TCW Enhanced Commodity Strategy Fund
Data updated: 2024-09-20
C000098651 — TCW Enhanced Commodity Strategy Fund. Commodity · $10.40M AUM · 0.70% expense ratio. Holdings, fees, performance and SEC filings.
C000098651 Fund Overview
TCW Enhanced Commodity Strategy Fund is a US mutual fund managed by Tcw Funds INC, categorised as Commodity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Tcw Funds INC
- Category: Commodity
- Assets under management: $10.40M
- 1-year return: -4.0%
- SEC CIK: 0000892071
- SEC series ID: S000031700
- Share class ID: C000098651
C000098651 Investment Objective and Strategy
TCW Enhanced Commodity Strategy Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Tcw Funds INC.
Investment objective
The Fund’s investment objective is to seek total return which exceeds that of its commodity benchmark.
Principal investment strategy
Under normal circumstances, the Fund seeks to achieve its investment objective by investing in commodity-linked derivative instruments backed by a portfolio of Fixed Income Instruments. Fixed Income Instruments refers to securities of varying maturities issued by domestic and foreign corporations and governments (and their agencies and instrumentalities), including bonds, notes, mortgage-backed securities, asset-backed securities (including collateralized debt obligations, which in turn include collateralized bond obligations and collateralized loan obligations), bank loans, money-market securities, swaps and derivatives (including futures, options and credit default swaps), private placements, defaulted debt securities and Rule 144A securities. The Fund invests in commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures and options on futures, that provide exposure to the investment returns of the commodities markets, without investing directly in physical commodities.
Commodities are assets that have tangible properties, such as oil, metals, and agricultural products. The value of commodity-linked derivative instruments may be affected by overall market movements and other factors affecting the value of a particular industry or commodity, such as weather, disease, embargoes, or political and regulatory developments. The Fund may also invest in common and preferred stocks as well as convertible securities of issuers in commodity-related industries. The Fund will seek to gain exposure to the commodity markets primarily through investments in leveraged or unleveraged commodity index-linked notes, which are derivative debt instruments with principal and/or coupon payments linked to the performance of commodity indices, and through investments in the Subsidiary, a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands.
Commodity index-linked notes are sometimes referred to as structured notes because the terms of these notes may be structured by the issuer and the purchaser of the note. They are derivative securities with one or more commodity-linked components that have payment features similar to commodity futures contracts, commodity options, or similar instruments. Commodity-linked structured products may be either debt or equity securities, leveraged or unleveraged, and have both security and commodity-like characteristics. A portion of the value of these instruments may be derived from the value of a commodity, futures contract, index or other commodity variable. The value of these notes will rise or fall in response to changes in the underlying commodity or related index of investment. The Subsidiary is advised by the Advisor and has the same investment objective as the Fund.
As discussed in greater detail elsewhere in this Prospectus, the Subsidiary may invest in commodity-linked swap agreements and other commodity-linked derivative instruments to an extent greater than the Fund may make such investments. The Funds investment in the Subsidiary will not exceed 25% of the value of the Funds total assets (measured at the time of investment). The derivative instruments in which the Fund and the Subsidiary primarily invest are instruments linked to certain commodity indices and instruments linked to the value of a particular commodity or commodity futures contract, or a subset of commodities or commodity futures contracts. These instruments may specify exposure to commodity futures with different roll dates, reset dates or contract terms than those specified by a particular commodity index.
As a result, the commodity-linked derivatives component of the Funds portfolio may deviate from the returns of any particular commodity index. The Fund or the Subsidiary may over-weigh or under-weigh its exposure to a particular commodity index, or a subset of commodities, such that the Fund has greater or lesser exposure to that index than the value of the Funds net assets, or greater or lesser exposure to a subset of commodities than is represented by a particular commodity index. Assets not invested in commodity-linked derivative instruments or the Subsidiary may be invested in inflation-indexed securities and other Fixed Income Instruments, including derivative Fixed Income Instruments. The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund.
In addition, the Fund may invest its assets in particular sectors of the commodities market. The average portfolio duration of the Fixed Income Instruments held by the Fund is up to 3 years. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a securitys price to changes in interest rates. The Fund may invest up to 5% of its net assets in securities rated below investment grade (meaning below BBB) at the time of investment. The Fund may invest up to 15% of its assets in foreign securities that are denominated in U.S. dollars. The Fund may invest up to 5% of its assets in securities of foreign issuers that are not denominated in U.S. dollars. The Fund may invest up to 5% of its assets in emerging market foreign securities. The Fund reserves the right to hedge its exposure to foreign currencies to reduce the risk of loss due to fluctuations in currency exchange rates, but normally will not do so.
C000098651 Holdings
Top 10 holdings of TCW Enhanced Commodity Strategy Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| TCW Central Cash Fund | 13.08% |
| State Street Global Advisors | 8.49% |
| Houston Galleria Mall Trust | 2.36% |
| Progress Residential Trust | 2.27% |
| Stack Infrastructure Issuer LLC | 1.84% |
| Freddie Mac | 1.76% |
| Alliant Energy Finance | 1.58% |
| Goldman Sachs Group, Inc. | 1.57% |
| JPMorgan Chase & Co. | 1.48% |
| Navient Student Loan Trust | 1.41% |
C000098651 Portfolio Allocation
Asset-class allocation of TCW Enhanced Commodity Strategy Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Securitized | 38.3% |
| Fixed Income | 31.6% |
| Equity | 13.1% |
| Cash & Equivalents | 8.5% |
C000098651 Performance
Total returns for C000098651 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -4.0% |
| 3 years (annualised) | 3.1% |
| 5 years (annualised) | 7.7% |
C000098651 Risk Information
Risk metrics for C000098651, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 7.5%
C000098651 Costs and Fees
C000098651 costs about $70 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.70%
- Gross expense ratio: 1.59%
- Portfolio turnover: 14%
- Brokerage commissions: 0.67 bps of average net assets (SEC N-CEN)
C000098651 Cashflows
Over the 12 months to 2024-07, TCW Enhanced Commodity Strategy Fund had net outflows of $12.06M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-07 | −$304.74K |
| 2024-06 | −$306.45K |
| 2024-05 | −$76.07K |
| 2024-04 | $882.43K |
| 2024-03 | −$718.54K |
| 2024-02 | −$676.60K |
C000098651 Debt Constituents
Largest debt holdings of TCW Enhanced Commodity Strategy Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Alliant Energy Finance | 1.58% |
| Goldman Sachs Group, Inc. | 1.57% |
| JPMorgan Chase & Co. | 1.48% |
| Wells Fargo & Company | 1.38% |
| Morgan Stanley | 1.17% |
| Premier Health Partners | 1.12% |
| Citigroup, Inc. | 1.01% |
| Bayer US Finance II LLC | 0.93% |
| Hsbc Holdings PLC | 0.91% |
| Bank Of America Corp. | 0.90% |
C000098651 Prospectus and SEC Filings
Official TCW Enhanced Commodity Strategy Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2024-02-28
- Prospectus (485BPOS) — filed 2023-02-28
- Prospectus (485BPOS) — filed 2022-02-28
- Portfolio holdings (N-PORT) — filed 2024-09-20
- Portfolio holdings (N-PORT) — filed 2024-06-25
- Portfolio holdings (N-PORT) — filed 2024-03-18
- Annual census (N-CEN) — filed 2024-01-04
- Annual census (N-CEN) — filed 2023-01-06
Related Funds
Other Commodity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.