Hotchkis & Wiley International Value Fund (HWIV) is an open-end investment fund and ETF share class offered by Hotchkis & Wiley Capital Management, an investment manager founded in 1980 and headquartered in Los Angeles. The fund seeks long-term capital appreciation through a value-oriented international equity strategy, investing primarily in 40 to 80 attractively valued companies across the market-cap spectrum located outside the United States; it emphasizes durable businesses run by shareholder-friendly management teams and may invest in foreign and emerging markets securities, with added exposure to market-cap and geographic flexibility across developed and emerging regions. Hotchkis & Wiley manages the fund within its broader lineup of actively managed value equity and fixed income strategies for institutional and individual investors, including separate accounts, mutual funds and sub-advisory mandates, and the firm oversees 9 actively managed value equity portfolios and 1 high yield portfolio. In July 2026, Hotchkis & Wiley launched ETF share classes for the International Value Fund and Opportunities Fund, expanding HWIV from a mutual fund structure to an exchange-traded fund format that trades on Nasdaq while retaining the same portfolio and investment team; the launch followed the firm’s 2025 introduction of its first standalone ETF, the Hotchkis & Wiley SMID-Cap Diversified Value ETF.