Morningstar

TCW Emerging Markets Local Currency Income Fund Class I TGWIX

Morningstar Medalist Rating
Medalist Rating as of | See TCW Investment Hub
  • NAV / 1-Day Return 7.72  /  +0.26 %
  • Total Assets 60.0M
  • Adj. Expense Ratio
    0.850%
  • Expense Ratio 0.850%
  • Distribution Fee Level Average
  • Share Class Type Institutional
  • Category Emerging-Markets Local-Currency Bond
  • Credit Quality / Interest Rate Sensitivity Medium/Moderate
  • Min. Initial Investment 2,000
  • Status Open
  • TTM Yield 6.40%
  • Effective Duration 5.44 years

USD | NAV as of Oct 03, 2026 | 1-Day Return as of Oct 03, 2026, 12:14 AM GMT+0

Morningstar’s Analysis TGWIX

Will TGWIX outperform in the future?

Get our overall rating based on a fundamental assessment of the pillars below.

  • Process Pillar

    The Process Pillar is our assessment of how sensible, clearly defined, and repeatable TGWIX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the TGWIX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

  • Parent Pillar

    The Parent Pillar is our rating of TGWIX’s parent organization’s priorities and whether they’re in line with investors’ interests.

Recent departures have left this strategy in a weaker position.

Analyst Jeana Doubell

Jeana Doubell

Analyst

Summary

TCW Emerging Markets Local Currency Income suffered several missteps in recent years that highlighted a need for more robust risk allocation and position-sizing processes. Rapid-fire changes to the investment approach have continued, though, such as de-emphasizing relative value trading to focus more on country-specific fundamental analysis. That pivot coincided with several key team departures in 2025, which have left the platform lighter on its historical areas of expertise, warranting downgrades to Average from Above Average for both People and Process.

by Jeana Doubell
Rated on Published on

Unlock our full analysis with Morningstar Investor

Portfolio Holdings TGWIX

More TGWIX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 36.5
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

Secretaria Do Tesouro Nacional 0.1%

6.14 4M
Government

Czech (Republic of) 0.035%

4.85 3M
Government

Secretaria Do Tesouro Nacional 0.06%

4.21 3M
Government

Mexico (United Mexican States) 0.085%

3.92 2M
Government

Indonesia (Republic of) 0.065%

3.73 2M
Government

Turkey (Republic of) 0.3784%

3.61 2M
Government

TCW Central Cash Cash Management

3.30 2M
Cash and Equivalents

Secretaria Do Tesouro Nacional 0.1%

3.27 2M
Government

Central Bank of Nigeria 0%

2.93 2M
Government

Ministerio de Hacienda y Credito Publico 0.1175%

2.78 2M
Government

Sponsor Center