Strategies

High Yield

As of 06/30/2020
BOND PORTFOLIO CHARACTERISTICSPortfolioICE BofA BB-B
Current Yield6.7%5.8%
Yield-to-Worst8.5%5.8%
Modified Duration3.8 years4.2 years
Spread over Treasuries806 bps541 bps
Average Coupon Rate6.1%5.8%
Number of Active Issuers158651
As of 06/30/2020
TOP FIVE OVER/UNDERWEIGHTS (%)1PORTFOLIOCOMPARED TO ICE BOFA BB-B
Forest & Paper - Industries3.73.2
Materials & Construction - Industries7.13.2
Automotive6.02.1
Technology & Electronics6.61.6
Metals & Mining - Industries4.91.1
Real Estate0.7-1.4
Banking & Finance4.3-2.2
Healthcare6.7-2.5
Satellite & Wireless - Telecom0.3-3.4
Wireline & Services - Telecom0.0-3.8

ASSET ALLOCATION (%)1

As of 06/30/2020
ASSET ALLOCATION (%)1 
Bonds87.8
Bank Loans5.3
Other5.0
Cash1.9

BOND CREDIT QUALITY (%)1

As of 06/30/2020
BOND CREDIT QUALITY (%)1PortfolioICE BofA BB-B
Investment Grade12.712.5
BB43.463.0
B30.424.5
CCC+ or Lower7.70.0
Non-Rated3.80.1
Cash & Equivalents1.90.0

1 % of Total Portfolio

Data source: Hotchkis & Wiley, Bloomberg, FactSet

Information provided is based on a representative portfolio of the High Yield strategy. Asset allocation, sector weights, and statistics 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.

Bond credit quality weights are 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 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.

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.

Index definitions

Glossary of financial terms