Portfolio Manager Scott Rosenthal joins the H&W podcast series to talk about performance drivers and portfolio positioning, including his latest thoughts on energy, industrials, and financials.
All investments contain risk and may lose value. This podcast is for general information only and should not be relied on for investment advice or recommendation of any particular security, strategy, or investment product.
The portfolio manager’s views and opinions expressed in this podcast are as of October 13, 2022. Such views are subject to change without notice and may differ from others in the firm, or the firm as a whole. The portfolio manager’s comments may include 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. The podcast may also contain views that are forward-looking statements. Due to various risks and uncertainties, actual events/results or the performance of the Global Value strategy may differ materially from those reflected or contemplated in such forward-looking statements.
Investment returns include reinvestment of dividends, interest and capital gains. Valuation is based on trade-date information and stated in U.S. dollars. Net performance results are presented after actual management fees and all trading expenses but before custodial fees. The Global Value 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 Composite includes all Global Value discretionary accounts. The Global Value strategy seeks capital appreciation primarily through investments in common stocks of U.S. and non-U.S. companies, which may include companies located or operating in established or emerging markets. Additional performance disclosures are included in the strategy’s GIPS Report.
Any discussion or view of a security, an 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 without notice. 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/or opinions.
The securities reflected herein are intended for illustrative purposes only and not a recommendation to buy or sell specific securities. There is no assurance that the securities discussed will remain in the portfolio or that securities sold have not been repurchased. The securities discussed do not represent the entire portfolio, may only represent a small portion of the portfolio and should not assume the securities discussed were or will be profitable or that recommendations made in the future will be profitable or will equal the performance of the securities discussed. H&W’s opinions regarding these securities are subject to change at any time, for any reason, without notice.
Holdings and attribution analysis are based on a representative portfolio of the Global Value strategy, which may vary by portfolio due to different restrictions, cash flows, and other relevant considerations. Performance attribution is an analysis of the portfolio's return (gross of fees) relative to the benchmark, is calculated using trade information, and does not reflect cash flow transactions and the payment of transaction costs, fees and expenses.
The portfolio manager’s views on the global equity market should not be construed as the Global Value strategy’s expected performance. There is no guarantee of the future performance of the global equity market, nor the Global Value strategy. H&W does not provide any assurance that the Global Value strategy’s objectives and goals will be achieved. The Global Value strategy’s benchmark refers to the MSCI World Index. Unless otherwise noted, the global equity market refers to the MSCI World Index. The MSCI World Index is a free float-adjusted weighted index capturing large and mid cap representation across 23 Developed Markets (DM) countries.
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.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s Financial Services, LLC (“S&P”) and is licensed for use by Hotchkis & Wiley (“H&W”). All rights reserved. Neither S&P nor MSCI is liable for any errors or delays in this report, or for any actions taken in reliance on any information contained herein. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. See Index definitions for full disclaimer.
Market Disruption: The global coronavirus pandemic has caused disruption in the global economy and extreme fluctuations in global capital and financial markets. H&W is unable to predict the impact caused by coronavirus pandemic, which has the potential to negatively impact the firm’s investment strategies and investment opportunities.
©2023 Hotchkis & Wiley. All rights reserved. No portion of the podcast may be published, reproduced, transmitted or rebroadcast in any form without the express written permission of H&W.
Past performance is not indicative of future performance.