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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Constructive on mission-critical enterprise software and leading-edge semiconductor equipment, initiating a new long position in data leader $MBGL while holding high-conviction tortoises through short-term AI volatility."
During the third quarter of 2026, the TCW Concentrated Large Cap Growth Fund (I Share) delivered a net return of +6.82%, meaningfully outperforming the Russell 1000 Growth Index return of +0.92%. Year-to-date, the fund has generated a net return of +8.64% net of fees compared to +6.30% for the benchmark. Relative outperformance was primarily driven by favorable sector allocation and positive security selection within information technology and consumer discretionary, while weightings in energy and consumer staples detracted. The fund maintained its concentrated, high-quality posture, holding through market volatility without taking on speculative short-term trades. Macroeconomic conditions throughout the quarter were shaped by escalating energy-driven inflation, unresolved geopolitical conflicts, and rising interest rates, with the 10-year Treasury yield closing at approximately 5.27%. Although broader labor and consumer trends remained constructive, equity discount rates experienced increased volatility amid debates over monetary tightening and artificial intelligence safety regulations. The market also absorbed an abrupt July unwind of leveraged AI positions following margin calls on a major quantitative hedge fund, which triggered acute multiple compression across hardware infrastructure before fundamental software earnings led a subsequent broad-market rebound. Portfolio activity reflected disciplined, patient capital deployment centered on structural compounders. Strong positive contributors included CrowdStrike Holdings and ServiceNow, both demonstrating accelerating enterprise adoption and robust software cash generation. The fund maintained high conviction in semiconductor capital equipment leaders ASML and KLA Corporation despite multiple compression during the AI infrastructure pullback. On the transaction front, the team established a new 0.82% position in Mobility Global following its corporate spin-off, citing its high recurring revenue and deep automotive data moat, while executing zero complete position sales.
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