TCW | Gargoyle Hedged Value Fund

The TCW | Gargoyle Hedged Value Fund, which is advised by TCW and sub-advised by Gargoyle, seeks long-term capital appreciation with lower volatility than a stand-alone stock portfolio. The Fund aims to achieve this outcome through a combination of buying undervalued stocks and selling overpriced index call options.

The TCW | Gargoyle Hedged Value Fund is managed by Gargoyle co-founders and managing partners Joshua B. Parker and Alan L. Salzbank. Both Messrs. Parker and Salzbank have extensive experience in equity and options investing. Earlier in their careers, both were members of and options market-makers on the American Stock Exchange.

The Fund is available for purchase under the symbols TFHIX and TFHVX on popular platforms.

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You should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. A Fund's Prospectus and Summary Prospectus contain this and other information about the Fund. To receive a prospectus, please call 866-858-4338 or you may download the Prospectus from the Fund's website at TCW.com. Please read it carefully. Past performance is no guarantee of future results. 

Equity investments entail equity risk and price-volatility risk. The value of stocks and other equity securities may change based on changes in a company's financial condition and in overall market and economic conditions. Funds investing in mid-cap companies involve special risks including higher volatility and lower liquidity.

As the write of an index call option, the Fund forgoes, during the option's life, the opportunity to profit from increases in the market value of the index covering the call option above the exercise price of the call option. Since the Fund's investment strategy does not contemplate investing in or replicating a particular index, the Fund will not profit from increases in market value of a particular index. Therefore, selling index call options also can limit the Fund's opportunity to profit from an increase in the market value of the Stock Portfolio; however, only to the extent that the Stock Portfolio correlates with the index underlying the call option written by the Fund.

As part of its investment strategy, the Fund sells index call options to hedge the Stock Portfolio. There is the risk that the returns of the Stock Portfolio do not correlate with those of the indexes on which the call options are written. Further, the Sub-Adviser may not correctly assess the degree of correlation between the performance of the basket of indexes used in the hedging strategy and the performance of the equity securities in the Stock Portfolio being hedged. It is also not possible to hedge fully or perfectly against any risk, and hedging entails its own costs. 

TCW Alternative Funds are distributed by TCW Funds Distributors.