HWHCX — Hotchkis and Wiley High Yield Fund
Data updated: 2026-08-28
HWHCX — Hotchkis and Wiley High Yield Fund. Intermediate Corporate Bond · $749.73M AUM · 1.70% expense ratio. Holdings, fees, performance and SEC filings.
HWHCX Fund Overview
HWHCX — Hotchkis and Wiley High Yield Fund is a US mutual fund managed by Hotchkis & Wiley Funds /de/, categorised as Intermediate Corporate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Hotchkis & Wiley Funds /de/
- Category: Intermediate Corporate Bond
- Assets under management: $749.73M
- 1-year return: 9.1%
- Ticker: HWHCX
- SEC CIK: 0001145022
- SEC series ID: S000025241
- Share class ID: C000075209
HWHCX Investment Objective and Strategy
Hotchkis and Wiley High Yield Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Hotchkis & Wiley Funds /de/.
Investment objective
The Fund seeks high current income
Principal investment strategy
The Fund normally invests at least 80% of its net assets plus borrowings for investment purposes in a diversified portfolio of high yield securities, rated below investment grade ( i.e. , rated below Baa by Moodys Investors Service, Inc. (Moodys), or equivalently rated by Standard & Poors (S&P) or Fitch Ratings (Fitch), or, if unrated, determined by Hotchkis & Wiley Capital Management, LLC (the Advisor) to be of comparable quality) (junk bonds). The Fund may also use futures, swaps and other derivatives (a financial contract with a value that depends on, or is derived from, the value of an underlying asset, reference rate or index) as a substitute for taking a position in the underlying asset, as part of a strategy designed to reduce exposure to other risks and/or to manage cash.
For purposes of the 80% test, derivatives will be valued at notional value. The Fund may invest in mortgage- or asset-backed securities. The Fund may invest in restricted securities, including unregistered securities eligible for resale without registration pursuant to Rule 144A (Rule 144A Securities) and privately-placed securities of U.S. and non-U.S. issuers offered outside the U.S. without registration with U.S. Securities and Exchange Commission pursuant to Regulation S (Regulation S Securities) under the 1933 Act. The Fund may not invest more than 10% of its total assets in fixed income securities rated Caa or below by Moodys, or equivalently rated by S&P or Fitch, or, if unrated, determined by the Advisor to be of comparable quality. The Fund may also invest in investment grade fixed income instruments.
The average portfolio duration of the Fund normally will vary within two years (plus or minus) of the duration of the ICE BofA BB-B U.S. High Yield Constrained Index, which as of May 31, 2026 was 3.2 years. Duration measures the price sensitivity of a bond to changes in interest rates, calculated by the dollar weighted average time to maturity of a bond utilizing the present value of all future cash flows. For example, the share price of a fund with a duration of three years would be expected to fall approximately 3% if interest rates rose by one percentage point. The Fund may invest up to 20% of its total assets in securities denominated in foreign currencies and may invest without limit in U.S. dollar-denominated securities of foreign issuers. The Fund may invest up to 15% of its total assets in securities and instruments that are economically tied to emerging market countries.
The Advisor attempts to identify areas of the bond market that are undervalued relative to the rest of the market. In selecting securities for the Fund, the Advisor develops an outlook for credit markets, interest rates, currency exchange rates and the economy, analyzes individual credit and call risks, and uses other security selection techniques. The proportion of the Funds assets committed to investment in securities with particular characteristics (such as quality, sector, interest rate or maturity) varies based on the Advisors outlook for the U.S. economy and the economies of other countries in the world, the financial markets and other factors. As part of the Advisor's investment process, the investment team evaluates the general and industry-specific Environmental, Social, and Governance (ESG) factors that the Advisor believes to be the most financially material to a company's short-, medium-, and long-term enterprise value.
The Advisor believes this evaluation contributes to its overall analysis of a companys value creation for shareholders and future financial performance.
HWHCX Holdings
Top 10 holdings of Hotchkis and Wiley High Yield Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| JPMorgan US Government Money M | 3.35% |
| Cco Hldgs Llc/cap Corp. | 1.92% |
| Ukg, Inc. | 1.53% |
| Authentic Brands Group | 1.33% |
| Societe Generale | 1.03% |
| Lloyds Banking Group PLC | 1.02% |
| Cyprium Corp/cyprium Hol | 1.01% |
| Carnival Corp. Ltd. | 0.99% |
| Scil USA Holdings LLC | 0.97% |
| Wr Grace Holding LLC | 0.94% |
HWHCX Portfolio Allocation
Asset-class allocation of Hotchkis and Wiley High Yield Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 84.9% |
| Equity | 5.6% |
| Loans | 5.0% |
| Cash & Equivalents | 4.1% |
HWHCX Performance
Total returns for HWHCX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 9.1% |
| 3 years (annualised) | 1.2% |
HWHCX Risk Information
Risk metrics for HWHCX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 6.0%
HWHCX Costs and Fees
HWHCX costs about $170 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.70%
- Gross expense ratio: 1.78%
- Portfolio turnover: 53%
- Brokerage commissions: 0.01 bps of average net assets (SEC N-CEN)
HWHCX Cashflows
Over the 12 months to 2026-06, Hotchkis and Wiley High Yield Fund had net outflows of $10.27M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | −$1.04M |
| 2026-05 | −$1.46M |
| 2026-04 | −$3.50M |
| 2026-03 | −$8.11M |
| 2026-02 | −$2.01M |
| 2026-01 | $730.52K |
HWHCX Debt Constituents
Largest debt holdings of Hotchkis and Wiley High Yield Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Cco Hldgs Llc/cap Corp. | 1.92% |
| Ukg, Inc. | 1.53% |
| Societe Generale | 1.03% |
| Lloyds Banking Group PLC | 1.02% |
| Cyprium Corp/cyprium Hol | 1.01% |
| Carnival Corp. Ltd. | 0.99% |
| Wr Grace Holding LLC | 0.94% |
| Midas Opco Holdings LLC | 0.91% |
| Acadia Healthcare Co., Inc. | 0.89% |
| Bluelinx Holding | 0.81% |
HWHCX Prospectus and SEC Filings
Official Hotchkis and Wiley High Yield Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-08-28
- Prospectus (485BPOS) — filed 2026-06-30
- Prospectus supplement (497) — filed 2026-07-20
- Portfolio holdings (N-PORT) — filed 2026-08-11
- Portfolio holdings (N-PORT) — filed 2026-05-26
- Portfolio holdings (N-PORT) — filed 2026-02-06
- Annual census (N-CEN) — filed 2025-09-11
- Annual census (N-CEN) — filed 2024-09-04
Related Funds
Other Intermediate Corporate Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.