TCW Global Real Estate Fund’s third-quarter 2025 investor letter showed a +2.37% return for the fund compared to +4.50% for the S&P Global REIT Index. The overweight allocation in Diversified Real Estate Activities positively impacted the fund’s performance, while the overweight in Telecom Tower REITs had a negative effect. Travel + Leisure Co. (NYSE:TNL) was highlighted in the letter as a top pick, with a one-month return of 6.50% and shares gaining 44.96% over the last 52 weeks, closing at $72.54 per share on December 26, 2025, with a market cap of $4.716 billion.

In the third quarter of 2025, TCW Global Real Estate Fund’s best performing securities included Travel + Leisure Co. (NYSE:TNL) and Merlin Properties SOCIMI, S.A. (MRL). Travel + Leisure Co. (NYSE:TNL) reported revenues exceeding $1 billion, adjusted EBITDA of $266 million, and adjusted earnings per share of $1.80 in Q3 2025, showing significant year-over-year growth. While Travel + Leisure Co. (NYSE:TNL) has potential as an investment, certain AI stocks may offer greater upside potential with less downside risk according to TCW Global Real Estate Fund.

Read more at Yahoo Finance: Travel + Leisure Co. (TNL) Surged Due to the Strengthening of the Value Proposition of the Timeshare Industry