TCW MetWest Investment Grade Credit Fund Q4 2024 Commentary

The TCW Group
28 Followers
(11min)

Summary

  • TCW MetWest Investment Grade Credit Fund I-Class gained 5.17% (net of fees) in the third quarter of 2024 to outpace the Bloomberg Intermediate Credit Index by 54 bps, while the year-to-date return of 5.89% was 34 bps ahead of the Index.
  • Current sector allocations include sizeable exposure to securitized products, where yield and spread levels present a more compelling relative value proposition versus corporate credit.
  • Equity markets shrugged off this temporary downward repricing, with the S&P 500 Index positing a 5.9% gain, bringing the year-to-date advance to 22.1%.

Credit text on wooden cubes on gold coins

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Market Review: Tipping Point

For a Federal Reserve (Fed) that elected to keep benchmark rates unchanged for the better part of five quarters with a data dependent approach to shaping monetary policy, the decision to implement what

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TCW is a leading global asset management firm with more than five decades of investment experience and a broad range of products across fixed income, equities, emerging markets, and alternative investments. TCW’s clients include many of the world’s largest corporate and public pension plans, financial institutions, endowments and foundations, as well as financial advisors and high net worth individuals. Note: This account is not managed or monitored by TCW, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use TCW's official channels.

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