TCW Global REIT Strategy

Marketable Securities Division

A value-oriented global REIT equity strategy that invests in a concentrated portfolio of high quality and well managed real estate and real estate related companies. A disciplined “bottom-up” investment process is used to identify investment opportunities.

At-A-Glance

AUM or Committed to Management

$543.7 Million (as of 12/31/17)
Investment Vehicles and Minimums Separate Account
For Institutions $5 Million
For High Net Worth Individuals $1 Million

TCW Global Real Estate Fund $2,000

Investment Team

  • Iman H. Brivanlou, PhD
Strategy Information
Product Name 1-mo 3-mo YTD
Annualized Performance
1-yr
3-yr 5-yr Since Inception
[01/01/2014]
TCW (Gross) -0.40% 2.83% 12.77% 12.77% 5.58% 0.00% 8.73%
TCW (Net) -0.47% 2.64% 11.93% 11.93% 4.75% 0.00% 7.88%
S&P Global REIT Index 1.20% 3.27% 8.63% 8.63% 5.32% 0.00% 9.44%
as of 12/31/2017 (updated quarterly)

Click Here for detailed Performance Disclosures 

Investment Objective

The strategy seeks a combination of current income and long-term capital growth. Performance should be measured over a full market cycle.

Investment Philosophy

We believe that a concentrated yet balanced portfolio of high quality and well managed global real estate companies has the potential to provide investors with strong total returns over the long-term. We seek to acquire shares of high quality real estate stocks at a substantial discount to their intrinsic value. To identify opportunities, we employ a disciplined “bottom-up” investment process, with emphasis on asset/cash flow/management quality and dividend stability.

Our investment process is founded on two primary pillars:

  • Balance sheet, liquidity, and cash flow analysis: Does the company have high quality assets with appropriate leverage? How visible and sustainable are the company’s future cash flow and dividend streams? How likely are dividends to grow? We complement our analytical work with “on the ground” diligence.
  • Management: Is there a proven track record of value-creation? Are interests aligned with shareholders? Is there stability? We generally meet with upper management of portfolio companies on a regular basis.
  • Our process allows for high conviction: In order not to dilute performance, our portfolios are concentrated – typically 20-40 holdings at any given time.
  • In light of this concentration, care is taken to construct a balanced portfolio. We seek thematic diversity and balance along a number of axes such as market capitalization, geography, and end-market exposure.
  • Our sell discipline is rigorous. We sell positions when (i) price approaches our estimate of intrinsic value, (ii) we conclude that our original thesis was flawed or has been damaged, or (iii) a more compelling opportunity has been identified. We perform a fundamental review if a holding underperforms meaningfully or if there is a change in management.
  • We generally invest with a 3-5 year investment horizon and seek to be fully invested at all times.

 

As of September 30, 2017

Performance Returns

as of 12/31/2017 (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. © 2017 TCW

Investment Team

  • Photo: Iman H. Brivanlou, PhD
    Iman H. Brivanlou, PhD
    Managing Director

    Dr. Brivanlou heads TCW’s High Income Equities group and is the Lead Portfolio Manager for the TCW High Income Equities and TCW Global REITs funds. He joined TCW in 2006 as an Analyst in the U.S. Equity Research group. His research coverage has spanned the real estate, insurance, business services, transportation, and consumer staples sectors. Prior to TCW, he developed and tested quantitative models aimed at predicting the sizes of catalyst “events” using option pricing for Kayne Anderson, a hedge fund in Century City. Dr. Brivanlou was a Howard Hughes post-doctoral fellow in Molecular Neurobiology at the Salk Institute in La Jolla. He holds a BS in Physics from Massachusetts Institute of Technology (MIT), a PhD in Neuroscience from Harvard University, and an MBA in Finance and Strategy from the UCLA Anderson School of Management.

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