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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Hotchkis & Wiley Mid-Cap Value Fund 2026 Q1 Investor Letter | Buyside Digest

Back to Fund Profile (Hotchkis & Wiley Mid-Cap Value Fund)

Primary Source Intelligence • Q1 2026 Letter Analysis

Hotchkis & Wiley Mid-Cap Value Fund Quarterly Analysis

Buyside Digest is not affiliated with, and does not endorse, Hotchkis & Wiley Mid-Cap Value Fund. This analysis is provided for institutional research purposes only and is not investment advice.

Fund Returns

QTD+7%

YTD+7%

Annualized+11.17%

Positioning StanceNEUTRAL

Market CapLarge Cap

GeographyUS

Digest Analysis

Quick Take

"Mid-cap value fund outperformed on energy exposure during Iran crisis, with oil surging 100% benefiting E&P holdings."

Executive Summary

Mid-cap value fund outperformed on energy exposure during Iran crisis, with oil surging 100% benefiting E&P holdings. Manager sees structural oil undersupply ahead while viewing AI software disruption fears and health insurer Medicare pressures as temporary headwinds creating opportunities in quality franchises trading at attractive valuations.

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Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

Market Conviction

68%

CautiousHigh

Moderate (68%)

Manager demonstrates moderate-high conviction through concentrated energy exposure that drove outperformance, specific position sizing details (Workday as third largest position), and clear thesis articulation for individual holdings. However, emphasis on diversification and multiple scenarios prevents higher scoring.

Growth Outlook

25%

BearishBullish

Bearish (25%)

Manager expresses cautious optimism, noting that despite meaningful geopolitical disruptions, equity market reaction has been relatively muted with Russell Midcap down only 5%. They see opportunities in controversy but acknowledge ongoing uncertainties around rates and policy.

Risk Appetite

45%

DefensiveAggressive

Balanced (45%)

Portfolio maintains meaningful energy exposure that paid off during crisis, and manager expresses strong conviction in select themes. However, they emphasize appropriate diversification and disciplined approach, suggesting measured rather than aggressive risk-taking.

Capital Deployment

De-riskingDeploying

De-risking (0%)

No explicit cash level changes or deployment activity described. Letter focuses on existing position performance and thesis validation rather than new capital allocation, suggesting neutral deployment stance during the quarter.

Forward Guidance

35%

CautiousExpansionary

Cautious (35%)

Manager indicates continued focus on finding opportunities in controversial market segments and maintains conviction in current themes. Language suggests selective deployment rather than aggressive capital allocation, with emphasis on patience and discipline.

Language Signal

30%

BearishBullish

Bearish (30%)

Balanced mix of opportunity language (attractive, competitive advantages, lucrative) with risk acknowledgment (controversy, uncertainty, pressures). Opportunity language slightly outweighs caution but not overwhelmingly bullish in tone.

Perceived Risk

55%

Low RiskElevated

Moderate Risk (55%)

Manager acknowledges meaningful risks including geopolitical turmoil, supply shocks, policy uncertainty around healthcare, and AI disruption concerns. However, these are discussed as manageable or temporary rather than systemic threats requiring defensive positioning.

Opportunity Density

65%

ScarceAbundant

Abundant (65%)

Manager explicitly states they often find lucrative investment ideas in controversial market segments and maintains conviction in attractive themes. Suggests selective but meaningful opportunity set, particularly in areas others are avoiding due to near-term concerns.

Time Horizon

70%

Short-TermLong-Term

Decade+ (70%)

Manager emphasizes long-term focus and discipline, viewing near-term controversy as creating opportunities for patient capital. Discussion of structural themes like oil undersupply and durable competitive advantages suggests multi-year investment horizon with limited catalyst dependency.