TCW METWEST TOTAL RETURN BOND FUND
Actively managed U.S. bond fund
As of its 2026 Q2 report, TCW METWEST TOTAL RETURN BOND FUND held 1,503 positions with $28.60B in net assets. Its ten largest holdings made up 40.4% of the fund. The MWTIX share class costs 0.44% a year. Over the 12 months to May 2026, MWTIX returned 5.3%, with dividends reinvested. In 2026 Q2 it added 179 new positions and exited 214.
The Total Return Bond Fund seeks to maximize long-term total return.
The fund seeks to maximize total return by investing primarily in investment-grade fixed income securities globally, with up to 20% in below-investment-grade debt, focusing on areas the adviser believes offer attractive risk-adjusted returns relative to other bond market segments. The fund maintains a portfolio duration of two to eight years and may hold foreign securities, emerging market debt, bank loans, mortgage and asset-backed securities, and derivatives; it may also short sell up to 25% of assets and engage in active trading. Because security selection depends on the adviser's assessment of relative value across bond market segments, returns will diverge from any benchmark.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
TGCXXTCW Central Cash Fund | 7.59% | $2.17B | 2.2B | $1.0000 |
United States Treasury 4.13% · due 2028-06-30 | 4.88% | $1.40B | — | — |
United States Treasury 4.13% · due 2031-05-31 | 4.74% | $1.36B | — | — |
United States Treasury 4.13% · due 2031-06-30 | 4.20% | $1.20B | — | — |
UMBS, TBA 3.50% · due 2056-07-01 | 3.27% | $936.27M | — | — |
UMBS, TBA 4.00% · due 2056-07-01 | 3.24% | $926.54M | — | — |
United States Treasury 5.00% · due 2056-05-15 | 3.23% | $922.98M | — | — |
United States Treasury 4.38% · due 2036-05-15 | 3.20% | $915.77M | — | — |
United States Treasury 5.00% · due 2046-05-15 | 3.13% | $895.10M | — | — |
United States Treasury 4.25% · due 2033-06-30 | 2.96% | $847.75M | — | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
The 200 largest of 1,503 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Securitized | 57.00% |
| Bonds | 46.12% |
| Stocks | 7.68% |
| Loans | 2.45% |
| 2 smaller | 0.54% |
Look-through blends 1 underlying fund; 7.587% of NAV was not looked through and stays direct-classified.
How it has done
MWTIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.67%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 6 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.44% | +5.33% | +12.65% | -0.62% | -6.04% | |
| 0.65% | +5.24% | +12.08% | -1.53% | -6.14% | |
| 0.78% | +4.99% | +11.55% | -2.22% | -6.16% | |
| 0.37% | +5.51% | +12.97% | -0.20% | -5.95% | |
| 0.51% | +5.27% | +12.43% | -0.96% | -6.09% | |
| 0.57% | — | — | — | — |
Fees & fund details
TCW METWEST TOTAL RETURN BOND FUND is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.37% – 0.78%· MWTIX 0.44%
- Portfolio turnover
- 418.00% a year · as of 2025 Q3
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
179 new· the largest 2
214 exited· the largest 2
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
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 | 80.3% |
| Floating rate | 19.4% |
| Zero-coupon or unclassified | 0.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.8% |
| 1-3y | 10.7% |
| 3-5y | 11.7% |
| 5-10y | 16.2% |
| 10y+ | 59.5% |
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 a small fraction 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 | 81% |
| Credit spreads | 19% |
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.
| Investment grade | +1.03 yr |
| High yield | +0.44 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 1 yr | 0.98 yr | 15% |
| 5 yr | 1.94 yr | 31% |
| 10 yr | 2.25 yr | 35% |
| 30 yr | 1.18 yr | 19% |
3 mo is NEGATIVE (-0.06 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.02 yr | 1% |
| 1 yr | 0.25 yr | 17% |
| 5 yr | 0.57 yr | 39% |
| 10 yr | 0.50 yr | 34% |
| 30 yr | 0.13 yr | 9% |
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 | -0.06 | +0.01 | +0.01 | $26.5k | $16.6k |
| 1 yr | +0.98 | +0.16 | +0.08 | $470.5k | $236.4k |
| 5 yr | +1.94 | +0.36 | +0.21 | $1.04m | $601.4k |
| 10 yr | +2.25 | +0.38 | +0.12 | $1.08m | $356.3k |
| 30 yr | +1.18 | +0.12 | +0.02 | $331.0k | $45.0k |
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 6.29 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.
Understand how this fund fits with the rest.
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