TCW funds, an investment management company, published its third quarter 2025 investor letter “TCW Global Real Estate Fund”. A copy of the letter can be downloaded here. The fund (I Share) returned +2.37% for the quarter compared to +4.50% for the S&P Global REIT Index. The overweight in Diversified Real Estate had a favorable impact on the fund’s relative performance during the quarter, while the overweight in Telecom Tower REIT had a negative effect. Plus, check out the fund’s top five holdings for its top picks in 2025.

In its Q3 2025 investor letter, TCW Global Real Estate Fund highlighted stocks like Travel + Leisure Co. (NYSE:TNL). Travel + Leisure Co. (NYSE:TNL) hospitality services and travel products company operating in the vacation ownership and travel and membership segments. The one-month profitability of Travel + Leisure Co. (NYSE:TNL) was 6.50% and its stock gained 44.96% over the past 52 weeks. On December 26, 2025, shares of Travel + Leisure Co. (NYSE:TNL) closed at $72.54 per share, with a market capitalization of $4.716 billion.

TCW Global Real Estate Fund stated the following about Travel + Leisure Co. (NYSE:TNL) in its Q3 2025 investor letter:

“Our best performing stocks for the quarter were Travel + leisure company (NYSE:TNL) (TNL; 2.85%**; Hotels Resorts & Cruise Lines) and Merlin Properties SOCIMI, SA (MRL; 4.10%**; Diversified Reits).

Travel + Leisure Co. (NYSE:TNL) is not on our list The 30 most popular stocks among hedge funds. According to our database, 32 hedge fund portfolios held Travel + Leisure Co. (NYSE:TNL) at the end of the third quarter, compared to 30 in the previous quarter. In the third quarter of 2025, Travel + Leisure Co. (NYSE:TNL) informed revenues exceeding $1 billion, adjusted EBITDA of $266 million, and adjusted earnings per share of $1.80, all showing significant year-over-year growth. While we recognize the potential of Travel + Leisure Co. (NYSE:TNL) as an investment, we believe certain AI stocks offer greater upside potential and less downside risk. If you’re looking for an extremely undervalued AI stock that will also benefit significantly from Trump-era tariffs and the onshoring trend, check out our free report on the best short term AI stock.