TCW Relative Value Mid Cap Fund Sold Academy Sports and Outdoors (ASO) Due to Thesis Misalignment

TCW funds, an investment management company, released its “TCW Relative Value Mid Cap Fund” second-quarter 2025 investor letter. A copy of the letter can be downloaded here. The second quarter started with a sharp decline driven by the Liberation Day tariffs announcement by President Trump, but a 90-day pause on certain tariffs led to a strong recovery, propelling the S&P 500 and Nasdaq to new highs. U.S. equities continued to rise in May and June, supported by better-than-expected corporate results and positive jobs reports. Against this backdrop, the fund (I share) returned 7.37% in...