TCW Emerging Markets Local Currency Income Fund Class I TGWIX

TCW Emerging Markets Local Currency Income suffered several missteps in recent years that highlighted a need for more robust risk allocation and position-sizing processes. Rapid-fire changes to the investment approach have continued, though, such as de-emphasizing relative value trading to focus more on country-specific fundamental analysis. That pivot coincided with several key team departures in 2025, which have left the platform lighter on its historical areas of expertise, warranting downgrades to Average from Above Average for both People and Process.