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...
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