HWVAX Fees and Costs — Hotchkis and Wiley Small Cap Diversified Value Fund, Class A
Data updated: 2026-09-10
The net expense ratio is 1.06%: a 0.65% management fee, a 0.25% 12b-1 fee plus 0.21% other expenses, less a 0.05% fee waiver. This share class carries a maximum front-end sales load of 5.25%. In fiscal 2026 the fund paid $846K in broker commissions, 0.1021% of average net assets, and portfolio turnover was 60%.
HWVAX Fees and Expenses
Annual operating expenses and sales charges of HWVAX. Prospectus, as of August 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.21% |
| Gross expense ratio | 1.11% |
| Fee waiver | −0.05% |
| Net expense ratio | 1.06% |
| 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 | Yes |
| Waived fees subject to recoupment | No |
HWVAX Costs Over Time
On $10,000 invested in HWVAX, assuming 5% a year before costs, total costs come to $1,357 over 5 years, cutting the return by 2.33% 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 1.06%) | $105 | $328 | $569 |
| Trading costs (broker commissions) | $10 | $32 | $55 |
| Lost growth on money paid in costs | $26 | $101 | $208 |
| Total costs | $667 | $986 | $1,357 |
| Value after costs | $9,833 | $10,591 | $11,406 |
| Impact on return, per year | 6.67% | 3.07% | 2.33% |
HWVAX 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): 0.1021%
- Total broker commissions: $846K
- Bought from dealers (principal trades, not a cost): $671K
- Portfolio turnover (prospectus): 60%
- Securities on loan, average value: $5.3M
- Net income from securities lending: $62K (0.008% of average net assets)
HWVAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| SANFORD C. BERNSTEIN & CO. LLC | $205K | 26.77% |
| J.P. MORGAN SECURITIES LLC | $150K | 19.66% |
| BOFA SECURITIES INC. | $113K | 14.71% |
| JEFFERIES LLC | $104K | 13.58% |
| ABEL NOSER LLC. | $58K | 7.58% |
| GOLDMAN SACHS & CO. LLC | $42K | 5.49% |
| UBS SECURITIES LLC | $37K | 4.83% |
| RBC CAPITAL MARKETS LLC | $32K | 4.17% |
| JONESTRADING INSTITUTIONAL SERVICES LLC | $15K | 1.91% |
| BARCLAYS CAPITAL INC. | $10K | 1.29% |
HWVAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| KEEFE, BRUYETTE & WOODS, INC. | $671K | 100.00% |
Hotchkis and Wiley Small Cap Diversified Value Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| HWVZX | Class Z | 0.76% | none |
| HWVIX | Class I | 0.81% | none |
| HWVAX | Class A | 1.06% | 5.25% |
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.