TCW Relative Value Mid Cap Fund Class N
TGVNX
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- TCW Relative Value Mid Cap Fund Class N (TGVNX) is an open-end mutual fund that seeks long-term capital appreciation by investing primarily in mid-cap value equities drawn from the Russell Midcap Index; it normally allocates at least 80% of its net assets to equity securities of mid-capitalization companies exhibiting relative value characteristics such as attractive price-to-earnings, price-to-cash flow, price-to-sales, price-to-book, and dividend yield metrics, with a focus on firms undergoing transitional issues and internal catalysts for earnings growth. The fund offers Class N shares with a net expense ratio of 0.95%, minimum initial investment of $2,000, and daily pricing; its portfolio is diversified across sectors including financial services (19.67%), consumer cyclical (15.65%), industrials (11.41%), technology (10.78%), and real estate (8.45%), with top holdings such as TCW Funds (4.70%), Popular Inc. (4.64%), Jones Lang LaSalle Inc. (4.01%), Equitable Holdings Inc. (3.51%), and Toll Brothers Inc. (3.16%). Managed by TCW Investment Management Company LLC, a subsidiary of The TCW Group, Inc., the fund targets institutional and individual investors including pension plans, financial advisors, and high-net-worth individuals, with total net assets of approximately $102 million and operations domiciled in the United States. Inception date is October 31, 2000, with headquarters at 515 South Flower Street, Los Angeles, California, part of TCW Group's broader platform managing over $200 billion in assets across fixed income, equities, alternatives, and emerging markets; TCW Group was founded in 1971. Portfolio management includes Mona Eraiba since April 3, 2020, and Iman H. Brivanlou, PhD, added as co-manager effective October 22, 2024. Recent developments include a contractual fee waiver by the investment advisor through March 1, 2025, limiting Class N expenses to 0.95% of average daily net assets; TCW Group's strategic expansion in May 2024 via partnership with PNC Financial Services for middle-market private credit lending, targeting $2.5 billion in initial equity; and in December 2024, an expanded alliance with Nippon Life Insurance Company committing up to $3.25 billion in anchor capital for alternative credit strategies while increasing its minority stake in TCW. These initiatives support TCW's growth in alternatives alongside its public funds like TGVNX, amid a Q2 2025 investor letter highlighting market rebounds post-tariff announcements.