Fund Evaluator:
Hotchkis & Wiley Disciplined Value A (HWCAX)
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Fund Details
Hotchkis & Wiley Disciplined Value A Overview
Hotchkis & Wiley Disciplined Value A (HWCAX) is an actively managed U.S. Equity Large Value fund. Hotchkis & Wiley launched the fund in 2004.
The investment seeks capital appreciation. The fund normally invests at least 80% of its net assets plus borrowings for investment purposes in equity securities of large capitalization companies. It eeks to invest in companies whose future prospects are misunderstood or not fully recognized by the market.
About Hotchkis & Wiley Disciplined Value A (HWCAX)
There are 4 members of the management team with an average tenure of 16.80 years: Scott McBride (2004), Douglas Campbell (2024), George Davis (2004), Patricia McKenna (2004). 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 1000 TR USD index with a weighting of 100%. Hotchkis & Wiley Disciplined Value A has 72 securities in its portfolio. The top 10 holdings constitute 28.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Hotchkis & Wiley Disciplined Value A is part of the Equity global asset class and is within the U.S. Equity fund group. Hotchkis & Wiley Disciplined Value A has 10.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 87.6%. There is 10.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Hotchkis & Wiley Disciplined Value A has 2.3% of the portfolio in cash.
Assets Under Management
The fund has $39 million in total assets, which is below the $1 billion average for the Large 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.
HWCAX 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 Disciplined Value A expense ratio is high compared to funds in the Large Value category. Hotchkis & Wiley Disciplined Value A has an expense ratio of 1.06%, which is 15% higher than its category average, making the fund expense ratio grade a D. 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 Disciplined Value A has a portfolio turnover rate of 34%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 62% for the Large Value category.
Recently, in the month of July 2026, Hotchkis & Wiley Disciplined Value A returned 5.9%, which earned it a grade of A, as the Large Value category had an average return of 2.9%. 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 Disciplined Value A has a trailing yield of 1.19%, which is below the 1.20% 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 Disciplined Value A Grades
Year to date, the fund has returned 11.9%, 2.3 percentage points worse than the category, which translates into a grade of D. The fund has returned 24.8% over the past year (grade of C), 15.3% over the past three years (grade of C) and 12.1% per year over the past five years (grade of B) and 12.6% per year over the past 10 years (grade of A).
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HWCAX 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 |
|
| HWCAX Return (NAV) | 5.9% | 5.8% | 24.8% | 15.3% | 12.1% | 12.6% |
| HWCAX Grade | A | C | C | C | B | A |
| +/- Category | 3.0% | -0.4% | 1.0% | -0.4% | 1.2% | 1.3% |
| Large Value Avg | 2.9% | 6.2% | 23.8% | 15.7% | 10.9% | 11.3% |
| HWCAX Tax Cost Ratio | na | na | 2.6% | 2.1% | 1.4% | 1.1% |
HWCAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HWCAX Return (NAV) | 11.9% | 16.8% | 12.6% | 18.7% | -4.6% | 32.1% | 0.2% | 28.9% | -14.9% | 18.1% | 19.6% |
| HWCAX Grade | D | B | D | A | C | A | D | A | F | B | A |
| +/- Category | -2.3% | 1.6% | -1.5% | 6.9% | 1.4% | 6.3% | -3.6% | 3.3% | -6.5% | 1.7% | 5.1% |
| Large Value Avg | 14.3% | 15.2% | 14.1% | 11.8% | -6.0% | 25.8% | 3.8% | 25.6% | -8.5% | 16.4% | 14.6% |
| Risk Measures | |
| Standard Deviation: | 12.6% |
| Total Risk Index: | 1.03 - Average |
| Category Risk Index: | 1.05 - Above Average |
| Category Risk Grade: | D (74% Rank) |
| Beta: | 0.69 |
| R-Squared: | 51% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 1.2% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $85 Mil |
| Fund Total Assets: | $ 40 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 34% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 21.9 years | |||
| Average Tenure: 16.8 years | |||
| Managers (Year): McKenna Patricia (2004), Davis George (2004), McBride Scott (2004), Campbell Douglas (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 72 |
| % in Top 10 Holdings: | 28.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 10.0% |
Portfolio Allocation |
|
| Domestic Stock: | 87.6% |
| Foreign Stock: | 10.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.3% |
Purchase Information
| Fund Family: | Hotchkis & Wiley |
| Phone Number: | 866-493-8637 |
| Website: | www.hwcm.com |
| Status: | Open |
| Inception Date: | August 30, 2004 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | No |
| Front Load Maximum: | 5.25% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.06% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.93% |
| Share Class: | Hotchkis & Wiley Disciplined Value I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
