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Hotchkis & Wiley

Mar 2026 → Sep 2026 · 11 funds

Our archive holds 24 letters from Hotchkis & Wiley, behind 21 investment theses and positions in 42 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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24
Letters
42
Companies
3
Moves
21
Theses

11 strategies

Hotchkis & Wiley publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

What they bought and sold · 3 moves

  • AddedAptiv
    September 2026
    “We took advantage of the decline to add to our position in a company whose growing mix of software and systems content should drive growth well above underlying vehicle production, despite near- term cyclicality.”
    Read the letter
  • TrimmedWorkday
    September 2026
    “We trimmed the position on strong performance.”
    Read the letter
  • TrimmedAlphabet Inc.
    June 2026
    “Although the stock rose during the quarter, it detracted from relative performance because we were underweight compared to the benchmark.”
    Read the letter

Companies held · 42

Every company Hotchkis & Wiley has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 21

  • SAP
    September 2026

    SAP is a large, sticky application software business with strong balance sheet, improving governance, cloud growth upside, and a valuation discount the manager views as unwarranted.

    Read the full thesis
  • Ericsson
    September 2026

    Ericsson is a major provider of wireless network hardware and software, and the manager sees cost pressure as manageable despite near-term earnings weakness.

    Read the full thesis
  • Workday
    September 2026

    Workday is a leader in cloud back-office software with strong retention, high margins, and a long runway in underpenetrated ERP markets.

    Read the full thesis
  • Accor
    September 2026

    Accor is a large global hotel company whose earnings pressure is seen as temporary, while it still trades at a discount and returns cash to shareholders.

    Read the full thesis
  • APA
    September 2026

    APA is an oil and gas producer with strong free cash flow, cost improvements, and reinvestment opportunities that support buybacks and earnings upside.

    Read the full thesis
  • Fuso Chemical
    September 2026

    Fuso Chemical has dominant niche market shares and attractive end markets, and the managers still find it attractive despite short-term pressure.

    Read the full thesis
  • Ericsson
    September 2026

    Ericsson is a leading wireless-network equipment provider with attractive valuation and upside from earnings normalization and market share gains.

    Read the full thesis
  • Olin
    September 2026

    Olin is a chlor-alkali and ammunition company with recovery potential from tighter supply-demand and merger-related synergies.

    Read the full thesis
  • SLM Corp
    September 2026

    SLM Corp is a private student lender that trades below normal earnings and should benefit as its earning-asset mix normalizes.

    Read the full thesis
  • NRG Energy
    September 2026

    NRG Energy is an integrated U.S. power company valued for durable cash generation, shareholder returns, and potential earnings upside from its pipeline.

    Read the full thesis
  • Salesforce
    September 2026

    Salesforce has deeply embedded enterprise products that support durable growth through expansions, cross-selling, and pricing, with strong recent fundamentals.

    Read the full thesis
  • Randstad N.V.
    September 2026

    Randstad is the world's largest staffing company poised to benefit from a cyclical hiring recovery and secular tailwinds like talent scarcity and flexible work preferences.

    Read the full thesis

Letter archive · 24

2026

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