TCW Relative Value Dividend Appreciation Strategy

Marketable Securities Division

A strategy which employs a highly disciplined, analytically-driven investment process utilizing quantitative and qualitative resources to generate investment ideas. Primarily invests in equities of companies with dividend paying records.

At-A-Glance

AUM or Committed to Management

$1.1 Billion (as of 03/31/18)

Investment Vehicles and Minimums Separate Account
For Institutions $10 Million
For High Net Worth Individuals $3 Million

Relative Value Dividend Appreciation Fund $2,000

Style

Investment Team

  • Diane E. Jaffee, CFA
Strategy Information
Product Name 1-mo 3-mo YTD
Annualized Performance
1-yr
3-yr 5-yr Since Inception
[12/31/2001]
TCW (Gross) -1.90% -0.87% -0.87% 7.46% 7.94% 10.50% 8.68%
TCW (Net) -1.96% -1.04% -1.04% 6.71% 7.18% 9.73% 7.92%
Russell 1000 Value Index -1.76% -2.83% -2.83% 6.95% 7.88% 10.78% 7.47%
as of 03/31/2018 (updated quarterly)

Click Here for detailed Performance Disclosures 

Investment Objective

The TCW Relative Value Dividend Appreciation discipline seeks long-term capital appreciation using a value-oriented investment approach and an emphasis on dividends. To pursue this goal, we invest primarily in equity securities of large capitalization companies. We will generally invest in companies with a market capitalization of $1 billion or greater.  The strategy is generally measured against the S&P 500 and the Russell 1000 Value.

Investment Philosophy

Our belief is that buying undervalued stocks where the company has a fundamental catalyst or competitive advantage will ultimately be recognized by the market place and appreciate in value. We call this philosophy the "search for value poised for growth.”

Performance Returns

as of 03/31/2018 (updated quarterly)

Top Ten Holdings (%)

  Portfolio
Cisco Systems 4.84
JPMorgan Chase & Co. 4.57
Citigroup 4.15
Chevron 3.92
Cypress Semiconductor 3.56
Gilead Sciences 3.35
State Street 3.17
Tapestry 3.17
Textron 3.14
Intercontinental Exchange 3.06
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.

Russell Trademark

Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes.  Russell® is a trademark of Russell Investment Group.

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: Diane E. Jaffee, CFA
    Diane E. Jaffee, CFA
    Group Managing Director

    Ms. Jaffee is the Senior Portfolio Manager for the TCW Relative Value Large Cap, TCW Relative Value Dividend Appreciation, and TCW Relative Value Mid Cap strategies and funds. She joined TCW through the acquisition of SG Cowen Asset Management in 2001. She had been a Senior Portfolio Manager at Cowen Asset Management since 1995 and continues in that role at TCW. She has more than 30 years of investment experience. Before joining Cowen, she was Vice President and Portfolio Manager at Kidder, Peabody & Co from 1986 to 1995. Prior to that, she was Vice President at Lehman Management Company from 1985 to 1986 and an Equity Analyst with Prudential Insurance from 1982 to 1985. In 2007, Ms. Jaffee was named the Separately Managed Accounts Award winner in the Large Cap Equity category by Standard & Poor’s and its award partners Prima Capital and Investment Advisor magazine. The TCW Relative Value Large Cap, Dividend Appreciation, and Mid Cap mutual funds have been each awarded Wall Street Journal’s “Category Kings” in their respective categories, multiple times in 2012, and the TCW Dividend Appreciation Fund was ranked the #1, top performing fund among Lipper Equity Income Funds for 2012. In 2013, the TCW Relative Value Large Cap mutual fund was ranked #1 fund for the first quarter and the #6 fund for the one-year period ending March 31, 2013 among Large Cap Value peers, while the Dividend Appreciation Fund ranked #2 for the quarter and #3 for the one-year period ending March 31, 2013 among Equity Income peers. Ms. Jaffee holds a BA in Economics from Wellesley College (1982). She has completed post-graduate work in Finance and Accounting at Rutgers University Graduate School of Management and is a CFA charterholder. Ms. Jaffee is also a member of the New York Society of Security Analysts, the Economic Club of New York, and the CFA Society.

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