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Trending ETFs

Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$10.47

$909 M

6.25%

$0.65

0.66%

Vitals

YTD Return

1.0%

1 yr return

11.9%

3 Yr Avg Return

2.5%

5 Yr Avg Return

3.3%

Net Assets

$909 M

Holdings in Top 10

12.4%

52 WEEK LOW AND HIGH

$10.5
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.66%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 82.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$10.47

$909 M

6.25%

$0.65

0.66%

HWHZX - Profile

Distributions

  • YTD Total Return 1.0%
  • 3 Yr Annualized Total Return 2.5%
  • 5 Yr Annualized Total Return 3.3%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 5.56%
DIVIDENDS
  • Dividend Yield 6.2%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Hotchkis & Wiley High Yield Fund
  • Fund Family Name
    Hotchkis & Wiley
  • Inception Date
    Apr 02, 2018
  • Shares Outstanding
    13452681
  • Share Class
    Z
  • Currency
    USD
  • Domiciled Country
    US
  • 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, rated below investment grade (i.e., rated below Baa by Moody’s Investors Service, Inc. (“Moody’s”), or equivalently rated by Standard & Poor’s (“S&P”) or Fitch Ratings (“Fitch”), or, if unrated, determined by Hotchkis & Wiley Capital Management, LLC (the “Advisor”) to be of comparable quality) (“junk bonds”). The Fund may also use futures, swaps and other derivatives (a financial contract with a value that depends on, or is derived from, the value of an underlying asset, reference rate or index) as a substitute for taking a position in the underlying asset, as part of a strategy designed to reduce exposure to other risks and/or to manage cash. For purposes of the 80% test, derivatives will be valued at market value rather than notional value. The Fund may invest in mortgage- or asset-backed securities. The Fund may also invest in restricted securities that are sold in private placement transactions.
The Fund may not invest more than 10% of its total assets in fixed income securities rated Caa or below by Moody’s, or equivalently rated by S&P or Fitch, or, if unrated, determined by the Advisor to be of comparable quality. The Fund may also invest in investment grade fixed income instruments. The average portfolio duration of the Fund normally will vary within two years (plus or minus) of the duration of the ICE BofA BB-B U.S. High Yield Constrained Index, which as of June 30, 2023 was 3.99 years. Duration measures the price sensitivity of a bond to changes in interest rates, calculated by the dollar weighted average time to maturity of a bond utilizing the present value of all future cash flows. For example, the share price of a fund with a duration of three years would be expected to fall approximately 3% if interest rates rose by one percentage point.
The Fund 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. The Advisor attempts to identify areas of the bond market that are undervalued relative to the rest of the market.
In selecting securities for the Fund, the Advisor develops an outlook for credit markets, interest rates, currency exchange rates and the economy, analyzes individual credit and call risks, and uses other security selection techniques. The proportion of the Fund’s assets committed to investment in securities with particular characteristics (such as quality, sector, interest rate or maturity) varies based on the Advisor’s outlook for the U.S. economy and the economies of other countries in the world, the financial markets and other factors. As part of the Advisor's investment process, the investment team evaluates the general and industry-specific Environmental, Social, and Governance (“ESG”) factors that the Advisor believes to be the most financially material to a company's short-, medium-, and long-term enterprise value. The Advisor believes this evaluation contributes to its overall analysis of a company’s value creation for shareholders and future financial performance.
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HWHZX - Performance

Return Ranking - Trailing

Period HWHZX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.0% -4.9% 8.2% 71.92%
1 Yr 11.9% -4.3% 26.0% 39.59%
3 Yr 2.5%* -15.6% 20.6% 26.31%
5 Yr 3.3%* -11.2% 37.3% 56.82%
10 Yr N/A* -4.7% 19.5% 31.17%

* Annualized

Return Ranking - Calendar

Period HWHZX Return Category Return Low Category Return High Rank in Category (%)
2023 6.5% -4.7% 14.3% 14.60%
2022 -14.4% -33.4% 3.6% 29.78%
2021 2.0% -8.4% 14.9% 9.95%
2020 -2.2% -13.9% 302.7% 83.87%
2019 3.4% -4.4% 13.3% 93.10%

Total Return Ranking - Trailing

Period HWHZX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.0% -4.9% 8.2% 71.92%
1 Yr 11.9% -4.3% 26.0% 39.59%
3 Yr 2.5%* -15.6% 20.6% 26.31%
5 Yr 3.3%* -11.2% 37.3% 56.82%
10 Yr N/A* -4.7% 19.5% 29.47%

* Annualized

Total Return Ranking - Calendar

Period HWHZX Return Category Return Low Category Return High Rank in Category (%)
2023 12.9% -4.7% 18.7% 30.43%
2022 -9.7% -33.4% 47.8% 33.23%
2021 7.3% -8.4% 24.8% 11.26%
2020 4.3% -9.6% 325.6% 68.40%
2019 9.9% -3.8% 21.5% 86.38%

NAV & Total Return History


HWHZX - Holdings

Concentration Analysis

HWHZX Category Low Category High HWHZX % Rank
Net Assets 909 M 1.85 M 22.6 B 37.94%
Number of Holdings 219 2 2736 70.37%
Net Assets in Top 10 119 M -492 M 4.45 B 38.43%
Weighting of Top 10 12.43% 4.2% 149.6% 57.41%

Top 10 Holdings

  1. JPMorgan US Government Money Market Fund 2.79%
  2. iShares Broad USD High Yield Corporate Bond ETF 2.20%
  3. Boardriders Inc Series B 1.12%
  4. Virgin Media Secured Finance PLC 1.07%
  5. SPDR Portfolio High Yield Bond ETF 0.97%
  6. CCO Holdings LLC / CCO Holdings Capital Corp 0.97%
  7. Emerald Debt Merger Sub LLC 0.86%
  8. Carnival Corp 0.84%
  9. CCO Holdings LLC / CCO Holdings Capital Corp 0.81%
  10. Iracore Investments Holdings Inc 0.79%

Asset Allocation

Weighting Return Low Return High HWHZX % Rank
Bonds
91.32% -3.13% 154.38% 76.34%
Stocks
4.19% 0.00% 99.61% 15.82%
Cash
3.17% -52.00% 49.49% 56.64%
Convertible Bonds
1.80% 0.00% 17.89% 26.70%
Preferred Stocks
1.32% 0.00% 8.06% 8.33%
Other
0.00% -63.70% 102.57% 47.38%

Stock Sector Breakdown

Weighting Return Low Return High HWHZX % Rank
Utilities
0.00% 0.00% 100.00% 51.00%
Technology
0.00% 0.00% 33.17% 51.57%
Real Estate
0.00% 0.00% 86.71% 48.72%
Industrials
0.00% 0.00% 93.12% 54.13%
Healthcare
0.00% 0.00% 22.17% 53.28%
Financial Services
0.00% 0.00% 100.00% 50.71%
Energy
0.00% 0.00% 100.00% 61.54%
Communication Services
0.00% 0.00% 99.99% 54.99%
Consumer Defense
0.00% 0.00% 100.00% 43.30%
Consumer Cyclical
0.00% 0.00% 100.00% 3.70%
Basic Materials
0.00% 0.00% 100.00% 1.42%

Stock Geographic Breakdown

Weighting Return Low Return High HWHZX % Rank
US
4.19% 0.00% 99.61% 15.90%
Non US
0.00% -0.01% 0.83% 17.90%

Bond Sector Breakdown

Weighting Return Low Return High HWHZX % Rank
Corporate
96.35% 0.00% 129.69% 35.86%
Cash & Equivalents
2.95% 0.00% 49.49% 48.46%
Derivative
0.00% -15.04% 42.26% 35.65%
Securitized
0.00% 0.00% 97.24% 46.99%
Municipal
0.00% 0.00% 4.66% 9.27%
Government
0.00% 0.00% 99.07% 34.78%

Bond Geographic Breakdown

Weighting Return Low Return High HWHZX % Rank
US
91.32% -3.13% 129.21% 60.96%
Non US
0.00% 0.00% 97.33% 42.13%

HWHZX - Expenses

Operational Fees

HWHZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.66% 0.04% 31.61% 80.71%
Management Fee 0.55% 0.00% 1.84% 42.62%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

HWHZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

HWHZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 9.62%

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.

HWHZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 82.00% 1.00% 255.00% 76.23%

HWHZX - Distributions

Dividend Yield Analysis

HWHZX Category Low Category High HWHZX % Rank
Dividend Yield 6.25% 0.00% 35.52% 60.58%

Dividend Distribution Analysis

HWHZX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly SemiAnnual Monthly Monthly

Net Income Ratio Analysis

HWHZX Category Low Category High HWHZX % Rank
Net Income Ratio 5.56% -2.39% 14.30% 9.11%

Capital Gain Distribution Analysis

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

Distributions History

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HWHZX - Fund Manager Analysis

Managers

Raymond Kennedy


Start Date

Tenure

Tenure Rank

Mar 31, 2009

13.18

13.2%

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

12.85

12.9%

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

9.76

9.8%

Patrick Meegan serves as a portfolio manager and member of the financials and healthcare sector teams. 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, received his BA in Business Administration from California State University, Fullerton and his MBA from the Anderson School of Management at the University of California, Los Angeles.

Richard Mak


Start Date

Tenure

Tenure Rank

Jan 01, 2014

8.42

8.4%

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
0.13 37.79 7.12 8.17