 3.07
Aetna 2.84
Eli Lilly and Company 2.73
Pfizer 2.62
Medtronic 2.56
CVS Health 2.30
as of 3/31/2018 (updated quarterly)

Sector Weight (%)

as of 3/31/2018 (updated quarterly)

Legal Disclosures


The source for all charts and tables above is TCW
Objective Disclosure

There can be no assurance that this strategy will be able to achieve its objectives.

Index Disclosure

The index or indices cited herein are unmanaged groups of securities often taken as representative of those segments of the overall market and assume no reduction for fees and expenses in measuring returns. The securities in the index or indices may be substantially different from those in the strategy.

About Portfolio Values and Holdings

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

About Performance
Performance for any period not ending on a calendar quarter end is subject to adjustment at quarter end for accounts that are not present for the entire quarter. Past performance is no guarantee of future results.

This material is for general information purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security. Any issuers or securities noted in this document are provided as illustrations or examples only, for the limited purpose of analyzing general market or economic conditions and may not form the basis for an investment decision, nor are they intended to serve as investment advice. Any such issuers or securities are under periodic review by the portfolio management group and are subject to change without notice. TCW makes no representation as to whether any security or issuer mentioned in this document is now in any TCW portfolio. TCW, its officers, directors, employees or clients may have positions in securities or investments mentioned in this publication, which are subject to change without notice. Any information and statistical data contained herein derived from third party sources are believed to be reliable, but TCW does not represent that they are accurate, and they should not be relied on as such or be the basis for an investment decision.

An investment in the strategy described herein has risks, including the risk of losing some or all of the invested capital. An investor should carefully consider the risks and suitability of an investment strategy based on their own investment objectives and financial position. There is no assurance that the investment objectives and/or trends will come to pass or be maintained. The information contained herein may include preliminary information and/or “forward-looking statements.” Due to numerous factors, actual events may differ substantially from those presented herein. TCW assumes no duty to update any forward-looking statements or opinions in this document. This material comprises the assets under management of The TCW Group, Inc. and its subsidiaries, including TCW Investment Management Company LLC, TCW Asset Management Company LLC, and Metropolitan West Asset Management, LLC. Any opinions expressed herein are current only as of the time made and are subject to change without notice. The investment processes described herein are illustrative only and are subject to change. Past performance is no guarantee of future results. © 2018 TCW

Investment Team

  • Photo: Robert J. Park, CFA
    Robert J. Park, CFA
    Senior Analyst

    Mr. Park is a Senior Equity Analyst for the TCW Concentrated Core strategy and also serves as the Portfolio Manager of the TCW Global Healthcare strategy. Prior to joining TCW in 2001, Mr. Park was an Analyst at Newell Associates, a Palo Alto based investment management firm. While attending the University of Chicago Graduate School of Business, he interned at Wanger Asset Management. Mr. Park holds a BA in Economics from Stanford University and an MBA from the University of Chicago Graduate School of Business. He is a CFA charterholder.

News & Commentary

Documents