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An Inexpensive, Well-Managed Emerging-Markets Bond Fund

Silver-rated TCW Emerging Markets Income has adeptly navigated a variety of market conditions.


Karin Anderson: The number of emerging-markets bond funds has really exploded in the past few years, and we at Morningstar think one of the better options in that group is TCW Emerging Markets Income (TGEIX). It's run by Penny Foley and David Robbins, who took over the fund in 2009. But their experience in investing and trading emerging-markets debt goes back to the 1980s. They've done a great job navigating a variety of market conditions and have delivered great results. They use a flexible approach to emerging-markets debt. They invest in hard currency, local currency, and corporates. We think they have a strong team of analysts backing them in their efforts there.

Another thing we like about the fund is its reasonable price tag. The fees have come down as assets have grown. One last thing to consider with an emerging-markets-debt offering is the amount of exposure you may already have in a global-bond portfolio. Many global-bond portfolios have taken on more emerging-markets exposure in the past five years. It's something to think about so that investors don't become overexposed to emerging-markets debt.

Karin Anderson does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.

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