TCW
TCW Relative Value Large Cap Fund
Large-cap Value
Mar 2025 → Sep 2025
Our archive holds 3 letters from this strategy, behind 6 investment theses and positions in 12 companies. Every quote below is copied verbatim from the letter it came from.
3 letters in a year · follow all of TCW for every strategy.
What it bought and sold
Portfolio stock selection was a positive (+240 bps) in the quarter led by Intel, Seagate Technology, and Tapestry.
Fiserv was the weakest performer in the quarter, falling in July after the company reported mixed second quarter results.
At initiation, the stock had a $39 billion market capitalization and met all five valuation factors.
Portfolio stock selection was a positive (+240 bps) in the quarter led by Intel, Seagate Technology, and Tapestry.
The stock has appreciated to the point where it met none of the five valuation factors prompting us to eliminate the position automatically in accordance with our investment process.
The Texas Instruments position was eliminated due to industry headwinds blunting progress on the investment thesis.
With the catalysts having largely played out, the position was completely sold.
Portfolio stock selection was a positive (+240 bps) in the quarter led by Intel, Seagate Technology, and Tapestry.
Also held
Its investment theses
- CSX CorporationSep 2025CSX Corporation is a leading railroad company with a strong market position and cost advantages, set to benefit from management restructuring, operational improvements, and solid long-term growth prospects.
- Entergy CorporationSep 2025Entergy Corporation is a vertically integrated electric utility with significant growth potential due to new management initiatives and increasing demand from hyperscale customers.
- Equinix, Inc.Sep 2025Equinix, Inc. is a leading colocation data center provider with a global footprint, strong growth prospects, and a high valuation premium due to its attractive business model and market position.
- Equitable HoldingsMar 2025Equitable Holdings is a financial services company focused on life insurance and retirement, undergoing restructuring to emphasize asset and wealth management, which should drive growth and improve valuation multiples.
- Intel Corp.Mar 2025Intel Corp. is poised for a turnaround under new CEO Lip-Bu Tan, with a focus on restructuring and innovative products that aim to enhance cash flow and earnings.
- Texas InstrumentsMar 2025Texas Instruments is a major semiconductor manufacturer with a strong ESG score and potential for growth under new leadership and product expansion.