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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Jan 29, 2026 | Hotchkis & Wiley Small Cap Value Fund | -1.4% | 1.6% | HWSAX, HWSCX, HWSIX, HWSZX | Correction, fundamentals, profitability, Quality, Russell 2000, small caps, Speculation, value | The fund maintains a value-oriented approach focused on profitable companies with strong fundamentals. They have limited exposure to unprofitable companies, which historically has been a performance tailwind but became a headwind in 2025 as low-quality stocks dominated returns. The managers believe economic fundamentals and rational pricing will reassert themselves over time. The Russell 2000 Index returned 12.8% for the full year 2025, with companies with negative earnings dominating performance at +26% versus +7% for profitable companies. The fund's limited exposure to unprofitable small-cap companies weighed on relative performance during this period of speculative excess. The managers identify extreme speculative behavior in small-cap markets, with meaningful portions concentrated in highly speculative segments like space/satellite, AI, next-generation energy, rare earth materials, and quantum computing. They view current conditions as similar to the dot-com bubble and expect a meaningful correction as fundamentals reassert themselves. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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. | ||||||||