Mutual Funds

High Yield Fund

Fund Ticker
HWHZX
Fund Category
High Yield Bond
As of 09/30/2022
BOND PORTFOLIO CHARACTERISTICSPortfolioICE BofA BB-B
Current Yield6.8%6.3%
Yield-to-Worst9.5%8.6%
Modified Duration4.0 years4.4 years
Spread over Treasuries553 bps449 bps
Average Coupon Rate5.2%5.4%
Number of Active Issuers170801

BOND CREDIT QUALITY (%)1

As of 09/30/2022
BOND CREDIT QUALITY (%)1PortfolioICE BofA BB-B
Investment Grade3.510.7
BB45.361.1
B35.327.7
CCC+ or Lower4.40.0
Non-Rated7.40.0
Cash & Equivalents4.00.5
As of 09/30/2022
TOP FIVE OVER/UNDERWEIGHTS (%)1PORTFOLIOCOMPARED TO ICE BOFA BB-B
Basic Industry15.67.8
Leisure10.63.5
Cash4.03.5
Energy16.42.8
Insurance1.91.1
Utility1.1-2.2
Services3.2-2.9
Real Estate0.9-3.3
Financial Services0.9-4.4
Telecommunications2.5-5.0

ASSET ALLOCATION (%)1

As of 09/30/2022
ASSET ALLOCATION (%)1 
Bonds81.1
Bank Loans8.3
Other4.4
Cash4.0
Preferreds2.1

1 % of total portfolio includes total investments, cash and cash equivalents, and accrued investment income on a trade date basis.

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. Click quarter-end or month-end to obtain the most recent 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. 

Mutual fund investing involves risk. Principal loss is possible.  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. 

©2022 Morningstar, Inc. All Rights Reserved. The information contained herein (1) is proprietary to Morningstar (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future performance.

Credit Quality weights by rating are 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. In limited situations when none of the three rating agencies have issued a formal rating, the Advisor will classify the security as nonrated.

Information on the Fund’s holdings and portfolio characteristics is subject to its portfolio holdings disclosure policy. Such information may be obtained through the Funds’ website or by calling 800-796-5606. Fund holdings and/or sector allocations are subject to change and are not buy/sell recommendations. Information presented based on proprietary or third-party estimates are subject to change and cannot be guaranteed.

The ICE BofA index data referenced is the property of ICE Data Indices, LLC (“ICE BofA”) and/or its licensors and has been licensed for use by Hotchkis & Wiley. ICE BofA and its licensors accept no liability in connection with its use. See Index definitions for full disclaimer.

The Hotchkis & Wiley Funds are distributed by Quasar Distributors, LLC

Index definitions