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TCW Enhanced Commodity Strategy Fund

mutual fund
TGABX
Payout Change
Pending
Price as of:
$5.79 -0.03 -0.52%
primary theme
Commodity
share class
TGABX (Mutual Fund)

TCW Enhanced Commodity Strategy Fund

Payout Change
Pending
Price as of:
$5.79 -0.03 -0.52%
primary theme
Commodity
share class
TGABX (Mutual Fund)

TCW Enhanced Commodity Strategy Fund

Payout Change
Pending
Price as of:
$5.79 -0.03 -0.52%
primary theme
Commodity
share class

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

$5.79

$22.5 M

5.13%

$0.30

2.09%

Vitals

YTD Return

1.9%

1 yr return

0.0%

3 Yr Avg Return

8.5%

5 Yr Avg Return

7.1%

Net Assets

$22.5 M

Holdings in Top 10

30.9%

52 WEEK LOW AND HIGH

$5.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.09%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 32.09%

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

$5.79

$22.5 M

5.13%

$0.30

2.09%

TGABX - Profile

Distributions

  • YTD Total Return 1.9%
  • 3 Yr Annualized Total Return 8.5%
  • 5 Yr Annualized Total Return 7.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.82%
DIVIDENDS
  • Dividend Yield 5.1%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    TCW Enhanced Commodity Strategy Fund
  • Fund Family Name
    TCW Family of Investment Companies
  • Inception Date
    Mar 31, 2011
  • Shares Outstanding
    N/A
  • Share Class
    N
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Stephen Kane

Fund Description

Under normal circumstances, the Fund seeks to achieve its investment objective by investing primarily in commodity-linked derivative instruments backed by a portfolio of Fixed Income Instruments. “Fixed Income Instruments” refers to securities of varying maturities issued by domestic and foreign corporations and governments (and their agencies and instrumentalities), including bonds, notes, mortgage-backed
securities, asset-backed securities (including collateralized debt obligations, which in turn include collateralized bond obligations and collateralized loan obligations), bank loans, money-market securities, swaps and derivatives (including futures, options and credit default swaps), private placements, defaulted debt securities and Rule 144A securities.
The Fund invests in commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures and options on futures, that provide exposure to the investment returns of the commodities markets, without investing directly in physical commodities. Commodities are assets that have tangible properties, such as oil, metals, and agricultural products. The value of commodity-linked derivative instruments may be affected by overall market movements and other factors affecting the value of a particular industry or commodity, such as weather, disease, embargoes, or political and regulatory developments. The Fund may also invest in common and preferred stocks as well as convertible securities of issuers in commodity-related industries.
The Fund may seek to gain exposure to the commodity markets through investments in leveraged or unleveraged commodity index-linked notes, which are derivative debt instruments with principal and/or coupon payments linked to the performance of commodity indices, and through investments in the Subsidiary, a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands. Commodity index-linked notes are sometimes referred to as “structured notes” because the terms of these notes may be structured by the issuer and the purchaser of the note. They are derivative securities with one or more commodity-linked components that have payment features similar to commodity futures contracts, commodity options, or similar instruments. Commodity-linked structured products may be either debt or equity securities, leveraged or unleveraged, and have both security and commodity-like characteristics. A portion of the value of these instruments may be derived from the value of a commodity, futures contract, index or other commodity variable. The value of these notes will rise or fall in response to changes in the underlying commodity or related index of investment.
The Subsidiary is advised by the Advisor and has the same investment objective as the Fund. As discussed in greater detail elsewhere in this Prospectus, the Subsidiary may invest in commodity-linked swap agreements and other commodity-linked derivative instruments to an extent greater than the Fund may make such investments. The Fund’s investment in
the Subsidiary generally will not exceed 25% of the value of the Fund’s total assets, except to the limited extent a higher amount is allowed under applicable tax law.
The derivative instruments in which the Fund and the Subsidiary primarily invest are instruments linked to certain commodity indices and instruments linked to the value of a particular commodity or commodity futures contract, or a subset of commodities or commodity futures contracts. These instruments may specify exposure to commodity futures with different roll dates, reset dates or contract terms than those specified by a particular commodity index. As a result, the commodity-linked derivatives component of the Fund’s portfolio may deviate from the returns of any particular commodity index. The Fund or the Subsidiary may over-weigh or under-weigh its exposure to a particular commodity index, or a subset of commodities, such that the Fund has greater or lesser exposure to that index than the value of the Fund’s net assets, or greater or lesser exposure to a subset of commodities than is represented by a particular commodity index. Assets not invested in commodity-linked derivative instruments or the Subsidiary may be invested in inflation-indexed securities and other Fixed Income Instruments, including derivative Fixed Income Instruments. In addition, the Fund may invest its assets in particular sectors of the commodities market.
The average duration of the Fixed Income Instruments held by the Fund is not expected to exceed 3 years, under normal market conditions. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security’s price to changes in interest rates. The Fund may invest up to 5% of its net assets in below investment grade bonds (commonly known as “junk bonds”), which are bonds rated below BBB by Fitch Ratings, Inc., below BBB by S&P Global Ratings and below Baa by Moody’s Investors Service, Inc., or, if unrated, bonds deemed by the Advisor to be of comparable quality. The Fund may invest up to 15% of its assets in foreign securities that are denominated in U.S. dollars. The Fund may invest up to 5% of its assets in securities of foreign issuers that are not denominated in U.S. dollars. The Fund may invest up to 5% of its assets in emerging market securities. The Fund reserves the right to hedge its exposure to foreign currencies to reduce the risk of loss due to fluctuations in currency exchange rates.
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TGABX - Performance

Return Ranking - Trailing

Period TGABX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.9% -26.2% 18.8% 61.19%
1 Yr 0.0% -47.1% 29.1% 82.84%
3 Yr 8.5%* -28.4% 298.9% 45.45%
5 Yr 7.1%* -31.0% 131.3% 50.78%
10 Yr -0.6%* -28.0% 45.1% 60.00%

* Annualized

Return Ranking - Calendar

Period TGABX Return Category Return Low Category Return High Rank in Category (%)
2023 -11.8% -64.0% 30.1% 73.13%
2022 11.0% -45.7% 2475.6% 13.53%
2021 22.6% -23.3% 106.7% 20.45%
2020 -3.5% -71.9% 295.5% 69.77%
2019 6.5% -31.8% 53.9% 50.00%

Total Return Ranking - Trailing

Period TGABX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.9% -26.2% 18.8% 61.19%
1 Yr 0.0% -47.1% 29.1% 82.84%
3 Yr 8.5%* -28.4% 298.9% 45.45%
5 Yr 7.1%* -31.0% 131.3% 50.78%
10 Yr -0.6%* -28.0% 45.1% 60.00%

* Annualized

Total Return Ranking - Calendar

Period TGABX Return Category Return Low Category Return High Rank in Category (%)
2023 -8.3% -64.0% 41.1% 81.34%
2022 13.0% -15.1% 5648.8% 52.63%
2021 30.4% -23.3% 188.1% 45.45%
2020 0.3% -67.8% 296.1% 52.71%
2019 10.3% -31.8% 53.9% 48.44%

NAV & Total Return History


TGABX - Holdings

Concentration Analysis

TGABX Category Low Category High TGABX % Rank
Net Assets 22.5 M 2.34 M 54.2 B 90.36%
Number of Holdings 185 1 926 36.50%
Net Assets in Top 10 3.63 M 2.66 M 63.2 B 97.81%
Weighting of Top 10 30.90% 23.0% 153.5% 93.18%

Top 10 Holdings

  1. State Street Institutional US Government Money Market Fund 16.50%
  2. Houston Galleria Mall Trust 2015-HGLR 2.05%
  3. Progress Residential 2021-SFR1 1.97%
  4. Freddie Mac REMICS 1.70%
  5. Stack Infrastructure Issuer LLC 1.59%
  6. Long: CTRC00098 TRS USD R E REC EQ / Short: CTRC00098 TRS USD P F .14000 PAY FIXED 1.55%
  7. CF Hippolyta Issuer LLC 1.43%
  8. Goldman Sachs Group Inc/The 1.38%
  9. Navient Private Education Refi Loan Trust 2021-B 1.37%
  10. Alliant Energy Finance LLC 1.36%

Asset Allocation

Weighting Return Low Return High TGABX % Rank
Bonds
52.58% 0.00% 120.99% 35.04%
Cash
30.15% 0.00% 100.26% 45.93%
Other
17.27% -47.59% 100.00% 33.33%
Convertible Bonds
1.89% 0.00% 3.89% 2.99%
Stocks
0.00% 0.00% 62.82% 89.78%
Preferred Stocks
0.00% 0.00% 0.07% 84.44%

Bond Sector Breakdown

Weighting Return Low Return High TGABX % Rank
Securitized
36.61% 0.00% 36.61% 1.65%
Corporate
33.20% 0.00% 42.72% 10.74%
Cash & Equivalents
16.55% 0.00% 100.26% 63.11%
Government
11.39% 0.00% 100.00% 70.25%
Derivative
2.01% -10.00% 99.82% 7.38%
Municipal
0.20% 0.00% 1.45% 9.09%

Bond Geographic Breakdown

Weighting Return Low Return High TGABX % Rank
US
52.58% 0.00% 106.15% 35.56%
Non US
0.00% 0.00% 21.42% 84.44%

TGABX - Expenses

Operational Fees

TGABX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.09% 0.21% 4.07% 10.19%
Management Fee 0.50% 0.00% 1.75% 31.93%
12b-1 Fee 0.25% 0.00% 1.00% 63.49%
Administrative Fee 0.02% 0.02% 0.45% 6.67%

Sales Fees

TGABX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 4.50% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

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

TGABX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 32.09% 0.00% 162.00% 63.92%

TGABX - Distributions

Dividend Yield Analysis

TGABX Category Low Category High TGABX % Rank
Dividend Yield 5.13% 0.00% 26.20% 25.30%

Dividend Distribution Analysis

TGABX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annually Annually Annually

Net Income Ratio Analysis

TGABX Category Low Category High TGABX % Rank
Net Income Ratio 0.82% -55.71% 52.26% 17.16%

Capital Gain Distribution Analysis

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

Distributions History

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TGABX - Fund Manager Analysis

Managers

Stephen Kane


Start Date

Tenure

Tenure Rank

Mar 31, 2011

11.18

11.2%

Stephen M. Kane, CFA Group Managing Director U.S. Fixed Income Mr. Kane 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). At MetWest, Mr. Kane was responsible for leading MetWest's AlphaTrak, Ultra Short and Liability Driven Investment (LDI) products, and he co-manages many of the firm's mutual funds. Under his co-leadership, the MetWest investment team was recognized as Morningstar's Fixed Income Manager of the Year for 2005. Prior to establishing MetWest, he was a fixed income portfolio manager at Hotchkis and Wiley. He also served as a Vice President at PIMCO. Mr. Kane earned a BS in Business from the University of California, Berkeley and an MBA from the University of Chicago Booth School of Business.

Bret Barker


Start Date

Tenure

Tenure Rank

Mar 31, 2011

11.18

11.2%

Mr. Barker is a Specialist Portfolio Manager – Treasuries in the U.S. Fixed Income group. Mr. Barker joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest). He is responsible for the portfolio management of Treasuries, TIPS, agencies, money market instruments, and derivatives. In conjunction with the generalist portfolio managers, he implements decisions on duration and yield curve positioning across all MetWest and several TCW products. Prior to joining MetWest in 1997, he worked at Coast Asset Management in their futures and options department. Mr. Barker earned a BBA in Business with a minor in classical studies from Loyola Marymount University.

Bryan Whalen


Start Date

Tenure

Tenure Rank

Dec 31, 2021

0.41

0.4%

Bryan T. Whalen, CFA Group Managing Director U.S. Fixed Income Mr. Whalen is a Generalist Portfolio Manager in the U.S. Fixed Income Group. Mr. Whalen joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest) as co-head of the Securitized Products division. Prior to joining TCW, Mr. Whalen was a partner and co-head of MetWest's Securitized Products division. Prior to joining MetWest in 2004, he was a director in the fixed income department at Credit Suisse First Boston in New York. Previously, he was a vice president at Donaldson, Lufkin & Jenrette. Mr. Whalen earned a BA in Economics from Yale University. He is a CFA charterholder.

Ruben Hovhannisyan


Start Date

Tenure

Tenure Rank

Dec 31, 2021

0.41

0.4%

Tenure Analysis

Category Low Category High Category Average Category Mode
0.33 17.03 5.76 11.51