Fund Evaluator:

TSW Large Cap Value Institutional Overview

TSW Large Cap Value Institutional (TSWEX) is an actively managed U.S. Equity Large Value fund. TSW launched the fund in 1992.

The investment seeks maximum long-term total return, consistent with reasonable risk to principal. The fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of companies with large market capitalizations. The fund will invest primarily in a diversified portfolio of common stocks. Although the adviser will primarily draw the fund's holdings from larger, more seasoned or established companies, it may also invest in companies of varying size as measured by assets, sales or market capitalization.

About TSW Large Cap Value Institutional (TSWEX)

There are 2 members of the management team with an average tenure of 9.15 years: Brett Hawkins (2015), Bryan Durand (2019). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Russell 1000 TR USD index with a weighting of 100% and Russell 1000 Value TR USD index with a weighting of 100%. TSW Large Cap Value Institutional has 63 securities in its portfolio. The top 10 holdings constitute 44.0% 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.

TSW Large Cap Value Institutional is part of the Equity global asset class and is within the U.S. Equity fund group. TSW Large Cap Value Institutional has 8.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 81.7%. There is 8.7% 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). TSW Large Cap Value Institutional has 9.6% of the portfolio in cash.

Assets Under Management

The fund has $38 million in total assets, which is below the $1 billion average for the Large 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.

TSWEX 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 TSW Large Cap Value Institutional expense ratio is above average compared to funds in the Large Value category. TSW Large Cap Value Institutional has an expense ratio of 0.75%, which is 19% lower than its category average, making the fund expense ratio grade a C. 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. TSW Large Cap Value Institutional has a portfolio turnover rate of 51%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 62% for the Large Value category.

Recently, in the month of July 2026, TSW Large Cap Value Institutional returned 6.4%, which earned it a grade of A, as the Large Value category had an average return of 2.9%. 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.

TSW Large Cap Value Institutional has a trailing yield of 1.67%, which is above the 1.20% category average. The fund normally distributes its income quarterly 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.

TSW Large Cap Value Institutional Grades

Year to date, the fund has returned 13.5%, 0.8 percentage points worse than the category, which translates into a grade of C. The fund has returned 24.5% over the past year (grade of C), 15.7% over the past three years (grade of C) and 11.5% per year over the past five years (grade of B) and 11.7% per year over the past 10 years (grade of C).

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