All investments contain risk and may lose value. This podcast is for general information only and should not be relied on for investment advice.
Investment returns include reinvestment of dividends, interest and capital gains. Valuation is based on trade-date information. Net performance results are presented after actual management fees and all trading expenses but before custodial fees. The High Yield strategy’s returns for different time periods and market cycles can result in significantly different performance results. An account’s investment guidelines, timing of transactions, market conditions at the time of investment and other factors may lead to different performance results. The H&W Global Value composite, net of fees, along with MSCI World Index and MSCI World Value Index through June 30, 2022: -14.86%, -11.75%, 4.08%, 8.86%; -16.19%, -14.34%, 7.67%, 9.51% and -11.59%, -6.63%, 4.67%, 7.62% for 2Q, one-, five-, and ten-years, respectively. Other performance disclosures are included in the strategy’s GIPS Report. Extraordinary performance is attributable in part due to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
The portfolio manager’s views and opinions expressed in this podcast are as of November 29, 2021. Such views are subject to change and may differ from others in the firm, or the firm as a whole. The portfolio manager’s comments include some estimated and/or forecasted views, which are believed to be based on reasonable assumptions within the bounds of current and historical information. However, there is no guarantee that any estimates, forecasts or views will be realized. Any discussion or view on a particular company, asset class/segment, industry/sector and/or investment type are not investment recommendations, should not be assumed to be profitable, and are subject to change. In the event of new information or changed circumstances, H&W reserves the right to change its investment perspective and outlook and has no obligation to provide revised assessments and opinions.
As of June 30, 2022, the securities identified comprise the following percentages of a representative account within the Global Value strategy: F5 Inc. 3.9%, General Electric Co. 4.8%, Elevance Health Inc. (Anthem) 2.4%, Oracle Corp. 2.8%, American Int'l Group Inc. 3.6%, Alphabet Inc. (Google) 2.9%, Citigroup Inc. 3.5%, Credit Suisse Group AG 1.1%, Euronet Worldwide Inc. 3.0%, and BAE Systems PLC 2.2%. These securities do not represent all securities purchased, sold, or recommended for advisory clients, and may not be indicative of current or future holdings or trading activity. Please contact H&W at [email protected] for a complete list of current/past securities holdings, subject to the firm’s portfolio holdings disclosure policy.
Investing in equity securities have greater risks and price volatility than U.S. Treasuries and bonds, where the price of these securities may decline due to various company, industry, and market factors. Investing in foreign as well as emerging markets involves additional risk such as greater volatility, political, economic, and currency risks and differences in accounting methods.
A value-oriented investment approach involves the risk that value stocks may remain undervalued or may not appreciate in value as anticipated. Value stocks can perform differently from the market as a whole or from other types of stocks and may be out of favor with investors and underperform growth stocks for varying periods of time.
Market Disruption: The global coronavirus pandemic has caused and continues to cause disruption in the global economy, unprecedented business and travel disruption and extreme fluctuations in global capital and financial markets. H&W is unable to predict the consequences of the upheaval caused by coronavirus pandemic, which, depending on the severity and the length of the outbreak, has the potential to negatively impact the firm’s investment strategies and reduce available investment opportunities.
©2022 Hotchkis & Wiley. All rights reserved. Past performance is not indicative of future performance.