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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Beating its benchmark by 20 bps. Ahead of a potentially bumpy 2026, the managers are maintaining a defensive posture, heavily underweighting expensive corporate credit in favor of high-quality securitized products."
In Q4 2025, the TCW Core Fixed Income Fund (I-Class) returned 1.08% net of fees, slightly trailing the Bloomberg U.S. Aggregate Bond Index's return of 1.10%. For the full year, the fund outperformed the index by 20 bps, gaining 7.50% vs. 7.30%. Relative outperformance was primarily driven by the fund's overweight in agency MBS, favorable selection in lower coupons, and an overweight duration bias on the front end of the yield curve. Looking ahead to 2026, the managers remain cautious. They argue that credit markets are too complacent with spreads at historical tights, despite a weakening labor market and consumer stress. Consequently, the fund is maintaining its broad underweight in corporate credit (emphasizing defensive non-cyclicals) and holding overweight positions in securitized assets like agency MBS, single-asset single-borrower CMBS, high-quality CLOs, and non-traditional ABS.
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