TCW Relative Value Large Cap Strategy

Managed Account Division

A strategy seeking undervalued, large cap stocks where the company has a fundamental catalyst or competitive advantage which will ultimately be recognized by the market place and appreciate in value.

At-A-Glance

AUM or Committed to Management

$4.8 Billion (as of 09/30/18)
 

Style

Investment Team

  • Diane E. Jaffee, CFA

Investment Objective

The Relative Value Large Cap discipline seeks long-term capital appreciation using a value-oriented investment approach. 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 and are measured against the Russell 1000 Value and the S&P 500.

There is, of course, no assurance that this goal will be realized.

 

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.”

Top Ten Holdings (%)

  Portfolio
Textron Inc. 4.70
Cisco Systems Inc. 4.48
JPMorgan Chase & Co. 4.32
Citigroup Inc. 4.16
Comcast Corp. 3.46
Merck & Co. Inc. 3.46
Corning Inc. 3.19
Intercontinental Exchange Inc. 3.14
Chevron Corp. 3.01
Baker Hughes a GE Co. 2.98
as of 9/30/2018 (updated quarterly)

Sector Weight (%)

as of 9/30/2018 (updated quarterly)

Legal Disclosures


The source for all charts and tables above is TCW
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.
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.


*Source: BNY Mellon Performance and Risk Analytics, based on a managed account Relative Value Large Cap model portfolio. 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.


**Source: BNY Mellon Performance and Risk Analytics, based on a managed account TCW Relative Value Large Cap model portfolio. Portfolio characteristics and holdings are subject to change at any time. The investment strategy does not target any specific numbers or ranges for these characteristics. Accordingly, these characteristics can vary greatly. The estimates are forward-looking statements based on assumptions. This would include forward earnings estimates and growth rates, among other things, and all associated calculations, including projected price/earnings ratios. Actual results may vary materially from the estimates due to the numerous economic, financial and market conditions. There is no assurance that forecast estimates will be realized. Cash, as of 9/30/09, 5.4 %

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.

News & Commentary

Documents