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Trending ETFs

Metropolitan West Opportunistic High Income Credit Fund

mutual fund
MWORX
Payout Change
Pending
Price as of:
$7.4 +0.0 +0.0%
primary theme
N/A
share class
I (MWOPX) M (MWORX)
MWORX (Mutual Fund)

Metropolitan West Opportunistic High Income Credit Fund

Payout Change
Pending
Price as of:
$7.4 +0.0 +0.0%
primary theme
N/A
share class
I (MWOPX) M (MWORX)
MWORX (Mutual Fund)

Metropolitan West Opportunistic High Income Credit Fund

Payout Change
Pending
Price as of:
$7.4 +0.0 +0.0%
primary theme
N/A
share class
I (MWOPX) M (MWORX)

Name

As of 07/19/2024

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

Metropolitan West Opportunistic High Income Credit Fund

MWORX | Fund

$7.40

$1.45 M

5.95%

$0.44

10.78%

Vitals

YTD Return

-0.1%

1 yr return

6.1%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$1.45 M

Holdings in Top 10

36.8%

52 WEEK LOW AND HIGH

$7.4
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 10.78%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 104.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$5,000

IRA

$1,000

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 07/19/2024

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

Metropolitan West Opportunistic High Income Credit Fund

MWORX | Fund

$7.40

$1.45 M

5.95%

$0.44

10.78%

MWORX - Profile

Distributions

  • YTD Total Return -0.1%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 14.30%
DIVIDENDS
  • Dividend Yield 6.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Metropolitan West Opportunistic High Income Credit Fund
  • Fund Family Name
    TCW Family of Investment Companies
  • Inception Date
    Jul 30, 2021
  • Shares Outstanding
    N/A
  • Share Class
    M
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Harrison Choi

Fund Description

The Fund pursues its objective by utilizing a flexible investment approach that, under normal circumstances, invests at least 80% of its net assets in investments across a range of investment opportunities related to income-generating credit securities, with an emphasis on higher volatility, lower-quality debt securities rated below investment grade (commonly known as “junk bonds”) by Moody’s Investors Services, Inc. (“Moody’s”), S&P Global rating (“S&P”) and Fitch Ratings, Inc. (“Fitch”), or unrated securities determined by the Adviser to be of comparable quality. The use of the term “opportunistic” in the Fund’s name means that it is not limited to any single type of investment strategy, sector or income-producing security. Income-generating credit securities may include defaulted securities that are not current with their interest, distribution, or dividend payments, but defaulted securities are not expected to constitute more than 15% of the Fund’s portfolio.
The portfolio management team evaluates each investment idea based on, among other factors, the team’s view of its current income potential, risk level, capital appreciation potential, and how it fits within the Fund’s overall portfolio in determining whether to buy or sell investments. The Adviser allocates the Fund’s assets in response to, among other factors, changing market, financial, economic, and political factors and events that the Fund’s portfolio managers believe may affect the values of the Fund’s investments. The allocation of capital to sectors and securities within each sector in the Fund is driven primarily by the Adviser’s assessment of relative value offered by each sector and security, respectively.
The Fund may invest up to 20% of its total assets in equity securities, including common and preferred stock; rights, warrants or options to purchase common or preferred stock; securities that may be converted into or exchanged for common or preferred stock, such as convertible preferred stock, convertible debt and Eurodollar convertible securities; equity securities of foreign companies listed on established exchanges in the U.S., including NASDAQ; American Depository Receipts (ADRs); and other securities, including structured securities, with equity characteristics. In addition, the Fund may acquire and hold common stocks or other equity securities (or rights to acquire such securities) in unit offerings with fixed income securities, in connection with an amendment, waiver, conversion or exchange of fixed income securities, in connection with the bankruptcy or workout of a distressed fixed income security, or upon the exercise of a right or warrant obtained on account of a fixed income security.
Investments in the Fund include various types of bonds and debt securities, including corporate bonds, notes, mortgage-related and asset-backed securities (including collateralized debt obligations, which in turn include collateralized bond obligations and collateralized loan obligations), bank loans, municipal securities, U.S. and non-U.S. money market securities, defaulted debt securities, private placements and restricted securities. The Fund’s fixed income investments may have interest rates that are fixed, variable or floating. The Fund may invest in securities of any maturity, and there is no limit on the weighted average maturity of the Fund’s portfolio. The Fund does not have a duration target. The Fund may also invest in companies whose financial condition is uncertain, where the borrower has defaulted in the payment of interest or principal or in the performance of its covenants or agreements, or that may be involved in bankruptcy proceedings, reorganizations or financial restructurings.
The Fund may invest in both investment grade and high yield fixed income securities (commonly known as “junk bonds”).
The Fund may invest up to 100% of its total assets (measured at the time of investment) in securities rated below investment grade by Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings, Inc. (“Fitch”), or, if unrated, determined by the Adviser to be of comparable quality. The Fund may invest up to 25% of its total assets (measured at the time of investment) in asset-backed and mortgage-related securities rated below investment grade by Moody’s, S&P or Fitch, or, if unrated, determined by the Adviser to be of comparable quality.
The Fund may invest in foreign securities, and up to 20% of the Fund’s total assets may be invested in emerging markets and instruments that are economically tied to emerging market countries. The Fund considers emerging market countries to include all 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 Emerging Markets Index and the MSCI Frontier Markets Index. Instruments considered to be economically tied to emerging market countries are (i) those that are principally traded in an emerging market country, or (ii) those that are issued by: (a) an issuer organized under the laws of or maintaining a principal place of business in an emerging market country, (b) an issuer that derives or is expected to derive 50% or more of its total revenues, earnings or profits from business activity in an emerging market country, or that maintains or is expected to maintain 50% or more of its employees, assets, investments or operations in an emerging market country, or (c) a governmental or quasi-governmental entity of an emerging market country. The emerging market fixed-income securities in which the Fund may invest are not subject to any minimum credit quality standards.
The Fund normally limits its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its total assets. The Fund reserves the right to hedge its exposure to foreign currencies to reduce the risk of loss from fluctuations in currency exchange rates, but is under no obligation to do so under any circumstances.
The Fund may sell securities and other instruments short provided that not more than 331/3% of its net assets is held as collateral for those transactions. Derivatives are used in an effort to hedge investments, for risk management or to increase income or gains for the Fund. The types of derivative instruments in which the Fund will principally invest are currency and other futures, forward contracts, options, and swap
agreements (typically interest rate swaps, index-linked swaps, total return swaps and credit default swaps). The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.
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MWORX - Performance

Return Ranking - Trailing

Period MWORX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.1% -6.2% 9.4% 96.20%
1 Yr 6.1% -4.8% 18.6% 94.92%
3 Yr N/A* -15.3% 20.6% N/A
5 Yr N/A* -11.9% 37.2% N/A
10 Yr N/A* -5.2% 19.8% N/A

* Annualized

Return Ranking - Calendar

Period MWORX Return Category Return Low Category Return High Rank in Category (%)
2025 3.2% -4.7% 14.3% 89.37%
2024 -24.0% -33.4% 3.6% 98.24%
2023 N/A -8.4% 8.2% N/A
2022 N/A -13.2% 302.7% N/A
2021 N/A -4.4% 13.3% N/A

Total Return Ranking - Trailing

Period MWORX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.1% -6.2% 9.4% 96.20%
1 Yr 6.1% -4.8% 18.6% 94.92%
3 Yr N/A* -15.3% 20.6% N/A
5 Yr N/A* -11.9% 37.2% N/A
10 Yr N/A* -5.2% 19.8% N/A

* Annualized

Total Return Ranking - Calendar

Period MWORX Return Category Return Low Category Return High Rank in Category (%)
2025 12.3% -4.7% 18.7% 44.29%
2024 -13.9% -33.4% 47.8% 91.19%
2023 N/A -8.4% 12.4% N/A
2022 N/A -9.6% 325.6% N/A
2021 N/A -3.8% 19.4% N/A

NAV & Total Return History

MWORX - Holdings

Concentration Analysis

MWORX Category Low Category High MWORX % Rank
Net Assets 1.45 M 1.45 M 23.6 B 100.00%
Number of Holdings 163 2 2888 82.19%
Net Assets in Top 10 547 K -492 M 5.26 B 99.36%
Weighting of Top 10 36.75% 4.4% 144.6% 7.31%

Top 10 Holdings

  1. Fidelity Government Portfolio 9.86%
  2. United States Treasury Note/Bond 4.83%
  3. MSILF Government Portfolio 4.30%
  4. United States Treasury Bill 3.35%
  5. United States Treasury Bill 3.35%
  6. United States Treasury Bill 3.34%
  7. Ford Motor Credit Co LLC 2.33%
  8. MASTR Adjustable Rate Mortgages Trust 2004-13 1.92%
  9. CIM Trust 2022-NR1 1.79%
  10. United States Treasury Note/Bond 1.67%

Asset Allocation

Weighting Return Low Return High MWORX % Rank
Bonds 		71.36% -0.88% 154.38% 94.15%
Stocks 		15.44% 0.00% 99.58% 3.96%
Cash 		14.16% -52.00% 91.75% 4.77%
Other 		1.13% -63.70% 100.29% 16.22%
Convertible Bonds 		0.68% 0.00% 17.89% 66.30%
Preferred Stocks 		0.00% 0.00% 7.50% 83.62%

Stock Sector Breakdown

Weighting Return Low Return High MWORX % Rank
Communication Services 		24.57% 0.00% 99.99% 17.66%
Energy 		20.31% 0.00% 100.00% 54.99%
Industrials 		9.87% 0.00% 93.12% 8.83%
Real Estate 		8.72% 0.00% 86.71% 13.68%
Financial Services 		8.64% 0.00% 100.00% 17.95%
Healthcare 		7.85% 0.00% 22.17% 4.84%
Technology 		7.41% 0.00% 33.17% 12.54%
Consumer Cyclical 		6.18% 0.00% 100.00% 22.51%
Consumer Defense 		4.35% 0.00% 100.00% 15.10%
Utilities 		2.12% 0.00% 100.00% 25.36%
Basic Materials 		0.00% 0.00% 100.00% 80.06%

Stock Geographic Breakdown

Weighting Return Low Return High MWORX % Rank
US 		15.44% 0.00% 99.58% 3.97%
Non US 		0.00% -0.01% 0.83% 77.42%

Bond Sector Breakdown

Weighting Return Low Return High MWORX % Rank
Corporate 		84.50% 0.00% 100.00% 88.54%
Cash & Equivalents 		14.16% 0.00% 91.75% 4.61%
Securitized 		11.96% 0.00% 97.24% 2.07%
Municipal 		0.00% 0.00% 1.17% 75.00%
Government 		0.00% 0.00% 99.07% 83.44%
Derivative 		-0.05% -14.70% 42.26% 94.91%

Bond Geographic Breakdown

Weighting Return Low Return High MWORX % Rank
US 		71.36% -0.88% 129.21% 90.14%
Non US 		0.00% 0.00% 96.20% 84.10%

MWORX - Expenses

Operational Fees

MWORX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 10.78% 0.02% 38.33% 0.63%
Management Fee 0.50% 0.00% 1.75% 35.97%
12b-1 Fee 0.25% 0.00% 1.00% 51.13%
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

MWORX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

MWORX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 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.

MWORX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 104.00% 1.00% 255.00% 89.43%

MWORX - Distributions

Dividend Yield Analysis

MWORX Category Low Category High MWORX % Rank
Dividend Yield 5.95% 0.00% 11.76% 7.11%

Dividend Distribution Analysis

MWORX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly SemiAnnual Monthly Monthly

Net Income Ratio Analysis

MWORX Category Low Category High MWORX % Rank
Net Income Ratio 14.30% -2.39% 14.30% 0.16%

Capital Gain Distribution Analysis

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

Distributions History

View More +

MWORX - Fund Manager Analysis

Managers

Harrison Choi

Start Date

Tenure

Tenure Rank

Jul 30, 2021

0.84

0.8%

Harrison Choi is a Managing Director for TCW Investment Management Company LLC and TCW LLC.

Steven Purdy

Start Date

Tenure

Tenure Rank

Jul 30, 2021

0.84

0.8%

Managing Director of Metropolitan West Asset Management since March 2016. Prior to joining Metropolitan, Mr. Purdy was a Managing Director at TPG Capital and Goldman Sachs. Mr. Purdy manages the High Yield Bond Fund.

Brian Gelfand

Start Date

Tenure

Tenure Rank

Jul 30, 2021

0.84

0.8%

Senior Vice President of the Metropolitan West Asset Management, LLC, Has been with the Metropolitan West Asset Management, LLC since 2014. Mr. Gelfand manages the Opportunistic High Income Credit Fund

Jerry Cudzil

Start Date

Tenure

Tenure Rank

Dec 31, 2021

0.41

0.4%

Jerry Cudzil is a Managing Director of the Metropolitan West Asset Management, LLC, has been with the Metropolitan West Asset Management, LLC since May, 2012. From June, 2004, until May 2010, Mr. Cudzil was a portfolio manager for Dimaio Ahman Capital. From May, 2010 until May, 2011, Mr. Cudzil was a high yield bond trader with Morgan Stanley & Co., and from September, 2011 until May, 2012, he was a high yield bond trader with Deutsche Bank.

Laird Landmann

Start Date

Tenure

Tenure Rank

Dec 31, 2021

0.41

0.4%

Laird R. Landmann Group Managing Director Co-Director Fixed Income U.S. Fixed Income Mr. Landmann is a Generalist Portfolio Manager in the U.S. Fixed Income Group. He joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest). Mr. Landmann currently serves on the boards of the Trust Company of the West and the Metropolitan West Mutual Funds. He is a leader of the MetWest investment team that was recognized as Morningstar's Fixed Income Manager of the Year for 2005 and has been nominated for the award eight times. Prior to founding MetWest in 1996, Mr. Landmann was a principal and the co-director of fixed income at Hotchkis and Wiley. He also served as a portfolio manager and vice president at PIMCO. Mr. Landmann holds an AB in Economics from Dartmouth College and an MBA from the University of Chicago Booth School of Business.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.17 8.17

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