Hotchkis and Wiley International Small Cap Diversified Value Fund
Fund
HWTIX
Price as of:
$11.85
- $0.06
- 0.50%
Primary Theme
fund company
Name
As of 11/30/2023Price
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
$11.85
$6.66 M
1.68%
$0.20
4.59%
Vitals
YTD Return
12.7%
1 yr return
11.5%
3 Yr Avg Return
9.4%
5 Yr Avg Return
N/A
Net Assets
$6.66 M
Holdings in Top 10
7.3%
52 WEEK LOW AND HIGH
$11.9
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 4.59%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 63.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$250,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 11/30/2023Price
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
$11.85
$6.66 M
1.68%
$0.20
4.59%
HWTIX - Profile
Distributions
- YTD Total Return 12.7%
- 3 Yr Annualized Total Return 9.4%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 1.91%
- Dividend Yield 1.7%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameHotchkis and Wiley International Small Cap Diversified Value Fund
-
Fund Family NameHotchkis & Wiley
-
Inception DateJun 30, 2020
-
Shares Outstanding554980
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerRyan Thomes
Fund Description
The Fund normally invests at least 80% of its net assets plus borrowings for investment purposes in equity securities of non-U.S. small capitalization companies, which may include companies located or operating in developed or emerging markets. Hotchkis & Wiley Capital Management, LLC (the “Advisor”) determines where a company is located, and thus whether a company is located outside the U.S. or in an emerging market, by referring to: (i) its primary stock exchange listing; (ii) where it is registered, organized or incorporated; (iii) where its headquarters are located; (iv) where it derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed; or (v) where at least 50% of its assets are located. The Fund will allocate its assets among various regions and countries (but in no less than three different countries). From time to time, a substantial portion of the Fund’s assets may be invested in companies located in a single country.Small capitalization companies are defined as those companies that have market capitalizations not greater than that of the largest company included in the MSCI World ex-USA Small Cap Index (the “Index”) at the time of investment. The Index is a free-float adjusted market capitalization-weighted index that is designed to measure the equity market performance of smaller capitalization stocks in developed
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markets, excluding the U.S. market. The market capitalization range of the Index changes constantly, but as of June 30, 2023, the total market capitalization of the largest company included in the Index was $23.4 billion. Securities of companies whose market capitalizations no longer meet this definition after purchase may continue to be held in the Fund.
In addition to purchasing equity securities on exchanges where the companies are located, the Fund may purchase equity securities on exchanges other than where their companies are domiciled (often traded as dual listed securities) or in the form of Depositary Receipts, which include American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) or similar securities. The Fund will invest primarily in companies located in developed countries, but may invest up to 20% of its assets in emerging markets.
The Fund intends to invest a significant portion of its assets in companies in the industrial and financial sectors.
The Fund may enter into currency contracts (such as spot, forward and futures) to hedge foreign currency exposure.
The Fund seeks to invest in companies whose future prospects are misunderstood or not fully recognized by the market. The Fund employs a fundamental value investing approach which seeks to exploit market inefficiencies created by irrational investor behavior. To identify these investment opportunities, the Fund employs a disciplined, bottom-up investment process based on a proprietary model that is augmented with internally-generated fundamental research. The Fund seeks broad diversified exposure to these investment opportunities by, under normal conditions and after the Fund achieves sufficient scale, holding equity securities of approximately 250 to 300 different companies. 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. With the exception of diversification guidelines, the Fund does not employ pre-determined rules for sales; rather, the Fund evaluates each sell candidate based on the candidate’s specific risk and return characteristics which include: 1) relative valuation; 2) fundamental operating trends; 3) deterioration of fundamentals; and 4) portfolio diversification.
HWTIX - Performance
Return Ranking - Trailing
| Period | HWTIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 12.7% | -3.5% | 31.5% | 24.53% |
| 1 Yr | 11.5% | -4.5% | 33.8% | 33.96% |
| 3 Yr | 9.4%* | -0.2% | 32.4% | 22.00% |
| 5 Yr | N/A* | 2.1% | 16.4% | N/A |
| 10 Yr | N/A* | 3.1% | 6.7% | N/A |
* Annualized
Return Ranking - Calendar
| Period | HWTIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2022 | -13.4% | -22.7% | 5.8% | 31.37% |
| 2021 | -5.7% | -5.7% | 19.7% | 100.00% |
| 2020 | N/A | -10.7% | 30.9% | N/A |
| 2019 | N/A | 2.1% | 31.6% | N/A |
| 2018 | N/A | -29.8% | -11.3% | N/A |
Total Return Ranking - Trailing
| Period | HWTIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 12.7% | -3.5% | 31.5% | 24.53% |
| 1 Yr | 11.5% | -4.5% | 33.8% | 33.96% |
| 3 Yr | 9.4%* | -0.2% | 32.4% | 22.00% |
| 5 Yr | N/A* | 2.1% | 16.4% | N/A |
| 10 Yr | N/A* | 3.1% | 6.7% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | HWTIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2022 | -8.7% | -22.3% | 6.4% | 27.45% |
| 2021 | 16.4% | 9.0% | 77.0% | 49.02% |
| 2020 | N/A | -10.3% | 37.2% | N/A |
| 2019 | N/A | 8.6% | 31.9% | N/A |
| 2018 | N/A | -25.1% | -10.1% | N/A |
NAV & Total Return History
HWTIX - Holdings
Concentration Analysis
| HWTIX | Category Low | Category High | HWTIX % Rank | |
|---|---|---|---|---|
| Net Assets | 6.66 M | 5.8 M | 10.4 B | 98.15% |
| Number of Holdings | 288 | 10 | 5533 | 38.89% |
| Net Assets in Top 10 | 483 K | 483 K | 2.95 B | 100.00% |
| Weighting of Top 10 | 7.25% | 0.3% | 104.5% | 75.93% |
Top 10 Holdings
- Australia and New Zealand Banking Group Ltd. 1.17%
- Enplas Corp 0.94%
- Kosmos Energy Ltd 0.74%
- Babcock International Group PLC 0.66%
- Furyu Corp 0.65%
- Subsea 7 SA 0.64%
- bpost SA 0.62%
- AutoCanada Inc 0.62%
- Elmera Group ASA 0.61%
- EVN AG 0.60%
Asset Allocation
| Weighting | Return Low | Return High | HWTIX % Rank | |
|---|---|---|---|---|
| Stocks | 98.03% | 0.94% | 100.83% | 38.89% |
| Cash | 1.97% | 0.00% | 99.06% | 53.70% |
| Preferred Stocks | 0.00% | 0.00% | 3.86% | 75.93% |
| Other | 0.00% | -0.01% | 5.86% | 74.07% |
| Convertible Bonds | 0.00% | 0.00% | 0.41% | 59.62% |
| Bonds | 0.00% | 0.00% | 10.60% | 57.41% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | HWTIX % Rank | |
|---|---|---|---|---|
| Financial Services | 24.54% | 3.05% | 32.74% | 7.69% |
| Industrials | 24.07% | 5.36% | 31.52% | 32.69% |
| Consumer Cyclical | 11.37% | 4.00% | 24.14% | 44.23% |
| Basic Materials | 10.59% | 1.74% | 28.84% | 57.69% |
| Energy | 7.19% | 0.00% | 19.25% | 38.46% |
| Technology | 6.53% | 0.00% | 18.01% | 69.23% |
| Consumer Defense | 5.86% | 3.45% | 18.05% | 65.38% |
| Healthcare | 3.32% | 0.00% | 9.89% | 59.62% |
| Real Estate | 2.30% | 0.00% | 16.01% | 71.15% |
| Utilities | 2.23% | 0.00% | 15.19% | 50.00% |
| Communication Services | 2.00% | 0.00% | 8.94% | 80.77% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | HWTIX % Rank | |
|---|---|---|---|---|
| Non US | 96.08% | 0.00% | 99.54% | 42.59% |
| US | 1.95% | 0.00% | 99.89% | 46.30% |
HWTIX - Expenses
Operational Fees
| HWTIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 4.59% | 0.36% | 4.91% | 3.70% |
| Management Fee | 0.80% | 0.30% | 1.59% | 46.30% |
| 12b-1 Fee | N/A | 0.00% | 0.75% | N/A |
| Administrative Fee | N/A | 0.01% | 0.15% | N/A |
Sales Fees
| HWTIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 5.75% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 1.00% | N/A |
Trading Fees
| HWTIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | N/A | N/A | N/A |
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.
| HWTIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 63.00% | 2.00% | 119.00% | 79.17% |
HWTIX - Distributions
Dividend Yield Analysis
| HWTIX | Category Low | Category High | HWTIX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 1.68% | 0.00% | 6.14% | 81.48% |
Dividend Distribution Analysis
| HWTIX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annual | Quarterly | Annual |
Net Income Ratio Analysis
| HWTIX | Category Low | Category High | HWTIX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 1.91% | -0.10% | 4.33% | 32.69% |
Capital Gain Distribution Analysis
| HWTIX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
HWTIX - Fund Manager Analysis
Managers
Ryan Thomes
Start Date
Tenure
Tenure Rank
Jun 30, 2020
1.92
1.9%
Mr. Thomes coordinates the day-to-day management of the Small Cap Diversified Value portfolio. He also provides broad analytical support, creates general market and investment strategy commentaries, and acts as a liaison between the investment and client service teams. Prior to joining the firm, Mr. Thomes was a global equity senior research associate for Jeffrey Slocum and Associates, Inc., an institutional investment consultant based in Minneapolis. At Slocum, he was responsible for directing wide-ranging equity research projects as well as conducting equity investment manager due diligence. Mr. Thomes began his investment career as a research analyst at Berthel Schutter LLC, a consulting firm where he conducted equity and fixed income investment manager due diligence. Mr. Thomes, a CFA charterholder, received his BS in Entrepreneurial Management and Finance from the University of Minnesota.
Judd Peters
Start Date
Tenure
Tenure Rank
Jun 30, 2020
1.92
1.9%
In his role as portfolio manager, Mr. Peters plays an integral part in the investment research review and decision-making process as well as coordinates the day-to-day management of Large Cap Fundamental Value, Large Cap Diversified Value, Small Cap Diversified Value and Global Value portfolios. He also provides expertise and insight into the capital goods, energy and technology sectors. Prior to joining the firm, Mr. Peters was an analyst in the corporate finance department of an investment banking firm. Mr. Peters, a CFA charterholder, received his BA in Mathematics and a BS in Biochemistry from University of California, San Diego.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.06 | 26.6 | 7.22 | 10.34 |