Fund Evaluator:
Hotchkis & Wiley Opps C (HWACX)
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Best Performing in Mid-Cap Value Over the Last Year
| 41.4% | Fidelity Value Strategies (FSLSX) |
| 39.3% | Fidelity Advisor Mid Cap Value Z (FIDFX) |
| 39.2% | Fidelity Mid Cap Value (FSMVX) |
| 38.8% | Harbor Mid Cap Value Instl (HAMVX) |
| 38.3% | Harbor Mid Cap Value Investor (HIMVX) |
Fund Details
Hotchkis & Wiley Opps C Overview
Hotchkis & Wiley Opps C (HWACX) is an actively managed U.S. Equity Mid-Cap Value fund. Hotchkis & Wiley launched the fund in 2003.
The investment seeks capital appreciation. The fund normally invests in equity securities, such as common stock, preferred stock and convertible securities, of any size market capitalization, and investment grade and high yield ("junk bonds") fixed income securities. It 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. It is non-diversified.
About Hotchkis & Wiley Opps C (HWACX)
There are 2 members of the management team with an average tenure of 23.60 years: George Davis (2002), David Green (2002). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell 3000 Value TR USD index with a weighting of 100%. Hotchkis & Wiley Opps C has 66 securities in its portfolio. The top 10 holdings constitute 45.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Hotchkis & Wiley Opps C is part of the Equity global asset class and is within the U.S. Equity fund group. Hotchkis & Wiley Opps C has 19.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 78.6%. There is 19.4% allocated to foreign stock, and 0.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 1.7% (1.7% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Hotchkis & Wiley Opps C has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $10 million in total assets, which is below the $642 million average for the Mid-Cap Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
HWACX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Hotchkis & Wiley Opps C expense ratio is high compared to funds in the Mid-Cap Value category. Hotchkis & Wiley Opps C has an expense ratio of 1.93%, which is 87% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Hotchkis & Wiley Opps C has a portfolio turnover rate of 78%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Mid-Cap Value category.
Recently, in the month of July 2026, Hotchkis & Wiley Opps C returned 5.8%, which earned it a grade of A, as the Mid-Cap Value category had an average return of 1.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Hotchkis & Wiley Opps C has a trailing yield of 0.00%, which is below the 0.87% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Hotchkis & Wiley Opps C Grades
Year to date, the fund has returned 11.9%, 3.7 percentage points worse than the category, which translates into a grade of F. The fund has returned 18.8% over the past year (grade of D), 14.4% over the past three years (grade of B) and 11.6% per year over the past five years (grade of A) and 12.3% per year over the past 10 years (grade of A).
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HWACX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| HWACX Return (NAV) | 5.8% | 7.4% | 18.8% | 14.4% | 11.6% | 12.3% |
| HWACX Grade | A | B | D | B | A | A |
| +/- Category | 4.1% | 1.4% | -4.3% | 1.0% | 2.2% | 2.2% |
| Mid-Cap Value Avg | 1.7% | 6.0% | 23.1% | 13.4% | 9.4% | 10.1% |
| HWACX Tax Cost Ratio | na | na | 1.7% | 2.4% | 2.2% | 1.6% |
HWACX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HWACX Return (NAV) | 11.9% | 13.4% | 10.5% | 25.5% | -8.8% | 33.1% | 4.3% | 24.3% | -11.9% | 12.8% | 18.2% |
| HWACX Grade | F | A | D | A | C | A | C | D | B | D | C |
| +/- Category | -3.7% | 3.6% | -1.3% | 11.6% | -0.6% | 5.7% | 0.5% | -2.0% | 1.5% | -1.4% | 0.9% |
| Mid-Cap Value Avg | 15.5% | 9.9% | 11.8% | 13.9% | -8.2% | 27.5% | 3.8% | 26.3% | -13.4% | 14.1% | 17.4% |
| Risk Measures | |
| Standard Deviation: | 12.5% |
| Total Risk Index: | 1.02 - Average |
| Category Risk Index: | 0.85 - Low |
| Category Risk Grade: | A (7% Rank) |
| Beta: | 0.67 |
| R-Squared: | 49% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na Extensive Sensitivity |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $943 Mil |
| Fund Total Assets: | $ 10 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 78% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 23.6 years | |||
| Average Tenure: 23.6 years | |||
| Managers (Year): Davis George (2002), Green David (2002) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 66 |
| % in Top 10 Holdings: | 45.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 19.4% |
Portfolio Allocation |
|
| Domestic Stock: | 78.6% |
| Foreign Stock: | 19.4% |
| Preferred Stock: | 0.2% |
| Domestic Bond: | 1.7% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.1% |
| Cash: | 0.1% |
Purchase Information
| Fund Family: | Hotchkis & Wiley |
| Phone Number: | 866-493-8637 |
| Website: | www.hwcm.com |
| Status: | Open |
| Inception Date: | August 28, 2003 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 1.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 1.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.93% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.03% |
| Share Class: | Hotchkis & Wiley Opps Instl |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
