Metropolitan West High Yield Bond Fund
MWHIX
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- TCW MetWest High Yield Bond Fund I (MWHIX) is an open-end mutual fund that seeks total return opportunities through diversified exposure to the high yield bond universe, investing primarily in below-investment-grade corporate bonds, bank loans, preferred stocks, and related derivatives. The fund allocates heavily to corporate bonds (approximately 71%), bank loans (15%), cash equivalents (10%), futures/forwards (3%), and preferred stocks (3%), with top holdings including CCO Holdings LLC/CCO Holdings Capital Corp. 5.5%, Tenet Healthcare Corp. 5.125%, Centene Corp. 4.25%, TransDigm Inc. 6.375%, and Ford Motor Credit Co. LLC 3.664%; it maintains a portfolio emphasizing low credit quality and limited interest-rate sensitivity. Managed by a team including Stephen Kane (since inception), Jerry Cudzil and Steven Purdy (since 2019), and Brian Gelfand (since 2022), the Institutional I share class features a net expense ratio of 0.61% and requires a $3 million minimum initial investment. Launched on March 31, 2003, as part of the MetWest Funds managed by TCW Investment Management Company LLC—a wholly-owned subsidiary of The TCW Group, Inc., founded in 1971 and headquartered in Los Angeles, California—the fund operates within the U.S. high yield bond segment, domiciled in the United States and available to U.S. investors. Metropolitan West Asset Management, the fund's advisor and originally founded in 1996, focuses exclusively on fixed income strategies with a value-driven philosophy. In recent developments, TCW has accelerated growth in alternative credit, including a December 2024 expansion of its strategic alliance with Nippon Life Insurance Company, which increased its ownership in TCW and supported diversification into private credit alongside public fixed income; earlier in 2024, TCW partnered with PNC Financial Services to originate senior secured loans to middle-market companies, building on over 15 years of collaboration. In June 2025, TCW converted the related TCW MetWest Intermediate Bond Fund (MWIIX) into the $370 million TCW Core Plus Bond ETF (FIXT), enhancing its suite of actively managed fixed income exchange-traded products. These initiatives reflect TCW's broader strategic shift toward alternative credit and ETF offerings, with the High Yield Bond Fund maintaining strong performance, gaining 1.52% net in Q3 2025.