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Name

As of 03/22/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$7.41

$123 M

5.75%

$0.43

0.97%

Vitals

YTD Return

-2.2%

1 yr return

7.1%

3 Yr Avg Return

-1.9%

5 Yr Avg Return

-0.5%

Net Assets

$123 M

Holdings in Top 10

30.0%

52 WEEK LOW AND HIGH

$7.4
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.97%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 117.18%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,000

IRA

$500


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/22/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$7.41

$123 M

5.75%

$0.43

0.97%

TGWIX - Profile

Distributions

  • YTD Total Return -2.2%
  • 3 Yr Annualized Total Return -1.9%
  • 5 Yr Annualized Total Return -0.5%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 4.14%
DIVIDENDS
  • Dividend Yield 5.7%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    TCW Emerging Markets Local Currency Income Fund
  • Fund Family Name
    TCW Family of Investment Companies
  • Inception Date
    Dec 15, 2010
  • Shares Outstanding
    N/A
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Penelope Foley

Fund Description

Under normal circumstances, the Fund invests at least 80% of the value of its net assets, plus any borrowings for investment purposes, in debt securities issued or guaranteed by non-financial companies, financial institutions and government entities in Emerging Market Countries (as defined in the paragraph below) denominated in the local currencies of an issuer, and in derivative instruments that provide investment exposure to such securities. If the Fund changes this investment policy, it will notify shareholders in writing at least 60 days in advance of the change. The Fund may invest in high yield or below investment grade bonds (commonly known as “junk bonds”), which are bonds rated below BBB by S&P Global Ratings or below Baa by Moody’s Investors Service, Inc., or, if unrated, bonds deemed by the Fund’s investment advisor to be of comparable quality.
An “Emerging Market Country” means any of the countries in the J.P. Morgan Emerging Market Bond Index (EMBI) Global Diversified, the J.P. Morgan Corporate Emerging Market Bond Index (CEMBI) Broad Diversified, the J.P. Morgan Government Bond Index-Emerging Markets (GBI-EM), the MSCI Total Return Emerging Markets Index (Net) and the MSCI Frontier Markets Index. Emerging Markets corporate debt includes the debt of companies in each of these indices and debt of companies in the countries that are in each of these indices.
The Fund may invest in distressed or defaulted securities where the portfolio managers believe the restructured enterprise valuations or liquidation valuations may significantly exceed current market values. The Fund may invest in derivative instruments, such as credit-linked notes, structured investments, options, futures, options on futures (including those related to options, securities, foreign currencies, indexes and interest rates), forward contracts, swaps (including interest rate and credit default swaps) and options on swaps, for investment management (e.g., as a substitute for investing directly in debt securities and currencies, to increase returns, to manage credit or interest rate risk, or to manage the effective maturity or duration of the Fund’s investment portfolio) or hedging purposes. The Fund also may make forward commitments in which the Fund agrees to buy or sell a security in the future at a price agreed upon today. The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund.
In allocating investments among various Emerging Market Countries, the portfolio managers attempt to analyze internal political, market and economic factors. These factors include, but are not limited to:
Public finances;
Monetary policy;
External accounts;
Financial markets;
Foreign investment regulations;
Exchange rate policy;
Labor conditions;
Political outlook;
Structural reform policy; and
ESG factors.
Portfolio securities and other instruments may be sold for a number of reasons, including when the portfolio managers believe that (i) an individual security or instrument has reached its sell target, (ii) there has been a deterioration in the credit fundamentals of an issuer, (iii) there are negative macroeconomic or geopolitical considerations that may affect an issuer, (iv) another security or instrument may offer a better investment opportunity, or (v) the portfolio should be rebalanced for diversification or portfolio weighting purposes.
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TGWIX - Performance

Return Ranking - Trailing

Period TGWIX Return Category Return Low Category Return High Rank in Category (%)
YTD -2.2% -2.9% 106.3% 92.43%
1 Yr 7.1% -3.8% 126.6% 82.57%
3 Yr -1.9%* -13.6% 23.8% 77.47%
5 Yr -0.5%* -8.7% 14.2% 88.32%
10 Yr -0.3%* -5.2% 7.4% 79.77%

* Annualized

Return Ranking - Calendar

Period TGWIX Return Category Return Low Category Return High Rank in Category (%)
2023 8.8% -10.6% 17.8% 6.58%
2022 -14.6% -29.1% -2.4% 19.73%
2021 -12.6% -24.0% 2.7% 87.11%
2020 1.4% -14.0% 9.7% 41.01%
2019 11.0% -6.4% 13.0% 5.84%

Total Return Ranking - Trailing

Period TGWIX Return Category Return Low Category Return High Rank in Category (%)
YTD -2.2% -2.9% 106.3% 92.43%
1 Yr 7.1% -3.8% 126.6% 82.57%
3 Yr -1.9%* -13.6% 23.8% 77.47%
5 Yr -0.5%* -8.7% 14.2% 88.32%
10 Yr -0.3%* -5.2% 7.4% 79.77%

* Annualized

Total Return Ranking - Calendar

Period TGWIX Return Category Return Low Category Return High Rank in Category (%)
2023 13.2% -0.6% 20.0% 29.61%
2022 -12.3% -27.6% -1.7% 40.82%
2021 -9.3% -18.5% 7.4% 89.20%
2020 2.8% -7.8% 18.0% 81.65%
2019 12.9% -3.0% 23.0% 56.20%

NAV & Total Return History


TGWIX - Holdings

Concentration Analysis

TGWIX Category Low Category High TGWIX % Rank
Net Assets 123 M 331 K 13.6 B 59.02%
Number of Holdings 136 4 1833 83.28%
Net Assets in Top 10 20.7 M -134 M 1.25 B 61.97%
Weighting of Top 10 30.03% 5.1% 101.4% 21.85%

Top 10 Holdings

  1. State Street Institutional US Government Money Market Fund 4.06%
  2. Brazil Notas do Tesouro Nacional Serie F 3.87%
  3. Brazil Notas do Tesouro Nacional Serie F 3.73%
  4. Brazil Notas do Tesouro Nacional Serie F 3.62%
  5. Brazil Notas do Tesouro Nacional Serie F 2.85%
  6. Republic of Poland Government Bond 2.54%
  7. Republic of South Africa Government Bond 2.45%
  8. Mexican Bonos 2.36%
  9. China Government Bond 2.33%
  10. Republic of South Africa Government Bond 2.23%

Asset Allocation

Weighting Return Low Return High TGWIX % Rank
Bonds
93.92% 0.91% 99.54% 46.23%
Cash
5.92% 0.00% 21.93% 41.64%
Other
0.16% -9.56% 88.17% 39.02%
Stocks
0.00% -0.01% 93.55% 52.79%
Preferred Stocks
0.00% 0.00% 1.28% 39.34%
Convertible Bonds
0.00% 0.00% 8.47% 72.19%

TGWIX - Expenses

Operational Fees

TGWIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.97% 0.02% 35.56% 68.75%
Management Fee 0.75% 0.00% 1.10% 63.93%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.02% 0.02% 0.65% 3.81%

Sales Fees

TGWIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.75% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

TGWIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.75% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

TGWIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 117.18% 0.00% 218.00% 87.92%

TGWIX - Distributions

Dividend Yield Analysis

TGWIX Category Low Category High TGWIX % Rank
Dividend Yield 5.75% 0.00% 22.06% 72.46%

Dividend Distribution Analysis

TGWIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

TGWIX Category Low Category High TGWIX % Rank
Net Income Ratio 4.14% -2.28% 8.00% 45.64%

Capital Gain Distribution Analysis

TGWIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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TGWIX - Fund Manager Analysis

Managers

Penelope Foley


Start Date

Tenure

Tenure Rank

Dec 14, 2010

11.47

11.5%

Ms. Foley is a Portfolio Manager for TCW Emerging Markets strategies. 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.

David Robbins


Start Date

Tenure

Tenure Rank

Dec 14, 2010

11.47

11.5%

Mr. Robbins is a Portfolio Manager for TCW Emerging Markets strategies. Prior to joining TCW in 2000, Mr. Robbins invested in private equity. From 1997-1999, he 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.

Alex Stanojevic


Start Date

Tenure

Tenure Rank

Jun 30, 2017

4.92

4.9%

Alex Stanojevic—Alex 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. 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. 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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 23.87 6.38 6.11