Fund Evaluator:
TCW Relative Value Mid Cap I (TGVOX)
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Best Performing in Mid-Cap Value Over the Last Year
| 40.0% | Fidelity Value Strategies (FSLSX) |
| 39.4% | Fidelity Advisor Mid Cap Value Z (FIDFX) |
| 39.2% | Fidelity Mid Cap Value (FSMVX) |
| 35.7% | Fidelity Advisor Value Z (FVLZX) |
| 35.5% | Fidelity Value (FDVLX) |
Fund Details
TCW Relative Value Mid Cap I Overview
TCW Relative Value Mid Cap I (TGVOX) is an actively managed U.S. Equity Mid-Cap Value fund. TCW launched the fund in 1997.
The investment seeks long-term capital appreciation. Under normal circumstances, the fund invests at least 80% of the value of its net assets, plus any borrowings for investment purposes, in equity securities of mid-capitalization companies. It invests mostly in what the portfolio manager believes are "value companies." The portfolio manager seeks to identify those companies that have fallen out of favor and whose stock is selling below what the portfolio manager believes is its real value.
About TCW Relative Value Mid Cap I (TGVOX)
There are 2 members of the management team with an average tenure of 1.11 years: Iman Brivanlou (2024), Matthew Spahn (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Russell Mid Cap Value TR USD index with a weighting of 100%. TCW Relative Value Mid Cap I has 54 securities in its portfolio. The top 10 holdings constitute 30.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
TCW Relative Value Mid Cap I is part of the Equity global asset class and is within the U.S. Equity fund group. TCW Relative Value Mid Cap I has 4.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 91.2%. There is 4.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). TCW Relative Value Mid Cap I has 0.5% of the portfolio in cash.
Assets Under Management
The fund has $145 million in total assets, which is below the $647 million average for the Mid-Cap Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
TGVOX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The TCW Relative Value Mid Cap I expense ratio is high compared to funds in the Mid-Cap Value category. TCW Relative Value Mid Cap I has an expense ratio of 0.85%, which is 18% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. TCW Relative Value Mid Cap I has a portfolio turnover rate of 64%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 50% for the Mid-Cap Value category.
Recently, in the month of June 2026, TCW Relative Value Mid Cap I returned 2.8%, which earned it a grade of D, as the Mid-Cap Value category had an average return of 3.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
TCW Relative Value Mid Cap I has a trailing yield of 0.31%, which is below the 0.90% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
TCW Relative Value Mid Cap I Grades
Year to date, the fund has returned 20.7%, 6.9 percentage points better than the category, which translates into a grade of A. The fund has returned 34.3% over the past year (grade of A), 20.8% over the past three years (grade of A) and 11.8% per year over the past five years (grade of A) and 12.9% per year over the past 10 years (grade of A).
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TGVOX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TGVOX Return (NAV) | 2.8% | 14.1% | 34.3% | 20.8% | 11.8% | 12.9% |
| TGVOX Grade | D | B | A | A | A | A |
| +/- Category | -0.4% | 2.6% | 11.7% | 6.4% | 2.9% | 2.5% |
| Mid-Cap Value Avg | 3.2% | 11.5% | 22.6% | 14.4% | 9.0% | 10.4% |
| TGVOX Tax Cost Ratio | na | na | 4.3% | 2.4% | 2.1% | 1.6% |
TGVOX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TGVOX Return (NAV) | 20.7% | 15.6% | 17.4% | 16.0% | -11.8% | 31.9% | 3.7% | 29.4% | -22.2% | 19.7% | 25.9% |
| TGVOX Grade | A | A | A | B | F | B | C | B | F | A | A |
| +/- Category | 6.9% | 5.7% | 5.6% | 2.1% | -3.6% | 4.5% | -0.1% | 3.0% | -8.8% | 5.6% | 8.5% |
| Mid-Cap Value Avg | 13.8% | 9.9% | 11.8% | 13.9% | -8.2% | 27.5% | 3.8% | 26.3% | -13.4% | 14.1% | 17.4% |
| Risk Measures | |
| Standard Deviation: | 16.2% |
| Total Risk Index: | 1.33 - High |
| Category Risk Index: | 1.10 - High |
| Category Risk Grade: | F (88% Rank) |
| Beta: | 0.99 |
| R-Squared: | 63% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.3% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $165 Mil |
| Fund Total Assets: | $ 146 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 65% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 1.7 years | |||
| Average Tenure: 1.1 years | |||
| Managers (Year): Brivanlou Iman (2024), Spahn Matthew (2025) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 54 |
| % in Top 10 Holdings: | 30.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 4.9% |
Portfolio Allocation |
|
| Domestic Stock: | 91.2% |
| Foreign Stock: | 4.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 3.4% |
| Cash: | 0.5% |
Purchase Information
| Fund Family: | TCW |
| Phone Number: | 800-248-4486 |
| Website: | www.tcw.com |
| Status: | Open |
| Inception Date: | October 31, 1997 |
| Min. Initial Purchase: | $2,000 |
| Min. Initial IRA Purchase: | $ 500 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.85% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.03% |
| Share Class: | TCW Relative Value Mid Cap I |
| Min. Subsequent Purchase: | $ 250 |
| Min. Subsequent IRA Purchase: | $ 250 |
