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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The fund delivered 3.37% in a highly concentrated, tech-led quarter. The managers utilized short-term healthcare volatility to buy UnitedHealth Group and remain confident that active value will benefit from wide valuation spreads."
In Q2 2025, the Hotchkis & Wiley Large Cap Disciplined Value Fund returned 3.37%, performing in line with the Russell 1000 Value Index (3.79%). The quarter was defined by extreme volatility—driven by initial tariff announcements followed by the fastest-ever market recovery from a -15% drawdown—and sharp style divergence, with growth significantly outperforming value. Stock selection in financials, healthcare, and an overweight in technology aided relative performance, while industrials and energy detracted. The fund capitalized on market panic in the healthcare sector to buy UnitedHealth Group at an attractive price. The managers remain constructive on their disciplined value holdings, highlighting F5 Inc. as their largest position and expressing long-term optimism regarding active value strategies.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: The fund delivered 3.37% in a highly concentrated, tech-led quarter. The managers utilized short-term healthcare volatility to buy UnitedHealth Group and remain confident that acti...
Growth Outlook
Market outlook remains above average conviction: The fund delivered 3.37% in a highly concentrated, tech-led quarter. The managers utilized short-term healthcare volatility to buy UnitedHealth Group and remain confident that acti...
Risk Appetite
Risk appetite posture is above average conviction: The fund delivered 3.37% in a highly concentrated, tech-led quarter. The managers utilized short-term healthcare volatility to buy UnitedHealth Group and remain confident that acti...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The fund delivered 3.37% in a highly concentrated, tech-led quarter. The managers utilized short-term healthcare volatility to buy UnitedHealth Group and remain confident that acti...
Forward Guidance
Forward guidance signal: The fund delivered 3.37% in a highly concentrated, tech-led quarter. The managers utilized short-term healthcare volatility to buy UnitedHealth Group and remain confident that acti...
Language Signal
Tone analysis indicates above average conviction language: The fund delivered 3.37% in a highly concentrated, tech-led quarter. The managers utilized short-term healthcare volatility to buy UnitedHealth Group and remain confident that acti...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The fund delivered 3.37% in a highly concentrated, tech-led quarter. The managers utilized short-term healthcare volatility to buy UnitedHealth Group and remain confident that acti...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The fund delivered 3.37% in a highly concentrated, tech-led quarter. The managers utilized short-term healthcare volatility to buy UnitedHealth Group and remain confident that acti...
Time Horizon
Investment time horizon reflects a high conviction orientation. The fund delivered 3.37% in a highly concentrated, tech-led quarter. The managers utilized short-term healthcare volatility to buy UnitedHealth Group and remain confident that acti...
