HWHAX: Hotchkis & Wiley High Yield A

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HWHAX Hotchkis & Wiley High Yield A


Profile

HWHAX - Profile

Vitals

  • YTD Return -0.8%
  • 3 Yr Annualized Return -2.4%
  • 5 Yr Annualized Return -1.9%
  • Net Assets $2.36 B
  • Holdings in Top 10 12.2%

52 WEEK LOW AND HIGH

$11.37
$11.26
$11.74

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.00%

SALES FEES

  • Front Load 3.75%
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 41.00%

TRADING FEES

  • Max Redemption Fee 2.00%

Min Investment

  • Standard (Taxable) $2,500
  • IRA $1,000

Fund Classification


Distributions

  • YTD Total Return -0.8%
  • 3 Yr Annualized Total Return -2.4%
  • 5 Yr Annualized Total Return -1.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 5.62%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Hotchkis & Wiley High Yield Fund
  • Fund Family Name
    Hotchkis & Wiley
  • Inception Date
    May 29, 2009
  • Shares Outstanding
    16672325
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Raymond Kennedy

Fund Description

The fund normally invests at least 80% of its net assets plus borrowings for investment purposes in a diversified portfolio of high yield securities. It may invest up to 20% of its total assets in securities denominated in foreign currencies and may invest without limit in U.S. dollar-denominated securities of foreign issuers. The fund may invest up to 15% of its total assets in securities and instruments that are economically tied to emerging market countries.


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Categories

Performance

HWHAX - Performance

Return Ranking - Trailing

Period HWHAX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.8% -2.0% 1.7% 85.87%
1 Yr -1.6% -2.6% 6.3% 98.25%
3 Yr -2.4%* -5.5% 1.4% 97.97%
5 Yr -1.9%* -4.5% 1.3% 95.38%
10 Yr -0.5%* -4.8% 2.0% 75.12%

* Annualized

Return Ranking - Calendar

Period HWHAX Return Category Return Low Category Return High Rank in Category (%)
2019 3.3% -0.2% 23.9% 94.97%
2018 -8.9% -17.1% -1.8% 80.00%
2017 2.0% -5.7% 4.8% 14.07%
2016 8.7% -5.3% 13.0% 22.04%
2015 -10.9% -20.6% 1.0% 82.08%

Total Return Ranking - Trailing

Period HWHAX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.8% -2.0% 1.7% 85.87%
1 Yr -1.6% -2.6% 6.4% 98.25%
3 Yr -2.4%* -5.5% 3.9% 98.23%
5 Yr -1.9%* -4.5% 4.8% 96.53%
10 Yr 0.3%* -4.8% 7.4% 56.94%

* Annualized

Total Return Ranking - Calendar

Period HWHAX Return Category Return Low Category Return High Rank in Category (%)
2019 3.3% -0.2% 23.9% 95.19%
2018 -8.9% -17.1% 0.4% 82.95%
2017 2.0% -5.1% 8.1% 35.04%
2016 8.7% -5.3% 20.7% 40.59%
2015 -10.9% -20.6% 1.0% 84.97%

NAV & Total Return History


Holdings

HWHAX - Holdings

Concentration Analysis

HWHAX Category Low Category High HWHAX % Rank
Net Assets 2.36 B 1.02 M 26.8 B 21.55%
Number of Holdings 177 5 1532 81.29%
Net Assets in Top 10 285 M -449 M 2.1 B 23.01%
Weighting of Top 10 12.20% 4.3% 99.3% 32.31%

Top 10 Holdings

  1. CCO Holdings, LLC/ CCO Holdings Capital Corp. 5.38% 2.01%
  2. HCA Inc. 5.88% 1.68%
  3. Horsehead Equity 1.56%
  4. General Electric Company 5% 1.45%
  5. CSC Holdings, LLC 6.5% 1.04%
  6. Quiksilver Inc 0.91%
  7. RAYONIER A.M. PRODS INC 5.5% 0.91%
  8. TELENET FINANCE LUXEMBOURG 144 0.89%
  9. Bausch Health Companies Inc 7.25% 0.88%
  10. Mercer International Inc. 7.38% 0.88%

Asset Allocation

Weighting Return Low Return High HWHAX % Rank
Bonds
91.67% 82.79% 143.50% 76.13%
Stocks
3.23% -12.70% 9.17% 4.95%
Cash
2.41% -43.73% 21.02% 71.61%
Convertible Bonds
2.19% 0.00% 4.64% 3.66%
Other
0.49% -10.16% 6.34% 5.38%
Preferred Stocks
0.00% 0.00% 5.37% 75.70%

Stock Sector Breakdown

Weighting Return Low Return High HWHAX % Rank
Utilities
0.00% 0.00% 100.00% 87.18%
Technology
0.00% 0.00% 35.76% 85.47%
Real Estate
0.00% 0.00% 80.24% 87.46%
Industrials
0.00% 0.00% 100.00% 88.32%
Healthcare
0.00% 0.00% 42.86% 86.32%
Financial Services
0.00% 0.00% 100.00% 86.04%
Energy
0.00% 0.00% 100.00% 91.74%
Communication Services
0.00% 0.00% 100.00% 90.31%
Consumer Defense
0.00% 0.00% 22.91% 82.62%
Consumer Cyclical
0.00% 0.00% 100.00% 4.27%
Basic Materials
0.00% 0.00% 100.00% 1.99%

Stock Geographic Breakdown

Weighting Return Low Return High HWHAX % Rank
US
3.23% -12.70% 9.17% 2.58%
Non US
0.00% 0.00% 2.95% 67.31%

Bond Sector Breakdown

Weighting Return Low Return High HWHAX % Rank
Corporate
97.49% 9.69% 100.00% 21.72%
Cash & Equivalents
2.51% -0.82% 49.29% 72.04%
Derivative
0.00% -0.02% 15.37% 69.68%
Securitized
0.00% 0.00% 46.32% 74.19%
Municipal
0.00% 0.00% 2.95% 57.85%
Government
0.00% 0.00% 35.67% 72.26%

Bond Geographic Breakdown

Weighting Return Low Return High HWHAX % Rank
US
79.39% 67.67% 118.63% 60.00%
Non US
12.28% 0.00% 29.53% 63.66%

Expenses

HWHAX - Expenses

Operational Fees

HWHAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.00% 0.13% 20.17% 54.96%
Management Fee 0.55% 0.00% 1.60% 43.51%
12b-1 Fee 0.25% 0.00% 1.00% 40.15%
Administrative Fee N/A 0.01% 0.30% N/A

Sales Fees

HWHAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 3.75% 2.00% 5.75% 65.52%
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

HWHAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 1.00% 2.00% 39.29%

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

HWHAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 41.00% 1.88% 433.00% 33.91%

Distributions

HWHAX - Distributions

Dividend Yield Analysis

HWHAX Category Low Category High HWHAX % Rank
Dividend Yield 0.00% 0.00% 3.60% 95.70%

Dividend Distribution Analysis

HWHAX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Monthly

Net Income Ratio Analysis

HWHAX Category Low Category High HWHAX % Rank
Net Income Ratio 5.62% -0.01% 9.34% 27.49%

Capital Gain Distribution Analysis

HWHAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Dividend Payout History

View More +

Fund Manager Analysis

HWHAX - Fund Manager Analysis

Managers

Raymond Kennedy


Start Date

Tenure

Tenure Rank

Mar 31, 2009

10.84

10.8%

In his role as portfolio manager, Mr. Kennedy plays an integral part in the investment research review and decision-making process as well as coordinates the day-to-day management of all High Yield bond portfolios. Prior to joining the firm, Mr. Kennedy was a Managing Director, portfolio manager and senior member of PIMCO's investment strategy group. At PIMCO, he headed the global high yield business along with managing and overseeing High Yield funds, bank loan trading and collateralized debt obligations. Mr. Kennedy was formerly associated with the Prudential Insurance Company of America as a private placement asset manager where he was responsible for investing and managing a portfolio of investment grade and high yield privately placed fixed income securities. Prior to that, he was a consultant for Andersen Consulting (now Accenture) in Los Angeles and London. Mr. Kennedy, a CFA charterholder, was nominated for Morningstar’s 2010 Fixed Income Manager of the Year. He received his BS from Stanford University and MBA from the Anderson School of Management at the University of California, Los Angeles.

Mark Hudoff


Start Date

Tenure

Tenure Rank

Jul 28, 2009

10.52

10.5%

Mark Hudoff is Portfolio Manager of Hotchkins and Wiley (since 2009).Prior to joining the firm, Mr. Hudoff was an Executive Vice President, portfolio manager and Head of Global High Yield investments at PIMCO. He started at PIMCO as a credit analyst for the high yield team and moved to Europe in 2000 to build and manage their European credit business, including the management of PIMCO's European High Yield strategies. Upon returning to the U.S. in 2004, Mr. Hudoff founded and developed PIMCO's Global High Yield practice, while also managing U.S. High Yield portfolios. Mr. Hudoff was formerly associated with BCA where he worked as a fixed income strategist. Mr. Hudoff was nominated for Morningstar’s 2010 Fixed Income Manager of the Year. He received his BS in Economics from Arizona State University and MBA in Finance from the University of Chicago Graduate School of Business.

Patrick Meegan


Start Date

Tenure

Tenure Rank

Aug 29, 2012

7.43

7.4%

Mr. Meegan joined HWCM's predecessor in 1998 as an equity analyst and became portfolio manager in 2001. Mr. Meegan began his career at H&W as an investment analyst and became portfolio manager in 2001. Prior to joining the firm, Mr. Meegan was an audit manager at Arthur Andersen and specialized in financial statement audits and advising clients on SEC reporting issues. Mr. Meegan, a Certified Public Accountant (inactive), received his BA in Business Administration with honors from California State University, Fullerton and his MBA with honors from the Anderson School of Management at the University of California, Los Angeles.

Richard Mak


Start Date

Tenure

Tenure Rank

Jan 01, 2014

6.08

6.1%

In his role as portfolio manager, Mr. Mak plays an integral role in the investment research review and decision making process and coordinates the day-to-day management of all High Yield bond portfolios. Prior to joining the firm, Mr. Mak worked at PIMCO in multiple roles ranging from credit analyst to high yield portfolio manager, primarily focused on internal high yield funds. Prior to his position at PIMCO, Mr. Mak was an equity analyst at Epoch Partners covering telecom equipment and related technology issuers. Mr. Mak, a CFA charterholder, received his BA in Business Economics with a minor in Accounting from University of California, Los Angeles, and MBA with emphasis in Finance and Strategy from the Anderson School of Management at the University of California, Los Angeles.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 35.46 6.44 1.08