TCW Emerging Markets Income Fund
TCW FUNDS INC · 3 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
TCW Emerging Markets Income Fund is an actively managed global bond fund.
- Asset class
- Bonds
- Region
- Global
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2026 Q1
The Funds investment objective is to seek high total return from current income and capital appreciation.
The fund invests at least 80% of assets in debt securities issued by companies, financial institutions, and government entities across emerging market countries, with particular focus on high-yield and below-investment-grade bonds. The portfolio managers select securities by analyzing political, economic, and macroeconomic factors specific to each country, and may invest in distressed or defaulted securities where they believe restructured valuations significantly exceed current prices. The fund may use derivatives including credit-linked notes, swaps, and futures for investment management and hedging. Because security selection depends on the portfolio managers' analysis and judgment rather than a defined index methodology, returns will diverge from any benchmark.
| Share class | Gross | Net |
|---|---|---|
| TGEIX | 0.90% | 0.85% |
| TGINX | 1.16% | 0.95% |
| TGEPX | 0.86% | 0.77% |
| C000263826 | 1.12% | 0.92% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 66.81% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 87.55% |
| Cash & short-term | 7.48% |
| Stocks | 5.38% |
| Derivatives | -0.01% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: SAUDI ARABIAN OIL CO, Turkiye Government International Bonds ×2, DOMINICAN REPUBLIC, ROMANIA, REPUBLIC OF TURKIYE, OFFICE CHERIFIEN DES PHO, FED REPUBLIC OF BRAZIL
Largest exited: TURKIYE GOVERNMENT BOND, NOTA DO TESOURO NACIONAL, Peru Government International Bonds, Chile Government International Bonds, COSTA RICA GOVERNMENT, YINSON BORONIA PRODUCTIO, GRAN TIERRA ENERGY INC, EGYPT TREASURY BILL
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +15.63% | +37.59% | +13.65% | 6.16% | -4.95% | |
| +15.64% | +37.23% | +13.11% | 6.25% | -5.08% | |
| +15.87% | +37.82% | +13.99% | 6.20% | -4.96% | |
| — | — | — | — | — |
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 82.0% |
| Floating rate | 13.4% |
| Zero-coupon or unclassified | 4.6% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.6% |
| 1-3y | 6.4% |
| 3-5y | 16.2% |
| 5-10y | 44.7% |
| 10y+ | 30.0% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 50% |
| Credit spreads | 50% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +2.82 yr |
| Investment grade | +2.49 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.40 yr | 7% |
| 5 yr | 1.83 yr | 34% |
| 10 yr | 2.46 yr | 46% |
| 30 yr | 0.61 yr | 11% |
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.40 yr | 7% |
| 5 yr | 1.83 yr | 34% |
| 10 yr | 2.46 yr | 46% |
| 30 yr | 0.60 yr | 11% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.02 | +0.00 | +0.01 | $1.8k | $5.5k |
| 1 yr | +0.40 | +0.12 | +0.28 | $49.7k | $112.8k |
| 5 yr | +1.83 | +0.72 | +1.11 | $293.3k | $454.1k |
| 10 yr | +2.46 | +1.27 | +1.20 | $518.0k | $489.7k |
| 30 yr | +0.61 | +0.38 | +0.23 | $154.6k | $92.3k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 5.32 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| TGCXX | TCW Central Cash FundTGCXX | 5.38% | $1.00 | $219.77M | 219.8M |
| — | Argentina Republic Government International Bonds3.50% floating · due 2041-07-09 | 1.80% | — | $73.75M | — |
| GVMXX | State Street Global AdvisorsGVMXX | 1.67% | — | $68.06M | — |
| — | REPUBLIC OF ANGOLA9.88% · due 2035-10-15 | 1.61% | — | $66.01M | — |
| — | Argentina Republic Government International Bonds4.13% floating · due 2035-07-09 | 1.58% | — | $64.77M | — |
| — | SAUDI ARABIAN OIL CO5.25% · due 2034-07-17 | 1.32% | — | $54.05M | — |
| — | ECOPETROL SA8.38% · due 2036-01-19 | 1.11% | — | $45.58M | — |
| — | Mexico Government International Bonds6.88% · due 2037-05-13 | 1.09% | — | $44.78M | — |
| — | REPUBLIC OF GABON6.63% · due 2031-02-06 | 1.09% | — | $44.61M | — |
| — | Hungary Government International Bonds5.50% · due 2036-03-26 | 1.07% | — | $43.66M | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
Top 10 positions are 17.74% of net assets, top 25 31.63%, across 126 issuers.
See more of this fund's book
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