High Yield

As of 12/31/2019
  Portfolio ICE BofAML BB-B
Yield-to-Worst 6.5% 4.5%
Modified Duration 2.7 years 3.1 years
Spread over Treasuries 466 bps 271 bps
Average Coupon Rate 6.3% 6.0%
Number of Issuers 146 705
  Portfolio Coupon
CCO Holdings LLC 2.0 5.375% 06/01/2029
HCA, Inc. 1.7 5.875% 02/01/2029
American Zinc Recycling 1.5 - -
General Electric Co. 1.4 5.000% 01/21/2021
CSC Holdings LLC 1.0 6.500% 02/01/2029
  Portfolio ICE BofAML BB-B
Cash & Equivalents 2.4 0.0
Investment Grade 8.1 9.4
BB 42.6 59.0
B 38.3 31.6
CCC+ or lower 4.6 0.0
Non-Rated 4.1 0.0
Credit Default Swap Index 0.0 0.0
  Portfolio less
General Electric Co. 1.9 1.9
American Zinc Recycling 1.5 1.5
Boardriders, Inc. 1.1 1.1
Adient PLC 0.9 1.1
National CineMedia LLC 0.9 1.0
Rayonier Advanced Matls Inc. 0.9 0.9
Shelf Drilling Ltd. 0.9 0.9
Fieldwood Energy 0.9 0.9
Atotech Alpha 2 BV 0.8 0.8
Schweitzer-Mauduit Int'l Inc. 0.8 0.9

% of Total Portfolio

ICE BofAML BB-B = ICE BofAML BB-B US High Yield Constrained Index

Data source: Hotchkis & Wiley, FactSet, Bloomberg

Information provided is based on a representative portfolio of the High Yield strategy. Statistics and holdings may vary due to different restrictions, cash flows, and other relevant considerations. Holdings identified do not represent all of the securities purchased, sold, or recommended for advisory clients, and may not be indicative of current or future holdings or trading activity. Securities shown in aggregate may represent only a limited portion of an account’s portfolio holdings. No assumptions should be made that companies identified, or all investment decisions were, or will be profitable. A complete list of portfolio holdings is available upon request. 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. 

Credit Quality weights by rating were derived from the highest bond rating as determined by S&P, Moody's or Fitch. In limited situations when none of the three rating agencies have issued a formal rating, the Advisor will determine an internal rating.

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

Index definitions

Glossary of financial terms