StrategiesHigh Yield
| BOND PORTFOLIO CHARACTERISTICS | Portfolio | ICE BofA BB-B |
|---|---|---|
| Current Yield | 6.9% | 6.3% |
| Yield-to-Worst | 7.4% | 7.0% |
| Modified Duration | 3.3 years | 3.5 years |
| Spread over Treasuries | 281 bps | 228 bps |
| Number of Active Issuers | 182 | 768 |
| TOP FIVE OVER/UNDERWEIGHTS (%)1 | PORTFOLIO | COMPARED TO ICE BOFA BB-B |
|---|---|---|
| Consumer and Capital Goods | 13.1 | 3.1 |
| Chemicals - Industries | 5.1 | 2.7 |
| Insurance | 4.0 | 2.3 |
| Forestry & Paper - Industries | 1.9 | 1.6 |
| Automotive | 3.7 | 1.2 |
| Wireline & Services - Telecom | 1.6 | -1.8 |
| Real Estate | 2.6 | -2.0 |
| Utility | 0.9 | -2.5 |
| Banking & Finance | 5.1 | -2.7 |
| Leisure & Services | 11.5 | -3.4 |
ASSET ALLOCATION (%)1
| ASSET ALLOCATION (%)1 | |
|---|---|
| Bonds | 91.8 |
| Bank Loans | 4.7 |
| Cash & Other | 3.3 |
| Preferreds | 0.2 |
BOND CREDIT QUALITY (%)1
| BOND CREDIT QUALITY (%)1 | Portfolio | ICE BofA BB-B |
|---|---|---|
| Investment Grade | 1.5 | 3.2 |
| BB | 51.6 | 62.4 |
| B | 36.7 | 34.1 |
| CCC+ or Lower | 5.8 | 0.0 |
| Non-Rated | 2.0 | 0.2 |
| Cash & Equivalents | 2.4 | 0.0 |
1 % of Total Portfolio
Data source: Hotchkis & Wiley, Bloomberg
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 or Moody’s. In limited situations where neither rating agency has 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.
