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TCW Funds reported that the TCW Relative Value Mid Cap Fund sold its entire position in Teva Pharmaceutical Industries Limited (NYSE: TEVA) during the second quarter of 2026.
The investment management firm stated that the stock appreciation caused the shares to no longer satisfy the strategy's five valuation characteristics.
The fund's Q2 2026 investor letter attributed the exit to the successful execution of Teva's "Pivot to Branded Growth" strategy, which was launched in May 2023.
According to TCW, Teva shifted its product mix away from low-margin generics toward branded and innovative medicines, a move that improved margins and earnings quality.
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