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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

Portfolio Manager Ray Kennedy reviews:

Performance drivers in the third quarter of 2024
How the high yield market is currently set up for Fed cuts
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

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 October 16, 2024. 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; Alpha is the excess return of an investment relative to the return of a benchmark index; Current yield is the annual income (interest or dividends) divided by the current price of the security; Secured Overnight Financing Rate (SOFR) is a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities; 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. 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 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%. The index does 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. Diversification does not assure a profit nor protect against loss in a declining market.

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

H&W Portfolio Manager Scott Rosenthal recently participated in a masterclass panel alongside experts from Baillie Gifford, ClearBridge, and Polaris, where they discussed global equity opportunities, emphasizing diversification, growth drivers, and valuation gaps in international markets.

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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.

The Hotchkis & Wiley Global Value and International Value Funds may invest in foreign and emerging markets securities, which subjects the Funds to increased risk. Please read the fund prospectus for a full list of fund risks.

The portfolio manager’s views and opinions expressed in this podcast are as of September 11, 2024. 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 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 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.

Top ten holdings as of 3/31/25 as a % of the Hotchkis & Wiley International Value Fund’s net assets: ‌‌Ericsson 4.3%, Siemens AG 4.1%, Heineken Hldg N.V. 3.9%, Babcock Int'l Grp PLC 3.6%, Akzo Nobel N.V. 3.4%, Lloyds Banking Group PLC 3.1%, BNP Paribas SA 2.9%, WPP PLC (ADR) 2.8%, Henkel AG & Co. KGaA 2.6%, and Samsung Electronics Co. 2.6%.

Top ten holdings as of 3/31/25 as a % of the Hotchkis & Wiley Global Value Fund’s net assets: ‌‌ ‌F5 Inc. 4.8%, Workday Inc. 3.9%, Elevance Health Inc. 3.6%, Ericsson 3.4%, Heineken Hldg N.V. 3.4%, Comcast Corp. 2.6%, American Int'l Group Inc. 2.5%, Dominion Energy Inc. 2.3%, FIS 2.3%, and Shell PLC 2.2%.

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 point (bps) is a unit equal to 1/100th of 1% and is used to denote the change in a financial instrument.

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. 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.

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

For more information on Money Life, please click on this link: http://moneylifeshow.com

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The portfolio manager’s views and opinions expressed in this podcast are as of September 20, 2024. 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 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 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.

Basis point (bps) is a unit equal to 1/100th of 1% and is used to denote the change in a financial instrument.

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

It was no surprise that the Fed cut the discount rate in response to improving inflation numbers, rising employment, weaker consumer demand, and credit—all in the hope of guiding the economy through a soft landing without causing significant disruptions to employment, credit, or the markets.

This raises the question: What happens to the high yield market when the Fed cuts the discount rate?

The charts above clearly show that as rates fall (as indicated by the forward 3-month T-Bill), assets under management (AUM) in high yield increase. The reason is clear: as yields fall on the front-end, investors chase the more attractive returns in high yield, as well as the potential for higher total returns, given that the duration of the high yield market is 3.5 years compared to just 0.25 years for a 3-month T-Bill. Morgan Stanley estimated that money market funds had AUM of $6.4 billion in July 2024, compared to $5.0 billion in July 2022. Forecasted money market yields suggest a 3% T-Bill by the end of 2025. Even a marginal shift of those funds could provide a strong tailwind for high yield.

But is it a good time to invest in high yield?

If yield spreads remain unchanged and T-Bills reach the 3% level by the end of 2025, investors could gain an additional 4% in carry. At the same time, lower rates will benefit many high yield companies, since 25% to 50% of their capital structures typically rely on floating-rate debt. Moreover, today’s credit markets are not signaling a recession. Lastly, as we’ve pointed out in the past, today’s high yield market differs significantly from previous periods of tight spreads:

Prices are lower today, providing more cushion against volatility. The average high yield bond price is currently 95, compared to 102-105 during the tight 2005-2007 period.
Credit quality is higher today, with over 50% of the market in BB credits, compared to 40% in the 2005-2007 period. Additionally, 35% of the bonds in today’s high yield market are secured, versus only 10%-15% during the tight 2005-2007 period.

In conclusion, a positive technical backdrop is developing in the high yield market that we believe should bode well for investors. While we acknowledge that spreads are tight, today’s market dynamics are much more favorable for investors than in previous periods of tight spreads.

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Data source as of 8/31/24: Citibank, Bloomberg, Morningstar High Yield category, H&W

The portfolio manager’s views and opinions expressed are as of September 12, 2024. 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.

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; Carry - bond’s coupon divided by its price; Bond ratings are grades given to bonds that indicate their credit quality as determined by private independent rating services such as S&P, 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; 3 Mo T-Bill 1 Yr Forward rate is the yield on the 3-month Treasury Bill one year from now; relates to the forward curve for US treasuries. Diversification does not assure a profit nor protect against loss in a declining market.

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

Global Value Portfolio Manager Scott McBride provides an update on performance drivers in the second quarter of 2024 and where he is finding opportunity in global markets.

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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 July 29, 2024. 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.

The securities discussed are for illustrative purposes only and should not be considered investment recommendations. The securities highlighted are not representative of all securities currently held in the firm’s strategies, nor all investments made by H&W in the past and future. No assumption should be made that the securities were or will be profitable. In addition, the securities highlighted only represents a small portion of all securities held in the firm’s strategies and should not be viewed as the overall performance of the firm’s strategies. It is important to note that H&W’s opinions regarding these securities are subject to change at any time, for any reason, without notice.

Any discussion or view of 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 portfolio manager’s views on the market should not be construed as the Global Value strategy’s expected performance. There is no guarantee of the future performance of the 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.

Holdings and attribution 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. Contributors to Relative Performance identifies those securities that are the largest contributors (or detractors) on a relative basis to the MSCI World Value Index (without the deduction of fees and expenses). Securities’ absolute performance may reflect different results.

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 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. Information obtained from independent sources is considered reliable, but H&W cannot guarantee its accuracy or completeness.

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 MSCI World Index is a free float-adjusted weighted index capturing large and mid cap representation across 23 Developed Markets (DM) countries. The MSCI World Value Index is a free float-adjusted weighted index capturing large and mid cap representation, exhibiting overall value style characteristics, across 23 Developed Markets (DM) countries.

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.

Past performance is not indicative of future performance.

Predicting the future is hard. It follows therefore that a stock price, which reflects investors’ imprecise forecasts of future cash flows, often does not represent the true value of the underlying business. Forecasts can be overly enthusiastic or pessimistic depending on the circumstances. For example, strong past performance often begets high expectations…which in turn lead to lofty (over) valuations. On the other hand, many investors will respond to recent disappointments with pessimism or apathy, emotions that contribute to low (under) valuations.

Emotions not only influence valuations, but also perceptions of risk. Currently, an investment in a company that is a big index weight and carries a lofty valuation is viewed by many as “safe”. Meanwhile, a business/stock that has under-achieved is “risky”. The irony is that a low bar is more easily cleared, and a discounted valuation does a great deal to mitigate uncertainty and set investors up for future outperformance.

This is why value investing has worked over long periods of time. Price paid matters! This mindset has informed our firm’s investment approach for over forty years. However, as we sit here today market participants seem willing to pay any price for certain favored businesses and are indifferent towards almost anything else. This dynamic is reflected in value spreads, which continue to be wider than normal.

We believe value spreads will revert closer to their historical norm. If you own the market, i.e. the index, this is a risk. To us, this is a tremendous opportunity and makes it a good time to be a value investor. Looking beyond the Magnificent 7 and the AI Darlings, we have found compelling opportunities. We have identified good businesses in different geographies selling at a significant discount to their intrinsic value.

Take Siemens (SIE GR), the Germany-based industrial conglomerate. Most people know of the Company…they’ve been around for 176 years. But fewer seemingly understand it: the quality of their assets is underappreciated and the stock trades at a discount to peers and its intrinsic value. Most exciting is their software business, which makes design and engineering software. This business has certain characteristics – high customer retention, healthy secular tailwinds, rational industry structure – which make it quite valuable. Siemens also boasts leading businesses in healthcare equipment, factory automation and grid infrastructure, not to mention a rock-solid balance sheet. We expect good things from Siemens in the years to come.

Nippon Sanso (4091 JP), is a Japanese industrial gas company with improving governance, expanding margins and attractive reinvestment opportunities. The industrial gas oligopoly grows sales faster than GDP and enjoys durable competitive advantages. The market understands these quality attributes and typically pays premium valuations for these businesses. Not so the case with Nippon Sanso today, likely due to historical underperformance vs. peers. We think the gaps between Nippon Sanso and these peers – with respect to both operating execution and valuation – will narrow and the stock will outperform.

These are two examples of potential discounts available today. The opportunity set is quite broad. Our portfolio has big weights in financials, healthcare, industrials, energy and technology (yes, there are a few misunderstood stocks even in this sector).

Overall, our portfolio trades at a double-digit earnings yield: high payouts and some growth could result in an attractive annual return. We are not as confident that the same can be expected from the MSCI World Index at 21x forward earnings. It’s worth noting that the best value-led markets historically emerged after prolonged periods of growth outperformance (e.g., the dot-com bubble). Today, value stocks have experienced one of the worst periods of underperformance on record, with valuation multiples continuing to be steeply discounted. A shift in sentiment toward a value-led market would provide a strong tailwind for our investment approach.

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Data source as of 6/30/24: Bloomberg, MSCI, representative H&W Global Value portfolio. Client portfolio holdings and characteristics may vary due to different restrictions, cash flows, and other relevant considerations.

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 July 17, 2024. 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.

The securities discussed should not be considered investment recommendations. The securities were selected specifically to provide illustrative examples of investments that H&W believes trades at a discount to their intrinsic value. The securities highlighted are not representative of all securities currently held in the firm’s strategies, nor all investments made by H&W in the past and future. No assumption should be made that the securities were or will be profitable. In addition, the securities highlighted only represents a small portion of all securities held in the firm’s strategies and should not be viewed as the overall performance of the firm’s strategies. It is important to note that H&W’s opinions regarding these securities are subject to change at any time, for any reason, without notice.

The MSCI World Index is a free float-adjusted weighted index capturing large and mid cap stocks. The MSCI World Value and MSCI World Growth Indices are free float-adjusted weighted indexes capturing large and mid cap stocks, exhibiting overall value or growth style characteristics, respectively. The MSCI indices represent stocks across 23 Developed Markets (DM) countries and include reinvestment of dividends, net foreign withholding taxes.

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 www.hwcm.com for full disclaimer.

Past performance is not indicative of future performance.

Portfolio Manager Ray Kennedy reviews:

Performance drivers in the second quarter of 2024
How current credit spreads compare to previous market cycles
Our current assessment of high yield fundamentals, technical, and valuation

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Hotchkis & Wiley High Yield Fund standardized performance - from the dropdown menu, select month-end or quarter-end standardized fund performance

The portfolio manager’s views and opinions expressed are as of July 23, 2024. 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.

Interest coverage is a financial ratio used to determine how well a company can pay the interest on its outstanding debts; Convexity demonstrates how the duration of a bond changes as the interest rate changes; CLO - collateralized loan obligation; Spread usually refers to the difference between two prices (the bid and the ask) of a security or asset, or between two similar assets; Basis point (bps) is a unit equal to 1/100th of 1% and is used to denote the change in a financial instrument; Duration measures the price sensitivity of a bond to interest rate movements. 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%. The index does 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. Diversification does not assure a profit nor protect against loss in a declining market.

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

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This video 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.

The portfolio manager’s views and opinions expressed are as of June 21, 2024. 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, Hotchkis & Wiley ("H&W") reserves the right to change its investment perspective and outlook and has no obligation to provide revised assessments and/or opinions.

Securities mentioned are for illustration purposes only and should not be considered as investment recommendations. There is no assurance that any securities identified, or all investment decisions by H&W were or will be profitable.

All investments contain risk and may lose value. 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 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 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.

The Russell 2000^® Value Index measures the performance of those Russell 2000^® companies with lower price-to-book ratios and lower forecasted growth values. 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. Sectors are based on Global Industry Classification Standard by MSCI and S&P.

Past performance is not indicative of future performance.