HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 32 quarters, returned +2.7% per quarter — versus +2.7% per quarter from simply owning every 13F stock. It beat that baseline in only 46.9% of quarters (excess t = -0.64, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 463 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| WDAY | $1.4B | | ADD |
| APA | $1.4B | | TRIM |
| FFIV | $1.3B | | TRIM |
| ERIC | $927M | | TRIM |
| C | $797M | | TRIM |
| AIG | $770M | | HOLD |
| CMCSA | $769M | | TRIM |
| GEHC | $710M | | ADD |
| D | $702M | | TRIM |
| CRM | $690M | | ADD |
| PPG | $658M | | ADD |
| ELV | $642M | | ADD |
| GM | $629M | | TRIM |
| USB | $588M | | TRIM |
| SHEL | $572M | | TRIM |
| FDX | $566M | | TRIM |
| MGA | $549M | | HOLD |
| STT | $536M | | TRIM |
| OVV | $505M | | TRIM |
| WFC | $503M | | TRIM |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.