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TCW Total Return Bond I Message Board

  • phyk18940 phyk18940 Dec 7, 2009 12:28 PM Flag

    "resigns" Phillip Barach & Louis Lucido

    According to Mutual Fund Wire 11/7 on Sat Philip Barach and Louis Lucido resigned. Article in LA Times.
    p

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    • Last year MWTRX paid a capital gains around this time of the year. As far as I know TGLMX pays more monthly dividend but doesn't pay an end of the year capital gain's payment. That willl bump up MWTRX's yearly return. I should get PTTRX's capital gain payment today. Last year it was almost $.50/share but I'm looking for $.17 this year.

      MWTRX Last Cap Gain (12-Dec-08): 0.17

    • According to this L.A. Times story, Gundlach held a conference call today with investors, said he expected to be managing money again in 30 to 45 days either in a new firm or with an existing firm. He also said he planned to have a mutual fund open to individual investors and said investors in the funds he managed at TCW should not feel they need to sell because they were perfectly positioned as of last Friday for the investment environment he sees.

      http://latimesblogs.latimes.com/money_co/2009/12/the-latest-in-the-ongoing-saga-of-the-bitter-split-between-la-money-manager-tcw-group-and-its-chief-investment-officer-jef.html

    • Did I read somewhere that Jeffrey wanted a bigger stake in TCW?
      Could he have wanted to buy TCW? He had to have posed a threat in order to be fired. I am sure it will unfold as with "Tiger".

      Very disappointed, this was my core bond fund w/chunk of money.
      Not sure if this will pose a threat to the fund because of this catastrophic event. p

    • I Liquidated everything tonight - and it was substantial.
      Was very very happy that I was able to get out with fund up $.02 from Friday.
      Everyone I know that was in fund liquidated as well... i would be surprised if TCW was not forced to sell some of holdings to meet the redemptions.
      Im with you guys - Was in this fund only because of Jeff.... When he opens up shop - we will once again become clients.
      Will sit sadly in CASH until that time.

      • 1 Reply to pcbuyer2000
      • Tad Rivelle, the new TCW fixed income CIO from Met West, is doing a webcast for TGLMX this Friday at 10 AM PST, 1 PM EST.

        A Bloomberg story today said that TCW was going to sell $450 million of private label MBS (prime and Alt-A) in an auction. An L.A. Times story reports that over $1 billion, or 8%+ of fund assets, was redeemed yesterday. As of 9/30, the fund had about 7% in cash so they have to sell securities to meet redemptions. By prospectus, TGLMX can't hold more than 35% of its assets in bonds rated less than investment grade, so since the fund was 65/35 agency/private label they have to sell private label proportionately to meet redemptions and keep the fund in compliance.

    • I sold half my holdings today. Will wait to see what happens, just in case there is a sell off.

      MWTRX looks to be a good investment but, I will watch to see where Jeffrey goes.

    • From Bloomberg today:

      Dec. 7 (Bloomberg) -- Two top money managers resigned from TCW Group Inc. after the Dec. 4 firing of Chief Investment Officer Jeffrey Gundlach, who oversaw the Los Angeles-based firm’s Total Return Bond Fund, its biggest.

      Phil Barach, co-manager of the $11.9 billion Total Return Bond, and Louis Lucido, a managing director at the firm, quit over the weekend, Gundlach said today in an interview. Erin Freeman, a spokeswoman for TCW, confirmed the resignations, which were reported earlier today by the Los Angeles Times.

      Gundlach, 50, said he’s considering starting his own firm or linking up with another asset manager. His fund returned an average of 7.9 percent annually in the past 10 years, topping the 7.7 percent gain by Pacific Investment Management Co.’s Total Return Fund, managed by Bill Gross, according to data from Chicago-based Morningstar Inc.

      “Starting my own firm is a possibility,” Gundlach said. He said he’s received “many inquiries” about partnering with existing firms. Neither Barach nor Lucido could be reach at their offices.

      TCW Group, which oversees about $110 billion, dismissed Gundlach without giving a reason. The firm said in a Dec. 4 statement that it “deeply regrets the need to take this action.”

      Gundlach called the firing a “cost-cutting move.” He was replaced by Tad Rivelle, investment chief of Metropolitan West Asset Management LLC.

      TCW announced the change along with its acquisition for an undisclosed amount of Los Angeles-based Metropolitan West, which oversees $30 billion.

      As many as 20 members of TCW’s mortgage-backed securities team have submitted resignations, Gundlach said. Freeman said “only a handful of people left.” She declined to comment further.

      Societe Generale

      Societe Generale SA, the Paris-based bank that owns TCW, has said it would consider taking the fund unit public and hired Citigroup Inc. in July to explore changes to the firm’s ownership structure.

      Gundlach, who worked for TCW since 1985, held conversations earlier this year with rivals including Legg Mason Inc.’s Western Asset Management Co. and BlackRock Inc. about a role at those firms, according to people familiar with the talks. The conversations ended and no agreement was struck, the people said.

 
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