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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q4 | Dec 31, 2024 | Hotchkis & Wiley Mid-Cap Value Fund | -2.4% | 3.6% | ADNT, CRGY, ERIC, FFIV, KOS, OLN | - | View | ||
| 2025 Q4 | Jan 29, 2026 | Hotchkis & Wiley Global Value Fund | 3.8% | 23.8% | AIG, BNP.PA, CMCSA, CRM, ELV, ERIC, FFIV, FISV, GEHC, GOOGL, UNH, USB, WBD, WDAY | AI, financials, global, healthcare, software, technology, valuation, value | The portfolio trades at 13x forward earnings and less than 10x normal earnings, representing attractive valuations relative to the broad market. The fund focuses on opportunities outside the Magnificent 7 where overall valuations remain near average despite elevated market multiples. The fund views AI as more likely to be a tailwind for application software vendors like Workday as they incorporate AI-powered features into their software suites. Google delivered strong new AI products that appear to be taking material share of Consumer Chatbot activity from OpenAI's ChatGPT. The fund has significant exposure to cloud-based enterprise software companies like Workday and Salesforce, which provide human capital management, financial management, and analytics solutions. These companies benefit from sticky customer bases and recurring revenue models. | View | |
| 2025 Q4 | Jan 29, 2026 | Hotchkis & Wiley Large Cap Fundamental Value | 4.5% | 17.1% | AIG, APA, C, CMCSA, CRM, CRWD, CVS, ERIC, FDX, FFIV, FISV, GM, NFLX, PLTR, UNH, WBD, WDAY, WPP | banks, energy, financials, healthcare, large cap, software, valuation, value | The portfolio trades at 13x forward earnings and less than 10x normal earnings, both in line with historical averages. The manager emphasizes attractive valuations outside the Magnificent 7, with the S&P 500 excluding these stocks trading at 18x forward P/E versus a 35-year average of 17.4x. The fund focuses on undervalued quality businesses with strong fundamentals. Software is the portfolio's largest industry exposure on both absolute and relative basis. The manager views prospects of select software companies as highly compelling, citing sticky customer bases, recurring revenues, and predictable businesses. Major purchases included Workday and Salesforce, which trade at discounts to their own history despite being higher quality businesses. The portfolio's banks returned 13% compared to 6% for the index in Q4, with an average weight of 12% that returned nearly 40% for the year. The manager took capital out of the group as valuations increased. Banks were the top contributing industry to relative performance both quarterly and annually. The portfolio remains overweight in healthcare, noting the sector's return is about half that of the rest of the market over the past decade. Healthcare's P/E ratio is less than 80% of the broad market's P/E, trading at a deeper discount only 8% of the time since 1990. The manager views this as an attractive opportunity given the quality of businesses and growth prospects. Energy exposure spans both exploration & production companies as well as oilfield services. While these businesses are not as structurally attractive as software or healthcare, energy remains among the most attractively valued areas of the portfolio. The group trades at less than 7x normal earnings and offers an expected free cash flow yield of 11%. | View | |
| 2025 Q4 | Jan 29, 2026 | Hotchkis & Wiley Mid-Cap Value Fund | 2.4% | 7.9% | ADNT, AIG, APA, BPOP, BTE.TO, CFG, ERIC, FFIV, FLR, HLF, KOS, MGA, OLN | Banking, energy, financials, mid cap, multiples, oil, valuation, value | The portfolio trades at 11x forward earnings and close to 6x normal earnings, both in line with historical averages, while the broad market trades at elevated valuations with the Russell Midcap's forward P/E at nearly 21x. The fund focuses on attractively valued companies with single digit earnings multiples and strong free cash flow yields. The fund maintains notable overweight exposure to oil & gas exploration/production companies that produce free cash flow yields well into the double digits. The managers view the oil market as having structural supply constraints and believe these companies represent a rare opportunity despite temporary oversupply concerns. The portfolio has notable overweight exposure to banks that exhibit attractive valuations, particularly considering their scale advantages and healthy capital ratios. Traditional/regional banks and trust banks performed well during the quarter, helping relative performance. | View | |
| 2024 Q3 | Sep 30, 2024 | Hotchkis & Wiley Large Cap Fundamental Value | 0.0% | 0.0% | APA, ERIC, GM, NOV, UL | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Hotchkis & Wiley Mid-Cap Value Fund | 6.0% | 6.2% | ADNT, APA, CNO, ERIC, FFIV, KOS | - | View | ||
| 2023 Q1 | Sep 4, 2023 | Pzena Investment Management | 0.0% | 0.0% | ERIC, ING, NOK, RAND AV, RXL FP, SHEL | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Aug 13, 2025 | Seeking Alpha | IWA Research | Ericsson | Information Technology | Communication Equipment | Neutral | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Chris Lau | Telefonaktiebolaget LM Ericsson (publ) | Information Technology | Communication Equipment | Bear | NASDAQ | — | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||