HWAAX Fees and Costs — Hotchkis and Wiley Value Opportunities Fund, Class A
Data updated: 2026-09-10
The net expense ratio is 1.20%: a 0.75% management fee, a 0.25% 12b-1 fee plus 0.20% other expenses. This share class carries a maximum front-end sales load of 5.25%. In fiscal 2026 the fund paid $563K in broker commissions, 0.0700% of average net assets, and portfolio turnover was 59%.
HWAAX Fees and Expenses
Annual operating expenses and sales charges of HWAAX. Prospectus, as of August 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.20% |
| Gross expense ratio | 1.20% |
| Fee waiver | — |
| Net expense ratio | 1.20% |
| Sales charges | |
|---|---|
| Max front load | 5.25% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
HWAAX Costs Over Time
On $10,000 invested in HWAAX, assuming 5% a year before costs, total costs come to $1,419 over 5 years, cutting the return by 2.45% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Sales charges | $525 | $525 | $525 |
| Fund expenses (net expense ratio 1.20%) | $119 | $371 | $642 |
| Trading costs (broker commissions) | $7 | $22 | $37 |
| Lost growth on money paid in costs | $26 | $102 | $214 |
| Total costs | $678 | $1,020 | $1,419 |
| Value after costs | $9,822 | $10,556 | $11,344 |
| Impact on return, per year | 6.78% | 3.18% | 2.45% |
HWAAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0700%
- Total broker commissions: $563K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 59%
- Securities on loan, average value: $20.2M
- Net income from securities lending: $151K (0.019% of average net assets)
HWAAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JEFFERIES LLC | $90K | 23.15% |
| BOFA SECURITIES INC. | $88K | 22.61% |
| J.P. MORGAN SECURITIES LLC | $44K | 11.43% |
| RBC CAPITAL MARKETS LLC | $35K | 8.96% |
| COWEN AND COMPANY, LLC | $27K | 7.02% |
| SANFORD C. BERNSTEIN & CO. LLC | $25K | 6.34% |
| ROTHSCHILD & CO US INC. | $24K | 6.15% |
| UBS SECURITIES LLC | $21K | 5.49% |
| HSBC SECURITIES (USA) INC. | $18K | 4.78% |
| CITIGROUP GLOBAL MARKETS INC. | $16K | 4.06% |
Hotchkis and Wiley Value Opportunities Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| HWAZX | Class Z | 0.86% | none |
| HWO | C000279544 | 0.90% | — |
| HWAIX | Class I | 0.95% | none |
| HWAAX | Class A | 1.20% | 5.25% |
| HWACX | Class C | 1.93% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.