Hotchkis & Wiley Capital Management portfolio

What changed this quarter

376 positions with a change (9 new, 201 added to, 161 trimmed, 5 sold); also, 7 exited through an acquisition or merger. 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• F5−55%fewer sharesReduced
  4.1% → 2.5%
• Cigna Group+307%more sharesIncreased
  0.4% → 1.6%
• State Street−53%fewer sharesReduced
  1.7% → 1.0%
• SAP+878%more sharesIncreased
  0.1% → 1.1%
• Citigroup−35%fewer sharesReduced
  2.5% → 1.9%
• UnitedHealth Group−41%fewer sharesReduced
  1.5% → 1.3%
• Humana−45%fewer sharesReduced
  0.9% → 1.0%
• Cummins−61%fewer sharesReduced
  1.0% → 0.5%
• Workday+19%more sharesIncreased
  4.3% → 4.5%
• CDW+86%more sharesIncreased
  0.8% → 1.5%
• Qualcomm+0.7 ppof portfolioNew
  — → 0.7%
• Fiserv+79%more sharesIncreased
  1.0% → 1.5%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• WorkdayWDAY4.5%
• APAAPA3.0%
• American International GroupAIG2.6%
• F5FFIV2.5%
• GE Healthcare TechnologiesGEHC2.3%
• Elevance HealthELV2.3%
• PPG IndustriesPPG2.2%
• Telefonaktiebolaget LM EricsERIC2.2%
• ComcastCMCSA2.2%
• Dominion EnergyD2.0%
• US Bancorp \de\USB1.9%
• CitigroupC1.9%
• General MotorsGM1.8%
• Wells FargoWFC1.7%
• Magna InternationalMGA1.7%
• Cigna GroupCI1.6%
• SalesforceCRM1.6%
• CNH IndustrialCNH1.6%
• CDWCDW1.5%
• FiservFISV1.5%
• Omnicom GroupOMC1.5%
• ShellSHEL1.4%
• OvintivOVV1.3%
• MedtronicMDT1.3%
• FedExFDX1.3%
• UnitedHealth GroupUNH1.3%
• PaccarPCAR1.2%
• SAPSAP1.1%
• Truist FinancialTFC1.1%
• AlphabetGOOGL1.1%
• Kraft HeinzKHC1.0%
• HumanaHUM1.0%
• Stanley Black & DeckerSWK1.0%
• State StreetSTT1.0%
• Corebridge FinancialCRBG1.0%
• Mondelez InternationalMDLZ1.0%
• Constellation BrandsSTZ1.0%
• First Citizens BancsharesFCNCA0.9%
• OlinOLN0.9%
• SLBSLB0.9%
• J M SmuckerSJM0.9%
• Genuine PartsGPC0.9%
• Bank of AmericaBAC0.9%
• AptivAPTV0.9%
• NOVNOV0.8%
• TE ConnectivityTEL0.8%
• WPPWPP0.8%
• FluorFLR0.7%
• QualcommQCOM0.7%
• Fidelity National Information ServicesFIS0.7%
• Zimmer Biomet HoldingsZBH0.7%
• Norfolk SouthernNSC0.7%
• FortiveFTV0.6%
• Labcorp HoldingsLH0.6%
• Cognizant Technology SolutionsCTSH0.6%
• BoeingBA0.6%
• SLMSLM0.5%
• ConocoPhillipsCOP0.5%
• GSKGSK0.5%
• CumminsCMI0.5%
• Leidos HoldingsLDOS0.5%
• DeereDE0.5%
• CenteneCNC0.5%
• StagwellSTGW0.5%
• UnileverUL0.4%
• General DynamicsGD0.4%
• U-Haul HoldingUHAL/B0.4%
• Lithia MotorsLAD0.4%
• Check Point Software TechnologiesCHKP0.4%
• Lockheed MartinLMT0.4%
• AvnetAVT0.4%
• PPLPPL0.4%
• WorkivaWK0.4%
• BorgwarnerBWA0.3%
• Citizens Financial GroupCFG0.3%
• California ResourcesCRC0.3%
• Murphy OilMUR0.3%
• Euronet WorldwideEEFT0.3%
• First HawaiianFHB0.2%
• Universal Health ServicesUHS0.2%
• Conagra BrandsCAG0.2%
• Rush EnterprisesRUSHA0.2%
• TimkenTKR0.2%
• PopularBPOP0.2%
• OGE EnergyOGE0.2%
• MicrosoftMSFT0.2%
• AmdocsDOX0.2%
• Jones Lang LaSalleJLL0.2%
• SolventumSOLV0.2%
• WEXWEX0.2%
• Brink’sBCO0.2%
• Stifel FinancialSF0.2%
• Marriott Vacations WorldwideVAC0.1%
• Alexandria Real Estate EquitiesARE0.1%
• LivaNovaLIVN0.1%
• AdientADNT0.1%
• Bank of N.T. Butterfield & SonNTB0.1%
• VersigentVGNT0.1%
• Robert HalfRHI0.1%
• Kosmos EnergyKOS0.1%