The Fund Grade · free · no account needed
What grade does HWAIX get?
Morningstar rates funds on what they returned. We grade them on where their money sits today: how much of the book overlaps with the converged buys of the top specialist stock pickers.
Fundprints Fund Grade · as of 2026-10-01
Hotchkis & Wiley Value Opportunities Fund Class Institutional
#494 of 500 graded active funds · growth · large segment peer group
The point · specialist footprint
HWAIX puts less of its book behind proven specialists than 79% of graded funds.
Bottom 20%
● Bottom 40%
Middle
Top 40%
Top 20%
That has mattered: over the past 2.7 years, funds with this little specialist backing trailed top-rung funds by about 3.8% per quarter and beat the S&P in only 22% of fund-quarters. If it also charges an active fee, the higher-graded alternatives deserve a look.
10,000+ funds tracked · the graded specialists among them drive every read
3 funds in the same segment carry an A. Members see the names and what they charge. See the alternatives →
The grade scores this fund's specialist share, the slice that overlaps what the top 1% of proven funds are building. We ignore index ballast and names outside our edge on purpose: that slice is small, and it's what decides the outcome.
HWAIX vs the Honor Roll · share card ↗Conviction exposure
6.1%
of the book in specialist-converged names
Late-stage weight
15.6%
of the book in Crowded or Fading names
Active share
96%
how far it strays from the index
The best grades have beaten the worst by about +5% a year since we began grading. The gap held in 9 out of 10 months. Measured on filings as they were published, no hindsight.
Inside the book: top names by stage · as of 2026-10-20
We email you the day it crosses 50% crowded, and where you stand every month.
Graded monthly from point-in-time filings. A description of where the money sits, not a recommendation. Evidence, not advice.
The read · what to do with it
HWAIX ranks 494 out of 500 graded funds, an F grade with only 6.1% specialist share, meaning very few proven active managers are backing this fund. Its biggest position, Workday at 11.1%, sits in Crowded territory with specialists leaving, and Ericsson and Olin are both Fading. PPG, Microsoft, and APA show early specialist conviction but together they are too small to offset the damage.
→ Watch the Workday position closely, at 11.1% it is the single largest holding and specialists are already leaving a Crowded trade.
→ Compare this fund against the 3 higher graded peers in its segment, the grade difference here is hard to justify holding.
Support leaving these positions
Read from today's disclosed book. Evidence, not advice.