High Yield Fund (HWHIX)

I SHARES    A SHARES    C SHARES   

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Investment return and principal value of the fund will fluctuate, and shares may be worth more or less than their original cost when redeemed. Click quarter-end or month-end to obtain the most recent fund performance. The High Yield Fund imposes a 2.00% redemption fee on shares held for 90 days or less. Performance data does not reflect the redemption fee. If it had, return would be reduced.

Strategy & Objective

The Fund seeks high current income combined with the opportunity for capital appreciation to maximize total return. Our approach attempts to reduce our exposure to the damaging effects of high defaults and low recoveries.

  • Total Return strategy seeks to emphasize higher quality and lower volatility
  • Unique synergy combining equity and credit research with a focus on asset coverage
  • Experienced Investment Team averaging 18 years of industry experience

Read more about the high yield strategy

FUND FACTS
As of 09/30/2014
Ticker HWHIX
Cusip 44134R735
Open to New Investors Yes
Minimum Investment $1,000,000
Inception Date 03/31/2009
Gross Expense Ratio* 0.75%
Net Expense Ratio* 0.70%
Redemption Fee** 2.00%
Dividend Schedule Monthly
Capital Gains Schedule Annual
Size of Fund (millions) $1,740
Size of Class (millions) $1,155
30-Day SEC Yield with expense waiver 5.15%
30-Day SEC Yield without expense waiver 5.11%

* As of 06/30/2014
**The High Yield Fund imposes a 2.00% redemption fee on shares held for 90 days or less. Performance data does not reflect the redemption fee. If it had, return would be reduced.
As of 10/20/2014

STYLE: HIGH YIELD

INVESTMENT TEAM


Mark Hudoff
5 Years with H&W
27 Years of Experience


Ray Kennedy, CFA
5 Years with H&W
29 Years of Experience


Richard Mak, CFA
1 Year with H&W
13 Years of Experience


Patrick Meegan
16 Years with H&W
24 Years of Experience

Mr. Hudoff, Mr. Kennedy, Mr. Mak and Mr. Meegan coordinate the day-to-day management of the High Yield Fund portfolio. They also represent the High Yield Fund to current and prospective shareholders.

To view the full investment team, click here.  You will be leaving the mutual fund site and a separate browser window will open to the advisor site.

The Advisor has contractually agreed to waive fees through October 31, 2015.

You should consider the Hotchkis & Wiley High Yield Fund's investment objectives, risks, and charges and expenses carefully before you invest. This and other important information is contained in the Fund's summary prospectus and prospectus, which can be obtained by calling 800-796-5606. Read carefully before you invest.

Mutual fund investing involves risk. Principal loss is possible.  Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment by the fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The Fund may invest in derivative securities, which derive their performance from the performance of an underlying asset, index, interest rate or currency exchange rate. Derivatives can be volatile and involve various types and degrees of risks. Depending on the characteristics of the particular derivative, it could become illiquid. Investment in Asset Backed and Mortgage Backed Securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. The Fund may invest in foreign as well as emerging markets which involve greater volatility and political, economic and currency risks and differences in accounting methods.

Diversification does not assure a profit nor protect against loss in a declining market.

©2014 Morningstar, Inc. All Rights Reserved. The information contained herein (1) is proprietary to Morningstar (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future performance.

The Morningstar Style BoxTM reveals a fund's investment style. For fixed-income funds, the vertical axis shows the credit quality of the bonds and the horizontal axis shows interest-rate sensitivity, as measured by average effective duration. Credit quality is "low" if the average credit rating is less than BBB-, "medium" if between AA- and BBB-, or "high" if greater than AA-. Interest-rate sensitivity is "limited" if average effective duration falls below 75% of the duration of the Morningstar Core Bond Index, "moderate" if between 75% and 125%, and "extensive" if above 125%.

 

The Hotchkis & Wiley Funds are distributed by Quasar Distributors, LLC