The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 22, 2026
The Hotchkis & Wiley Global Value Fund (I Shares) generated a net return of +3.44% in the third quarter of 2026, bringing its year-to-date net performance to +10.12%. For the quarter, the strategy performed in line with the MSCI World Value Index's +3.84% return and outperformed the broader MSCI World Index's +1.88% advance. Relative performance was propelled by strong stock selection and an overweight position in Information Technology, specifically enterprise software holdings, while underweight exposures to interest-rate-sensitive real estate and utilities provided additional tailwinds. Conversely, benchmark performance was hindered by not owning index mega-caps Microsoft and Meta Platforms, alongside stock selection drag in healthcare, financials, and materials. The macroeconomic environment was shaped by resurging inflationary pressures and geopolitical escalation. Renewed Middle East hostilities and the breakdown of the US/Iran ceasefire pushed Brent crude up 45% to $104 per barrel, reigniting headline inflation and prompting 25-basis-point interest rate increases from both the Federal Reserve (to 4.00%) and the European Central Bank. Rising bond yields triggered an unwinding of high-beta and momentum trades, spurring a rotational shift back toward attractively priced, high-quality value equities while speculative enthusiasm around artificial intelligence hardware experienced a sharp pause. Portfolio activity was marked by disciplined rebalancing in enterprise software and capital allocation to durable compounders. Management trimmed top holding Workday following buyout rumors and exceptional strength, while maintaining high conviction in deeply discounted software franchises like SAP that continue to demonstrate robust organic revenue and mission-critical enterprise retention. The fund continues to lean into high-quality, financially sound businesses trading at substantial discounts to normalized earnings power across global value segments.
We believe our portfolio of high quality, attractively valued, financially sound businesses is well positioned as valuation and fundamentals reassert themselves.
We believe our portfolio of high quality, attractively valued, financially sound businesses is well positioned as valuation and fundamentals reassert themselves.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
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Language Signal
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