Value Opportunities

Characteristics
As of 06/30/2018
TOP TEN HOLDINGS (%)1
Wells Fargo & Co.
5.3
Seritage Growth Properties
5.1
American International Group Inc.
4.9
Oracle Corp.
3.9
ARRIS International PLC
3.6
Whiting Petroleum Corp.
3.5
WestJet Airlines
3.4
Discovery Communications
3.2
Microsoft Corp.
3.1
Apache Corp.
2.8
0% 2% 4% 6% 8% 10%
TOP TEN INDUSTRIES (%)1
Banks
14.9
Oil, Gas & Consumable Fuels
11.0
Software
7.0
Equity REITs
6.9
Insurance
6.0
Energy Equipment & Services
5.5
Communications Equipment
5.3
Media
4.7
Capital Markets
4.4
Building Products
3.7
0% 3% 6% 9% 12% 15%
SECTOR BREAKDOWN (%)1
  Portfolio S&P 500
Financials 27.0 13.8
Energy 16.5 6.3
Information Technology 16.1 26.0
Industrials 13.2 9.5
Consumer Discretionary 9.4 12.9
Real Estate 6.9 2.9
Consumer Staples 3.1 7.0
Materials 2.9 2.6
Telecommunication Services 2.2 2.0
Health Care 1.6 14.1
Utilities 0.0 2.9
STATISTICS
  Portfolio S&P 500
P/E Ratio (FY2) 11.2x 15.5x
Price/Normal Earnings 7.7x 17.5x
Price/Book 1.3x 3.1x
Price/Sales 1.0x 2.1x
Dividend Yield (ex bonds) 1.6% 1.9%
Yield (including bonds) -- --
Payout Yield 4.9% 4.1%
Weighted Average Market Capitalization (millions) $82,745 $214,514
Median Market Capitalization (millions) $10,326 $20,624

% of Total Portfolio

Data source: Hotchkis & Wiley, Bloomberg

Information provided is based on a representative portfolio of the Value Opportunities strategy. Sector and/or industry weights, statistics, and holdings may vary due to different restrictions, cash flows, and other relevant considerations. Top ten 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. Statistics presented may be based on proprietary or third-party estimates, which are subject to change and cannot be guaranteed. The strategy may be viewed as a non-diversified strategy, which may concentrate its assets in fewer individual holdings. The strategy may be exposed to more individual stock volatility than a more diversified strategy. The strategy may also invest in smaller and/or medium-sized companies, foreign securities, and debt securities.

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.

Index definitions

Glossary of financial terms