TCW Emerging Markets Fixed Income Total Return Strategy

Marketable Securities Division

TCW Emerging Markets Fixed Income is actively managed as a distinctly separate asset class. The investment objective of TCW Emerging Markets Fixed Income is to maximize risk-adjusted total returns using a traditional fixed income framework.


AUM or Committed to Management

$9.7 Billion (as of 12/31/19)

Investment Vehicles and Minimums Separate Account $100 Million

Emerging Markets Income Fund  $2,000

Investment Team

  • Penelope D. Foley
  • David I. Robbins
  • Alex Stanojevic
Strategy Information
Product Name 1-mo 3-mo YTD
Annualized Performance
3-yr 5-yr Since Inception
TCW (Gross) 3.14% 3.23% 16.81% 16.81% 7.50% 7.10% 11.68%
TCW (Net) 3.10% 3.11% 16.22% 16.22% 6.96% 6.57% 11.03%
JP Morgan EMBI Global Diversified Index 2.01% 1.81% 15.04% 15.04% 6.69% 6.24% 9.69%
as of 12/31/2019 (updated quarterly)

Click Here for detailed Performance Disclosures 

Investment Approach 

Our value-seeking investment approach has been developed to identify and exploit the best reward-risk opportunities in emerging markets fixed income.

Our integrated top-down and bottom-up investment process emphasizes global and multi-sector diversification to generate attractive risk-adjusted returns from income and capital appreciation.

Our experienced team of research, trading, and investment professionals utilizes highly developed research methods to establish a dynamic link between credit fundamentals, market valuations, and portfolio strategy.

Performance Returns

as of 12/31/2019 (^ Annualized Performance 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 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. All information is as of the date of this presentation unless otherwise indicated.

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. © 2019 TCW

Investment Team

  • Photo: Penelope D. Foley
    Penelope D. Foley
    Group Managing Director

    Ms. Foley is a Portfolio Manager for the TCW Emerging Markets and International Equities Groups and currently serves on the board of the TCW Group, Inc. Prior to joining TCW in 1990, Ms. Foley was a Senior Vice President of Drexel Burnham Lambert where she was involved in the management of DBL Americas Development Association, L.P. and in the provision of investment and merchant banking services in Latin America. Before Drexel, she was a Vice President in Citicorp’s Investment Bank and was responsible for Eurosecurities, project finance and private placements in Latin America and Canada. Previously, she was an Associate in the Corporate Finance Department at Lehman Brothers. Ms. Foley attended Northwestern University and holds a BA from Hollins College.

  • Photo: David I. Robbins
    David I. Robbins
    Group Managing Director

    Mr. Robbins is a Portfolio Manager for the TCW Emerging Markets and International Equities Groups. Prior to joining TCW in 2000, Mr. Robbins was with Lehman Brothers where he was responsible for global emerging markets trading in the Fixed Income division. Prior to that, he worked at Morgan Stanley from 1983-1997 where he was head of Emerging Markets Trading. Mr. Robbins received a BA in Economics and History from Swarthmore College.

  • Photo: Alex Stanojevic
    Alex Stanojevic
    Managing Director

    Mr. Stanojevic is a Portfolio Manager for the TCW Emerging Markets Group. Prior to this, he served as the team’s Head Trader, where he was responsible for trading emerging markets fixed income assets and determining relative value opportunities in the investable universe. Mr. Stanojevic joined TCW in 2005 from Coast Asset Management LP, where he was responsible for interest rate derivatives transactions, trade modeling, research, and performance reporting. Mr. Stanojevic received his BS in Finance from the California State University Long Beach (Magna Cum Laude), and an MBA from Loyola Marymount University, Los Angeles.