Fund Evaluator:

TCW Emerging Markets Local Ccy Inc N Overview

TCW Emerging Markets Local Ccy Inc N (TGWNX) is an actively managed Taxable Bond Emerging-Markets Local-Currency Bond fund. TCW launched the fund in 2010.

The investment seeks to provide high total return from current income and 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 debt securities issued or guaranteed by non-financial companies, financial institutions and government entities in Emerging Market Countries denominated in the local currencies of an issuer, and in derivative instruments that provide investment exposure to such securities. The fund is non-diversified.

About TCW Emerging Markets Local Ccy Inc N (TGWNX)

There are 2 members of the management team with an average tenure of 8.86 years: Jae Lee (2024), David Robbins (2010). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: JPM GBI-EM Global Diversified TR USD index with a weighting of 100%. TCW Emerging Markets Local Ccy Inc N has 68 securities in its portfolio. The top 10 holdings constitute 40.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

TCW Emerging Markets Local Ccy Inc N is part of the Fixed Income global asset class and is within the Taxable Bond fund group. TCW Emerging Markets Local Ccy Inc N has 79.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 79.5% (-0.0% domestic bond, 79.6% foreign bond and 0.0% convertible bond). TCW Emerging Markets Local Ccy Inc N has 15.6% of the portfolio in cash.

Assets Under Management

The fund has $11 million in total assets, which is below the $140 million average for the Emerging-Markets Local-Currency Bond 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.

TGWNX 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 Emerging Markets Local Ccy Inc N expense ratio is high compared to funds in the Emerging-Markets Local-Currency Bond category. TCW Emerging Markets Local Ccy Inc N has an expense ratio of 0.90%, which is 24% 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 Emerging Markets Local Ccy Inc N has a portfolio turnover rate of 134%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 101% for the Emerging-Markets Local-Currency Bond category.

Recently, in the month of June 2026, TCW Emerging Markets Local Ccy Inc N returned 0.5%, which earned it a grade of B, as the Emerging-Markets Local-Currency Bond category had an average return of 0.5%. 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 Emerging Markets Local Ccy Inc N has a trailing yield of 6.04%, which is below the 6.56% category average. The fund normally distributes its income monthly.

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 Emerging Markets Local Ccy Inc N Grades

Year to date, the fund has returned 3.3%, 1.3 percentage points better than the category, which translates into a grade of A. The fund has returned 10.3% over the past year (grade of A), 8.0% over the past three years (grade of B) and 2.3% per year over the past five years (grade of D) and 2.7% per year over the past 10 years (grade of D).

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