The TCW Group·2026-06-23·via All Articles on Seeking Alpha
Summary
TCW Securitized Bond Fund (TGLMX) outperformed its new benchmark, gaining 0.86% net in Q1 2026, 40 bps ahead of the Bloomberg U.S. Securitized Index.
Portfolio positioning reflects a modest duration overweight and emphasis on the short end, viewing recent hawkish Fed repricing as overdone amid a weaker labor market.
Agency MBS remains the largest holding but is underweight versus the Index, offset by diversified non-agency MBS, ABS, and CMBS exposures for yield advantage.
Fund strategy focuses on high-quality, structurally robust securitized assets, favoring seasoned collateral and non-traditional ABS to capture spread and yield premiums.
Andrii Yalanskyi/iStock via Getty Images
Market Review
Having entered 2026 with markets continuing to digest the effects of late-2025 policy easing and gradually moderating inflation, the first quarter unfolded in two distinct phases. Early-quarter trading was relatively orderly, supported by still-resilient economic
