The team provides an update on what’s new in Value Opportunities, emphasizing:
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All investments contain risk and may lose value. Past performance is not indicative of future performance. This article 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 article are as of September 30, 2025. 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 article may also contain views that are forward-looking statements. Due to various risks and uncertainties, actual events/results or the performance of the Value Opportunities 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 Value Opportunities 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 Value Opportunities discretionary accounts. The Value Opportunities strategy seeks capital appreciation primarily through investments in equity securities, such as common stock, preferred stock and convertible securities, of any size market capitalization, and investment grade and high yield (“junk bonds”) fixed income securities. Companies that is believed to have strong capital appreciation potential and may invest in foreign (non-U.S.) securities. Additional performance disclosures are included in the strategy’s GIPS Report.
The securities highlighted in this article are intended to be for illustrative purposes only. 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. 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 and may only represent a small portion of the portfolio. 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.
Holdings and/or characteristics are based on a representative portfolio of the Value Opportunities Strategy. This information may vary by portfolio due to different restrictions, cash flows, and other relevant considerations. H&W selected the representative portfolio based on non-performance criteria. The representative portfolio reflects the management style of the strategy, is part of the strategy’s composite, and has the longest duration under the Adviser’s discretion. Selection of the representative portfolio considers one or more of the following factors, such as the portfolio’s investment guidelines/restrictions, cash flow activity, or duration under the Adviser’s discretion. The representative portfolio is used for informational purposes only, does not predict future portfolio characteristics, and may differ from other portfolios in the strategy due to asset size, client guidelines, and other variables.
The Russell 3000® Value Index includes stocks from the Russell 3000® Index with lower price-to-book ratios and lower expected growth rates. The S&P 500® Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. The indexes assume reinvestment of dividends and capital gains, and assume no management, custody, transaction or other expenses. Russell Investment Group is the source and owner of the Russell Index data contained herein (and all trademarks related thereto), which may not be redistributed. The information herein is not approved by Russell. H&W and Russell sectors are based on the Global Industry Classification Standard by MSCI and S&P. It is not possible to invest directly in an index.
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. Investing in smaller, medium-sized and/or newer companies involves greater risks not associated with investing in large company stocks, such as business risk, significant stock price fluctuations and illiquidity. Investing in debt securities typically decreases in value when interest rates rise. This risk is usually greater for longer-term debt securities. 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. Principal Risks Disclosure for the firm’s strategies are described in Part 2A of Form ADV of H&W.
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