HWIS — Hotchkis and Wiley International Small Cap Diversified Value Fund

HWIS Fund Overview

HWIS — Hotchkis and Wiley International Small Cap Diversified Value Fund is a US mutual fund managed by Hotchkis & Wiley Funds /de/, categorised as Developed ex-US Small Cap Value Equity. 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: Developed ex-US Small Cap Value Equity
• Assets under management: $5.53M
• Ticker: HWIS
• SEC CIK: 0001145022
• SEC series ID: S000068938
• Share class ID: C000279548

HWIS Investment Objective and Strategy

Hotchkis and Wiley International Small Cap Diversified Value 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 capital appreciation.

Principal investment strategy

Currently, the Fund normally invests at least 80% of its net assets plus borrowings for investment purposes in equity securities of non-U.S. small capitalization companies, which may include companies located or operating in developed or emerging markets. Effective on or about August 31, 2026, the Funds 80% investment policy will be revised to the following: Under normal circumstances, the Fund invests at least 80% of its net assets plus borrowings for investment purposes in equity securities of non-U.S. small capitalization companies, which may include companies located or operating in developed or emerging markets, that meet Hotchkis & Wiley Capital Management, LLCs (the Advisor) definition of value. The Advisor determines where a company is located, and thus whether a company is located outside the U.S.

or in an emerging market, by referring to: (i) its primary stock exchange listing; (ii) where it is registered, organized or incorporated; (iii) where its headquarters are located; (iv) where it derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed; or (v) where at least 50% of its assets are located. The Fund will allocate its assets among various regions and countries (but in no less than three different countries). From time to time, a substantial portion of the Funds assets may be invested in companies located in a single country. Small capitalization companies are defined as those companies that have market capitalizations not greater than that of the largest company included in the MSCI World ex-USA Small Cap Index (the Index) over the prior twelve months.

The Index is a free-float adjusted market capitalization-weighted index that is designed to measure the equity market performance of smaller capitalization stocks in developed markets, excluding the U.S. market. The market capitalization range of the Index changes constantly, but as of May 31, 2026, the total market capitalization of the largest company included in the Index was $24.5 billion. Securities of companies whose market capitalizations no longer meet this definition after purchase may continue to be held in the Fund. The Advisor believes value companies to be companies the Advisor believes are undervalued in the marketplace. The Advisor considers traditional and other measures of value, such as (1) whether the company is included in a third-party value benchmark; (2) whether the company falls below the relevant equity market index average for any value metric, such as price-to-earnings ratio; price-to-book value ratio; price-to-cash flow ratio; price-to-sales ratio; or enterprise value-to-EBITDA, among others; or (3) the Advisor determines, based on a reasonable, consistently applied investment process, that the company exhibits characteristics commonly associated with value investments, even if it does not satisfy one or more of the specific metrics described above.

In making this determination, the Advisor generally considers whether the companys market price appears to undervalue its intrinsic value, including due to factors such as temporary business or market dislocation, cyclical pressures, or the company being out of favor with investors. For example, the Advisor may determine that a company constitutes a value investment where its current market price is below the Advisors assessment of intrinsic value, as derived from a discounted cash flow analysis or comparable company valuation multiples; provided that such determination is supported by fundamental or valuation-based analysis and one or more valuation or financial indicators (which may include, among others, earnings, cash flow, asset values, or comparable company analysis), as applied within the Advisors investment process.

In addition to purchasing equity securities on exchanges where the companies are located, the Fund may purchase equity securities on exchanges other than where their companies are domiciled (often traded as dual listed securities) or in the form of Depositary Receipts, which include American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) or similar securities. The Fund will invest primarily in companies located in developed countries, but may invest up to 20% of its assets in emerging markets. The Fund may enter into currency contracts (such as spot, forward and futures) to hedge foreign currency exposure. The Fund seeks to invest in companies whose future prospects are misunderstood or not fully recognized by the market. The Fund employs a fundamental value investing approach which seeks to exploit market inefficiencies created by irrational investor behavior, such as investment decisions driven by emotions, biases, or cognitive errors.

To identify these investment opportunities, the Fund employs a disciplined, bottom-up investment process based on a proprietary model that is augmented with internally-generated fundamental research. The Fund seeks broad diversified exposure to these investment opportunities by, under normal conditions, holding equity securities of approximately 250 to 300 different companies. 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.

With the exception of diversification guidelines, the Fund does not employ pre-determined rules for sales; rather, the Fund evaluates each sell candidate based on the candidates specific risk and return characteristics which include: 1) relative valuation; 2) fundamental operating trends; 3) deterioration of fundamentals; and 4) portfolio diversification. Relative valuation involves selling an investment when a companys valuation metrics become high relative to comparable companies, the market, or its historical levels. Fundamental operating trends involves selling an investment when there is evidence of a decline in a companys underlying business performance or industry conditions. Deterioration of fundamentals involves selling an investment when a companys underlying business or industry fundamentals, such as revenue or earnings, weaken.

Portfolio diversification refers to selling holdings to maintain balance, manage risk, and optimize returns. As of the date of this Prospectus, the top sectors represented by the Funds underlying investments were financials and industrials. The Funds investments in various sectors may change over time.

HWIS Holdings

Top 10 holdings of Hotchkis and Wiley International Small Cap Diversified Value Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all HWIS holdings

HWIS Portfolio Allocation

Asset-class allocation of Hotchkis and Wiley International Small Cap Diversified Value Fund by percentage of net assets, from the latest SEC N-PORT filing.

HWIS Performance

Total returns for HWIS (as of 2026-10-01), from SEC filings.

HWIS Risk Information

Risk metrics for HWIS, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 14.5%

HWIS Costs and Fees

HWIS costs about $89 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.89%
• Gross expense ratio: 6.06%
• Portfolio turnover: 32%
• Brokerage commissions: 15.94 bps of average net assets (SEC N-CEN)

HWIS Cashflows

Over the 12 months to 2026-06, Hotchkis and Wiley International Small Cap Diversified Value Fund had net inflows of $605.75K, from monthly SEC N-PORT filings.

HWIS Debt Constituents

No individual debt constituents are reported in Hotchkis and Wiley International Small Cap Diversified Value Fund's latest SEC N-PORT filing.

HWIS Prospectus and SEC Filings

Official Hotchkis and Wiley International Small Cap Diversified Value 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 2026-02-06
• Annual census (N-CEN) — filed 2025-09-11
• Annual census (N-CEN) — filed 2024-09-04
• Annual census (N-CEN) — filed 2023-08-30

Related Funds

Other Developed ex-US Small Cap Value Equity funds tracked on ABC INVEST:

• Dfa International Small Cap Value Portfolio (DISVX)
• Dimensional International Small Cap Value ETF (DISV)
• Schwab Fundamental International Small Equity ETF (FNDC)
• Brandes International Small Cap Equity Fund (BISAX)
• Transamerica International Small Cap Value (TISVX)

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.