TCW Funds published the second-quarter 2026 investor letter for the TCW Relative Value Mid Cap Fund, which returned 14.10% versus 13.40% for the Index. The letter said equities reached record highs during the quarter despite volatility linked to a Federal Reserve leadership transition and Middle East tensions, while AI-related data-center spending, strong earnings and a resilient economy supported the recovery from first-quarter lows. The fund initiated a position in Venture Global, Inc. (NYSE:VG), a liquefied natural gas (LNG) company, citing valuation, new markets and expanding export capacity. Venture Global closed at $12.64 on September 30, 2026, with a $31.6 billion market capitalization, $16.95 billion in trailing twelve-month revenue and an approximately 85.34% year-to-date gain. The fund said about 70% of the company’s 2026 LNG cargoes were contracted at fixed liquefaction prices and forecast higher volumes and premium pricing amid tighter LNG markets and damage to Qatar Energy infrastructure. It expects those conditions to persist for three to five years and said Venture Global plans to expand LNG export capacity by approximately 50% over the next few years. The letter also warned that elevated valuations and thin margins for error leave markets sensitive to policy and earnings, while labor and consumer concerns could be offset by OBBB-related stimulus. Venture Global was held by 51 hedge fund portfolios at the end of Q2, up from 50 in the previous quarter, but was not among the 40 most popular hedge-fund stocks.