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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 8, 2025 | Rodrigo Benedetti | - | - | EVO.ST, IPG, RXST, WPP | AI, gaming, healthcare, Medical Devices, regulation, tariffs, technology, volatility | Manager believes AI content creation tools are becoming very good and accessible, creating a threat to traditional advertising companies. AI is disrupting ad creative generation which represents a $100BN profit pool, with companies like IPG and WPP vulnerable to margin compression as AI tools become widespread. | EVO.ST RXST EVO SS RXST |
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| 2026 Q1 | Apr 14, 2026 | Mittleman Global Value Equity Fund | -4.6% | -2.3% | 0001.HK, 7270.T, 8715.T, AIM.TO, AMA.AX, BABA, BAYRY, CGX.TO, CLVT, FMS, GRFS, HAI.TO, MAT, NEXN, NFI.TO, NOMO, VTRS, VYX, WLN.PA, WPP, ZD | Concentration, global, Opportunistic, small caps, value | AIM.TO AMA.AX |
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| 2025 Q1 | Mar 31, 2025 | Hotchkis & Wiley Global Value Fund | 6.0% | 6.0% | AIG, BAB.L, CMCSA, CVS, D, ELV, ERIC, FFIV, FIS, GOOGL, HEINY, SHEL, SIE.DE, WDAY, WPP | Europe, global, healthcare, industrials, Outperformance, technology, valuation, value | Value significantly outperformed growth in Q1 2025, with MSCI World Value returning +4.8% versus -7.8% for growth. The valuation spread between growth and value remains wide at 27x vs 15x price to normal earnings, suggesting promising outlook for value investing. The portfolio trades at an attractive 9x price to normal earnings ratio. | WDAY GOOGL WPP SIE.DE BAB.L CVS |
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| 2024 Q4 | Dec 31, 2024 | Hotchkis & Wiley Global Value Fund | -3.0% | 9.4% | 005930.KS, AIG, CMCSA, CVS, ELV, ERIC, FFIV, GM, GOOGL, MDT, SIEGY, WDAY, WPP | global, healthcare, industrials, semiconductors, technology, value | The fund maintains a value-oriented approach, noting that value stocks lagged growth for the full year but believing valuation disparities create opportunities for active management. The spread between growth and value indices is wide, suggesting a promising outlook for value investing. | GM FFIV 005930.KS CVS ELV |
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| 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 | |
| 2024 Q3 | Sep 30, 2024 | Hotchkis & Wiley Global Value Fund | 5.6% | 12.8% | 005930.KS, AC.PA, CVS, ELV, ERIC, FFIV, GOOGL, MDT, QAN.AX, SIE.DE, WDAY, WLN.PA, WPP | energy, financials, global, semiconductors, technology, Utilities, value | The fund focuses on identifying undervalued assets with durable balance sheets, sustainable returns on equity, stable free cash flow, and attractive valuations relative to expected earnings. The strategy centers on effective risk management and seeking better risk-adjusted returns. | GOOGL WLN.PA 005930.KS QAN.AX ERIC FFIV |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 23, 2026 | Fund Letters | Hotchkis & Wiley Mid-Cap Value Fund | WPP plc | Advertising Agencies | Advertising | Bull | London Stock Exchange | advertising, Communication Services, Creative Services, margin expansion, Media Services, Public Relations, turnaround, UK, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Hotchkis & Wiley Global Value Fund | WPP plc | Communication Services | Advertising | Bull | LSE | advertising, asset-light, capital return, low valuation, Marketing Services, organic growth, UK | 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. | ||||||||