________________________________________

All investments contain risk and may lose value. 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 May 12, 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. 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.

Data sources: Graham and Doddsville. 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. H&W is not responsible for any damages or losses arising from any use of this information.

This is a moderated discussion with personnel from H&W and external parties. The views expressed by each party are their own and H&W does not endorse any of the opinions, products or services offered by external parties. 

Past performance is not indicative of future performance.

©2025 Hotchkis & Wiley. All rights reserved. No portion of this article may be published, reproduced or transmitted in any form without the express written permission of H&W.

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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. To obtain performance data current to the most recent month-end, access our website at www.hwcm.com.

Hotchkis & Wiley High Yield Fund standardized performance - from the dropdown menu, select month-end or quarter-end standardized fund performance.  Click here for the standard yield.

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 prospectuswhich can be obtained by calling 800-796-5606. Read carefully before you invest.

The portfolio manager’s views and opinions expressed are as of April 25, 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. 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.

Top ten holdings as of 3/31/25 as a % of the Fund’s net assets: Carnival Corp. 1.5%, CCO Holdings LLC 1.4%, Boardriders Inc. 1.1%, CCO Holdings LLC 1.1%, TransDigm Inc. 0.9%, EMRLD Borrower LP 0.8%, Everi Hldgs Inc. 0.8%, Standard Industries Inc. 0.7%, Burford Capital Global Finance LLC 0.7% and CDK Global Inc. 0.7%. Fund holdings and/or sector allocations are subject to change and are not recommendations to buy or sell any security. Diversification does not assure a profit nor protect against loss in a declining market.

Basis Points is a unit equal to 1/100th of 1% and is used to denote the change in a financial instrument; CLO - Collateralized Loan Obligation; ETF - Exchange Traded Fund; MBS – Mortgage-backed Securities; ABS – Asset-Backed Securities.

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.

There can be no guarantee that any strategy will be successful. No other products mentioned are distributed by Quasar Distributors, LLC. Reference to other products are not an offer to see those products.

Mutual fund investing involves risk. Principal loss is possible.
The Hotchkis & Wiley Funds are distributed by Quasar Distributors, LLC

©2025 Hotchkis & Wiley. All rights reserved. No portion of this video may be published, reproduced or transmitted in any form without the express written permission of H&W.

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All investments contain risk and may lose value. This video 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 are as of April 25, 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. Any discussion or view of a security, an asset class/segment, industry/sector and/or investment type is for illustration purposes only and should not be considered as 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.

All investments contain risk and may lose value. Investing in high yield securities is subject to certain risks, including market, credit, liquidity, issuer, interest-rate, inflation, and derivatives risks.  Lower-rated and non-rated securities involve greater risk than higher-rated securities.  Investing in debt securities typically decreases in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment risk disclosures for the firm’s strategies are described in Part 2A of Form ADV of H&W.

Data sources: BofA, Morgan Stanley, Barclays, and Morningstar as of March 31, 2025. 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. H&W is not responsible for any damages or losses arising from any use of this information.

This is a moderated discussion with personnel from H&W and external parties. The views expressed by each party are their own and H&W does not endorse any of the opinions, products or services offered by external parties. 

Past performance is not indicative of future performance.

©2025 Hotchkis & Wiley. All rights reserved. No portion of this video may be published, reproduced or transmitted in any form without the express written permission of H&W.

 

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Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the SMID Cap Diversified Value ETF please visit www.hwcm.com OR call 1-800-796-5606. Read the prospectus or summary prospectus carefully before investing.

Investing in smaller, medium-sized and/or newer companies involves greater risks than those associated with investing in larger companies. Please read the prospectus for a full list of fund risks. Diversification does not assure a profit nor protect against loss in a declining market.

ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF’s shares may trade at a premium or discount to its net asset value (NAV), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact an ETF’s ability to sell its shares. Unlike mutual funds, ETF shares are bought and sold at market price, which may be higher or lower than their NAV, and are not individually redeemed from the fund. Brokerage commissions will reduce returns.

New funds have limited operating histories for investors to evaluate and new and smaller funds may not attract sufficient assets to achieve investment and trading efficiencies.

Investing involves risk. Principal loss is possible.
The SMID Cap Diversified Value ETF is distributed by Quasar Distributors, LLC

©2025 Hotchkis & Wiley. All rights reserved. No portion may be published, reproduced or transmitted in any form without the express written permission of H&W.

Portfolio Manager Mark Hudoff reviews:

  • Performance drivers in Q1 2025
  • Credit spread widening
  • Tariff impact on the portfolio
  • Market volatility
  • Portfolio positioning and our current assessment of high yield fundamentals, technicals, and valuation

 

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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. To obtain performance data current to the most recent month-end, access our website at www.hwcm.com.

Hotchkis & Wiley High Yield Fund standardized performance - from the dropdown menu, select month-end or quarter-end standardized fund performance.  Click here for the standard yield.

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 prospectuswhich 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 April 24, 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. 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.

Small to Mid-Caps (SMIDS) bonds; Spread usually refers to the difference between two prices (the bid and the ask) of a security or asset, or between two similar assets; Duration measures the price sensitivity of a bond to interest rate movements; Basis Points is a unit equal to 1/100th of 1% and is used to denote the change in a financial instrument; Tariffs are taxes imposed by one country on goods imported from another country; Gross Domestic Product (GDP) is the standard measure of the value added created through the production of goods and services in a country during a certain period; Collateralized Loan Obligation (CLO) is a securitization product created to acquire and manage a pool of leveraged loans; GFC - global financial crisis; ETF - Exchange Traded Fund; M&A - Mergers and Acquisitions; LTM - last twelve months; Top ten holdings as of 3/31/25 as a % of the Fund’s net assets: Carnival Corp. 1.5%, CCO Holdings LLC 1.4%, Boardriders Inc. 1.1%, CCO Holdings LLC 1.1%, TransDigm Inc. 0.9%, EMRLD Borrower LP 0.8%, Everi Hldgs Inc. 0.8%, Standard Industries Inc. 0.7%, Burford Capital Global Finance LLC 0.7% and CDK Global Inc. 0.7%. Fund holdings and/or sector allocations are subject to change and are not recommendations to buy or sell any security. Diversification does not assure a profit nor protect against loss in a declining market.

The ICE BofA BB-B US High Yield Constrained Index contains all securities in the ICE BofA US High Yield Index rated BB+ through B- by S&P (or equivalent as rated by Moody’s or Fitch), but caps issuer exposure at 2%. Index constituents are capitalization weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Unless otherwise noted, “high yield” market refers to the ICE BofA US High Yield Index. The ICE BofA US High Yield Index tracks the performance of below investment grade, but not in default, US dollar-denominated corporate bonds publicly issued in the US domestic market, and includes issues with a credit rating of BBB or below, as rated by Moody’s, Fitch and S&P. The indices 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.

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. Investment Grade includes credits that are BBB- or above.

Past performance is not indicative of future performance.

Mutual fund investing involves risk. Principal loss is possible.
The Hotchkis & Wiley Funds are distributed by Quasar Distributors, LLC

©2025 Hotchkis & Wiley. All rights reserved. No portion of this podcast may be published, reproduced or transmitted in any form without the express written permission of H&W.

 

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Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the SMID Cap Diversified Value ETF please visit www.hwcm.com OR call 1-800-796-5606. Read the prospectus or summary prospectus carefully before investing.

Investing in smaller, medium-sized and/or newer companies involves greater risks than those associated with investing in larger companies. Please read the prospectus for a full list of fund risks. Diversification does not assure a profit nor protect against loss in a declining market.

ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF’s shares may trade at a premium or discount to its net asset value (NAV), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact an ETF’s ability to sell its shares. Unlike mutual funds, ETF shares are bought and sold at market price, which may be higher or lower than their NAV, and are not individually redeemed from the fund. Brokerage commissions will reduce returns.

New funds have limited operating histories for investors to evaluate and new and smaller funds may not attract sufficient assets to achieve investment and trading efficiencies.

Investing involves risk. Principal loss is possible.
The SMID Cap Diversified Value ETF is distributed by Quasar Distributors, LLC

©2025 Hotchkis & Wiley. All rights reserved. No portion may be published, reproduced or transmitted in any form without the express written permission of H&W.

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(click on thumbnail to view)

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You should consider the Hotchkis & Wiley Funds' investment objectives, risks, and charges and expenses carefully before you invest. This and other important information is contained in the Funds' 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.
The Hotchkis & Wiley Funds are distributed by Quasar Distributors, LLC

 

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You should consider the Hotchkis & Wiley Small Cap Value 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.

Investing in smaller and/or newer companies involves greater risks than those associated with investing in larger companies. Please read the fund prospectus for a full list of fund risks.  

Essentia’s Behavioral Alpha Benchmark is comprised of long-only active equity managers (and managers of ETF portfolios) from around the globe. They cover a wide range of equity investment strategies and degrees of concentration. The most recent assessment examined 81 portfolio managers using the Behavioral Alpha Score from January 1, 2022 through December 31, 2024 (assessment requires a minimum of three years of historical daily holdings data). The five managers with the highest aggregate scores across all decision types are recognized as top performers in the Q4 2024 Behavioral Alpha Benchmark ranking.

The Behavioral Alpha Score is determined using a systematic approach that evaluates investment decision-making skill over a 36-month period. The methodology isolates skill from market conditions by analyzing managers’ hit rates (the percentage of value-added decisions) and payoff ratios (the relative impact of good versus bad decisions). Each manager’s score is benchmark-adjusted and calculated based on seven key decision types: Stock selection – Did the manager choose stocks that outperformed relative to their benchmark; Entry timing – Did the manager initiate positions at advantageous times; Sizing – Were position sizes optimally determined based on expected return and risk; Scaling in – Did the manager build up positions effectively over time; Size adjusting – Did the manager make beneficial mid-position adjustments; Scaling out – Were reductions in position size executed effectively; Exit timing – Did the manager close positions at an optimal time?

Mutual fund investing involves risk. Principal loss is possible.
The Hotchkis & Wiley Funds are distributed by Quasar Distributors, LLC

©2025 Hotchkis & Wiley. All rights reserved. No portion may be published, reproduced or transmitted in any form without the express written permission of H&W.

 

________________________________________

All investments contain risk and may lose value. Past performance is not indicative of future performance. This video 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 are as of February 13, 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. Any discussion or view of a security, an asset class/segment, industry/sector and/or investment type is for illustration purposes only and should not be considered as 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.

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 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. 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. Investment risk disclosures for the firm’s strategies are described in Part 2A of Form ADV of H&W.

Information obtained from independent sources is considered reliable, but H&W cannot guarantee its accuracy or completeness. Certain information contained in this material may represent or be 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.

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. Any indices and other financial benchmarks discussed are provided for illustrative purposes only, are unmanaged, reflect reinvestment of income and dividends and do not reflect the impact of advisory fees. It is not possible to invest directly in an index.

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. H&W is not responsible for any damages or losses arising from any use of this information.

Past performance is not indicative of future performance.

©2025 Hotchkis & Wiley. All rights reserved. No portion of this video may be published, reproduced or transmitted in any form without the express written permission of H&W.

HOTCHKIS & WILEY
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