HWHZX: Hotchkis & Wiley High Yield Z

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HWHZX Hotchkis & Wiley High Yield Z


Profile

HWHZX - Profile

Vitals

  • YTD Return -10.8%
  • 3 Yr Annualized Return N/A
  • 5 Yr Annualized Return N/A
  • Net Assets $1.55 B
  • Holdings in Top 10 14.5%

52 WEEK LOW AND HIGH

$10.29
$8.85
$11.64

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.65%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 41.00%

TRADING FEES

  • Max Redemption Fee 2.00%

Min Investment

  • Standard (Taxable) $1,000,000
  • IRA N/A

Fund Classification

  • Primary Caregory
  • Fund Type Open End Mutual Fund
  • Investment Style High Yield Bond

Distributions

  • YTD Total Return -10.8%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 5.99%
DIVIDENDS
  • Dividend Yield 1.2%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Hotchkis & Wiley High Yield Fund
  • Fund Family Name
    Hotchkis & Wiley
  • Inception Date
    Mar 29, 2018
  • Shares Outstanding
    51154964
  • Share Class
    Inst
  • 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

HWHZX - Performance

Return Ranking - Trailing

Period HWHZX Return Category Return Low Category Return High Rank in Category (%)
YTD -10.8% -53.1% 4.7% 85.51%
1 Yr -11.7% -52.9% 6.3% 88.17%
3 Yr N/A* -23.7% 5.4% 16.32%
5 Yr N/A* -14.8% 3.3% 10.79%
10 Yr N/A* -6.6% 6.4% 3.17%

* Annualized

Return Ranking - Calendar

Period HWHZX Return Category Return Low Category Return High Rank in Category (%)
2019 3.4% -6.2% 23.9% 87.96%
2018 N/A -17.1% 0.0% N/A
2017 N/A -9.5% 6.3% N/A
2016 N/A -0.8% 28.6% N/A
2015 N/A -34.3% 3.5% N/A

Total Return Ranking - Trailing

Period HWHZX Return Category Return Low Category Return High Rank in Category (%)
YTD -10.8% -53.1% 4.7% 85.51%
1 Yr -11.7% -52.9% 5.1% 88.17%
3 Yr N/A* -23.7% 5.4% 14.51%
5 Yr N/A* -14.7% 4.5% 14.58%
10 Yr N/A* -5.7% 6.4% 3.17%

* Annualized

Total Return Ranking - Calendar

Period HWHZX Return Category Return Low Category Return High Rank in Category (%)
2019 3.4% -6.2% 23.9% 88.69%
2018 N/A -17.1% 1.3% N/A
2017 N/A -8.5% 10.5% N/A
2016 N/A -0.8% 39.0% N/A
2015 N/A -32.4% 3.5% N/A

NAV & Total Return History


Holdings

HWHZX - Holdings

Concentration Analysis

HWHZX Category Low Category High HWHZX % Rank
Net Assets 1.55 B 1.85 M 17.4 B 19.51%
Number of Holdings 203 3 1825 64.01%
Net Assets in Top 10 250 M -104 M 1.96 B 21.11%
Weighting of Top 10 14.45% 4.7% 99.0% 50.69%

Top 10 Holdings

  1. iShares Broad USD High Yield Corp Bd ETF 5.08%
  2. Horsehead Equity 1.45%
  3. CCO Holdings, LLC/ CCO Holdings Capital Corp. 5.38% 1.39%
  4. General Electric Company 5% 1.32%
  5. Xtrackers USD High Yield Corp Bd ETF 1.19%
  6. Pacific Gas and Electric Company 6.05% 0.88%
  7. Bausch Health Companies Inc 7.25% 0.80%
  8. Plastipak Holdings, Inc. 6.25% 0.79%
  9. Quiksilver Inc 0.78%
  10. Penn National Gaming, Inc. 5.62% 0.77%

Asset Allocation

Weighting Return Low Return High HWHZX % Rank
Bonds
86.27% 6.29% 166.97% 77.32%
Cash
8.57% -66.97% 81.99% 25.61%
Stocks
2.73% -15.92% 22.69% 12.37%
Convertible Bonds
1.79% 0.00% 16.78% 28.03%
Other
0.63% -6.75% 30.38% 15.92%
Preferred Stocks
0.00% 0.00% 10.37% 56.75%

Stock Sector Breakdown

Weighting Return Low Return High HWHZX % Rank
Utilities
0.00% 0.00% 94.37% 51.00%
Technology
0.00% 0.00% 100.00% 51.57%
Real Estate
0.00% 0.00% 45.78% 48.72%
Industrials
0.00% 0.00% 100.00% 54.13%
Healthcare
0.00% 0.00% 100.00% 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% 97.61% 54.99%
Consumer Defense
0.00% 0.00% 53.30% 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
2.70% -15.72% 19.50% 7.61%
Non US
0.03% -0.20% 10.55% 31.14%

Bond Sector Breakdown

Weighting Return Low Return High HWHZX % Rank
Corporate
91.11% 0.00% 100.00% 42.71%
Cash & Equivalents
8.89% -9.91% 86.20% 31.60%
Derivative
0.00% 0.00% 36.87% 48.61%
Securitized
0.00% 0.00% 88.54% 59.72%
Municipal
0.00% 0.00% 5.02% 35.07%
Government
0.00% 0.00% 68.79% 63.54%

Bond Geographic Breakdown

Weighting Return Low Return High HWHZX % Rank
US
74.64% 6.29% 154.24% 36.68%
Non US
11.63% 0.00% 63.28% 69.90%

Expenses

HWHZX - Expenses

Operational Fees

HWHZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.65% 0.04% 7.50% 93.86%
Management Fee 0.55% 0.00% 1.84% 39.31%
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 2.00% 1.00% 2.00% 10.00%

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 41.00% 1.88% 484.00% 33.09%

Distributions

HWHZX - Distributions

Dividend Yield Analysis

HWHZX Category Low Category High HWHZX % Rank
Dividend Yield 1.16% 0.00% 2.48% 0.68%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

HWHZX Category Low Category High HWHZX % Rank
Net Income Ratio 5.99% -0.81% 9.20% 17.50%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

HWHZX - Fund Manager Analysis

Managers

Raymond Kennedy


Start Date

Tenure

Tenure Rank

Mar 31, 2009

11.26

11.3%

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

10.93

10.9%

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

7.84

7.8%

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

6.5

6.5%

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
0.08 30.94 6.12 0.82