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TCW portfolio managers present 'core plus' strategy, defend long-duration positioning to Norwalk pension boards
Summary
Representatives from TCW described their team-based, value-driven core-plus fixed-income strategy and addressed board questions about duration exposure, mortgage-backed securities and recent performance. Managers said duration exposure sits mainly in 2- and 5-year buckets and argued current compensation justifies the positioning.
Mark McNeil and Jerry Kudzel of TCW presented the firm's U.S. fixed-income strategy and portfolio positioning to the Norwalk City pension boards on Feb. 12, describing a team-based, value-driven process and defending an overweight to duration concentrated in the belly of the curve.
McNeil opened with firm context and scale, noting TCW manages roughly $195 billion in total firm assets and that fixed income is the lion's share of that total. He introduced Jerry Kudzel as one of three generalist portfolio managers on the U.S. fixed-income team.
Kudzel summarized the team's approach: "If we had to sum up our process... it's a team based, consensus driven process. It's fundamental value, and it's a dynamic approach to…
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