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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.
Investments in debt securities involve credit risk and typically decrease in value when interest rates rise. Investments in lower rated and non rated securities involve greater risk. The fund may invest in derivatives, asset backed and mortgage backed securities, and foreign securities. Please read the fund prospectus for a full list of fund risks.
This material is for general information purposes and should not be used as the sole basis to make any investment decision. Views expressed are not intended to be relied upon as research regarding a particular industry, investment or the markets in general, nor is it intended to predict performance of any investment or serve as a recommendation to buy or sell securities. Hotchkis & Wiley (“H&W”) is not responsible for any damages or losses arising from any use of this information.
The portfolio manager’s views and opinions expressed are as of July 6, 2023. 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. 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.
Information obtained from independent sources is considered reliable, but H&W cannot guarantee its accuracy or completeness. Certain information contained in this material represents or is based upon forward-looking statements. Due to various risks and uncertainties, actual events/results or performance may differ materially from those reflected or contemplated in such forward-looking statements. Nothing contained herein may be relied upon as a guarantee, promise, assurance or a representation as to the future.
Basis point is a unit equal to 1/100th of 1% and is used to denote the change in a financial instrument; Spread is the percentage point difference between yields of various classes of bonds compared to treasury bonds; Duration measures the price sensitivity of a bond to interest rate movements; Investment grade indicates that a municipal or corporate bond has a relatively low risk of default; GFC - global financial crisis; CLO - collateralized loan obligations; ABS - asset backed security; CMBS - commercial mortgage-backed security; FDIC - Federal Deposit Insurance Corporation. Top ten holdings as of 3/31/24 as a % of the Fund’s net assets: JPMorgan US Govt Money Mkt Fund 3.3%, Boardriders Inc. 1.0%, CCO Holdings LLC 1.0%, CCO Holdings LLC 1.0%, Vertical Holdco GmbH 0.9%, EMRLD Borrower LP 0.9%, Carnival Corp. 0.9%, Venture Global LNG Inc. 0.9%, Iracore Int'l Hldgs Inc. 0.8%, and TransDigm Inc. 0.8%.
Credit Quality weights by rating were derived from the highest bond rating as determined by S&P, Moody's or Fitch. Bond ratings are grades given to bonds that indicate their credit quality as determined by private independent rating services such as Standard & Poor's, Moody's and Fitch. These firms evaluate a bond issuer's financial strength, or its ability to pay a bond's principal and interest in a timely fashion. Ratings are expressed as letters ranging from 'AAA', which is the highest grade, to 'D', which is the lowest grade. Diversification does not assure a profit nor protect against loss in a declining market.
The Bloomberg US Aggregate Bond Index is a broad base, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded in the United States. The MOVE index (Merrill Lynch Option Volatility Estimate Index) measures the implied volatility of U.S. Treasury options across various maturities. The indexes do not reflect the payment of transaction costs, fees and expenses associated with an investment in the Fund. It is not possible to invest directly in an index.
There can be no guarantee that any strategy (risk management or otherwise) will be successful. No other products mentioned are distributed by Quasar Distributors, LLC. Reference to other products are not an offer to sell those products.
Past performance does not guarantee future results.
Mutual fund investing involves risk. Principal loss is possible.
The Hotchkis & Wiley Funds are distributed by Quasar Distributors, LLC
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