Morningstar

TCW Emerging Markets Local Currency Income Fund Class I TGWIX

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  • NAV / 1-Day Return $7.89  /  0.00
  • Fund Size $53.1M
  • Adjusted Expense Ratio 0.850%
  • Net Expense Ratio 0.850%
  • Fee Level: Distribution Average
  • Share Class Type Institutional
  • Morningstar Category Emerging-Markets Local-Currency Bond
  • Fixed-Income Style Box (Funds) Medium/Moderate
  • Minimum Initial Investment $2,000
  • Investment Status Open
  • TTM Yield 6.40%
  • Average Effective Duration 5.72 yrs
NAV and 1-Day Return as of

Morningstar’s Analysis TGWIX

Will TGWIX outperform in the future?

Get our overall rating based on a fundamental assessment of the pillars below.

  • Process Pillar

    The Process Pillar is our assessment of how sensible, clearly defined, and repeatable TGWIX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the TGWIX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

  • Parent Pillar

    The Parent Pillar is our rating of TGWIX’s parent organization’s priorities and whether they’re in line with investors’ interests.

Recent departures have left this strategy in a weaker position.

Analyst Jeana Doubell

Jeana Doubell

Analyst

Summary

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.

by Jeana Doubell
Rated on Published on

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Portfolio Holdings TGWIX

More TGWIX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 38.9
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

Secretaria Do Tesouro Nacional 0.1%

6.29 4M
Government

Secretaria Do Tesouro Nacional 0.06%

4.33 3M
Government

Czech (Republic of) 0.0495%

4.33 3M
Government

South Africa (Republic of) 0.0875%

3.77 2M
Government

Indonesia (Republic of) 0.065%

3.66 2M
Government

Mexico (United Mexican States) 0.085%

3.61 2M
Government

Ministerio de Hacienda y Credito Publico 0.1175%

3.60 2M
Government

Turkey (Republic of) 0.3784%

3.54 2M
Government

China (People's Republic Of) 0.0257%

3.44 2M
Government

Secretaria Do Tesouro Nacional 0.1%

3.38 2M
Government

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