Hotchkis & Wiley Capital Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Hotchkis & Wiley Capital Management LLC reported 459 stock positions worth $33.4 billion. Its top holding was Workday Class A (WDAY) at 4.3% of the portfolio, followed by F5 (FFIV, 4.2%) and Citigroup (C, 2.7%). Compared with Q3 2025, it opened 5 new positions, sold out of 11, added to 210 and reduced 207. The biggest buy was Mondelez International Class A (MDLZ, shares +1920%) and the biggest sale an exit from Warner Bros Discovery (WBD).
- Most Recent 13F
- Q2 2026
- Location
- Los Angeles, CA
- CIK
- 0001164833
- Portfolio Value
- $33.4B (Q4 2025)
- SEC Filing
- 0001172661-26-001081 ↗ filed Feb 17, 2026
Holdings Value
Holdings 459 stocks · $33.4B
| WDAY Workday Inc. Class A | 4.35% | 6,757,472 | $1.5B | Add +15.7% |
| FFIV F5 Inc. | 4.19% | 5,473,375 | $1.4B | Add +13.2% |
| C Citigroup Inc. | 2.67% | 7,641,714 | $891.7M | Reduce -5.1% |
| ERIC Ericsson (lm) Tel-SP ADR filed as TELEFONAKTIEBOLAGET LM ERICS | 2.66% | 92,132,605 | $889.1M | Reduce -4.4% |
| AIG American International Group | 2.63% | 10,270,323 | $878.6M | Add +0.1% |
| APA Apa Corp. | 2.60% | 35,446,644 | $867.0M | Reduce -0.9% |
| GM General Motors Co. | 2.53% | 10,391,542 | $845.0M | Reduce -5.3% |
| CMCSA Comcast Corp. Class A | 2.49% | 27,768,597 | $830.0M | Add +33.0% |
| CRM Salesforce Inc. | 2.23% | 2,804,312 | $742.9M | Add +37.1% |
| GEHC GE Healthcare Technology | 2.22% | 9,032,745 | $740.9M | Add +7.1% |
| ELV Elevance Health Inc. | 2.15% | 2,051,150 | $719.0M | Add +0.3% |
| D Dominion Energy Inc. | 2.05% | 11,704,010 | $685.7M | Add +14.4% |
| FDX FedEx Corp. | 1.93% | 2,233,225 | $645.1M | Reduce -0.1% |
| USB US Bancorp | 1.86% | 11,657,432 | $622.0M | Add +0.5% |
| WFC Wells Fargo & Co. | 1.82% | 6,535,687 | $609.1M | Reduce -4.3% |
| PPG PPG Industries Inc. | 1.80% | 5,877,095 | $602.2M | Add +48.9% |
| STT State Street Corp. | 1.70% | 4,386,744 | $565.9M | Reduce -3.5% |
| MGA Magna International Inc. | 1.57% | 9,854,052 | $525.2M | Reduce -9.0% |
| NOV Nov Inc. | 1.52% | 32,465,667 | $507.4M | Reduce -18.3% |
| UNH Unitedhealth Group Inc. | 1.44% | 1,460,213 | $482.0M | Add +3.4% |
| SHEL Shell PLC-ADR | 1.39% | 6,316,607 | $464.1M | Reduce -0.8% |
| MDT Medtronic PLC | 1.39% | 4,820,704 | $463.1M | Reduce -17.2% |
| CMI Cummins Inc. | 1.37% | 893,268 | $456.0M | Reduce -29.5% |
| SLB SLB Ltd. filed as SLB LIMITED | 1.35% | 11,747,332 | $450.9M | Reduce -2.0% |
| OMC Omnicom Group | 1.33% | 5,518,055 | $445.6M | Add +7.8% |
| GOOGL Alphabet Inc. Class A | 1.33% | 1,419,534 | $444.3M | Reduce -30.5% |
| PCAR Paccar Inc. | 1.32% | 4,023,118 | $440.6M | Add +21.3% |
| CFG Citizens Financial Group | 1.17% | 6,675,233 | $389.9M | Reduce -9.9% |
| KHC The Kraft Heinz Co. | 1.15% | 15,804,586 | $383.3M | Add +3.1% |
| HUM Humana Inc. | 1.05% | 1,363,528 | $349.2M | Add +0.1% |
| OVV Ovintiv Inc. | 1.03% | 8,770,993 | $343.7M | Add +1.1% |
| TFC Truist Financial Corp. | 1.01% | 6,843,349 | $336.8M | Add +42.0% |
| CNH CNH Industrial NV | 0.97% | 35,219,823 | $324.7M | Add +35.1% |
| OLN Olin Corp. | 0.95% | 15,278,245 | $318.2M | Add +20.4% |
| MDLZ Mondelez International Inc. Class A | 0.89% | 5,531,030 | $297.7M | Add +1919.5% |
| APTV Aptiv PLC | 0.83% | 3,619,797 | $275.4M | Reduce -0.1% |
| CRBG Corebridge Financial Inc. | 0.81% | 8,950,160 | $270.0M | Add +30.4% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.75% | 4,547,256 | $250.1M | Reduce -14.4% |
| STZ Constellation Brands Inc. Class A | 0.74% | 1,787,066 | $246.5M | Add +7.4% |
| PPL PPL Corp. | 0.73% | 6,986,449 | $244.7M | Reduce -11.7% |
| SWK Stanley Black & Decker Inc. | 0.72% | 3,228,247 | $239.8M | Add +4.0% |
| CVS CVS Health Corp. | 0.69% | 2,893,377 | $229.6M | Add +0.5% |
| WPP WPP PLC-Sponsored ADR | 0.68% | 10,097,072 | $226.8M | Reduce -0.9% |
| NSC Norfolk Southern Corp. | 0.67% | 770,668 | $222.5M | Add +0.8% |
| FIS Fidelity National Info Serv | 0.65% | 3,274,593 | $217.6M | Add +1.5% |
| CTSH Cognizant Tech Solutions-A | 0.64% | 2,584,740 | $214.5M | Reduce -1.8% |
| COP Conocophillips | 0.64% | 2,287,674 | $214.1M | Add +10.1% |
| HCA HCA Healthcare Inc. | 0.62% | 444,067 | $207.3M | Reduce -42.1% |
| FCNCA First Citizens Bcshs Class A | 0.62% | 96,152 | $206.4M | Add +0.5% |
| FTV Fortive Corp. | 0.61% | 3,672,300 | $202.7M | Reduce -1.3% |
| SJM The JM Smucker Co. filed as SMUCKER J M CO | 0.60% | 2,057,630 | $201.3M | Add +300.9% |
| BKR Baker Hughes Co. | 0.58% | 4,262,778 | $194.1M | Reduce -42.1% |
| HIG Hartford Insurance Group Inc. | 0.58% | 1,400,394 | $193.0M | Add +0.8% |
| BA The Boeing Co. | 0.58% | 885,587 | $192.3M | Add +5.3% |
| TEL Te Connectivity PLC | 0.56% | 826,537 | $188.0M | Reduce -34.0% |
| LAD Lithia Motors Inc. | 0.54% | 546,171 | $181.5M | Add +28.2% |
| GSK GSK PLC-Spon ADR | 0.54% | 3,657,931 | $179.4M | Reduce -20.5% |
| UL Unilever PLC-Sponsored ADR | 0.53% | 2,723,620 | $178.1M | Add +7.7% |
| TKR Timken Co. | 0.46% | 1,843,942 | $155.1M | Add +6.7% |
| ZBH Zimmer Biomet Holdings Inc. | 0.46% | 1,724,601 | $155.1M | Add +7.1% |
| MUR Murphy Oil Corp. | 0.46% | 4,941,152 | $154.4M | Reduce -4.0% |
| UHAL.B U-Haul Holding Co.-Non Voting | 0.45% | 3,226,832 | $150.8M | Add +1.3% |
| FISV Fiserv Inc. | 0.43% | 2,158,790 | $145.0M | Add +9.8% |
| FLR Fluor Corp. | 0.43% | 3,587,735 | $142.2M | Add +3.3% |
| CI The Cigna Group | 0.43% | 516,425 | $142.1M | Add +12.3% |
| DE Deere & Co. | 0.42% | 304,670 | $141.8M | Add +52.5% |
| GD General Dynamics Corp. | 0.42% | 417,712 | $140.6M | Reduce -22.5% |
| CNC Centene Corp. | 0.39% | 3,193,209 | $131.4M | Reduce -3.5% |
| SOLV Solventum Corp. | 0.39% | 1,630,872 | $129.2M | Reduce -8.2% |
| CAG Conagra Brands Inc. | 0.36% | 6,975,548 | $120.7M | Add +14.0% |
| SLM SLM Corp. | 0.35% | 4,374,421 | $118.4M | Add +21.2% |
| STGW Stagwell Inc. | 0.32% | 22,075,107 | $107.9M | Add +5.0% |
| WK Workiva Inc. | 0.30% | 1,170,160 | $100.9M | Add +14.1% |
| BWA Borgwarner Inc. | 0.30% | 2,201,074 | $99.2M | Reduce -0.8% |
| BUD Anheuser-Busch Inbev-SPN ADR | 0.29% | 1,501,890 | $96.2M | Reduce -0.7% |
| RTX RTX Corp. | 0.29% | 524,431 | $96.2M | Reduce -10.8% |
| AVT Avnet Inc. | 0.28% | 1,973,911 | $94.9M | Reduce -1.9% |
| SNY Sanofi-ADR | 0.28% | 1,938,207 | $93.9M | Add +21.0% |
| ECVT Ecovyst Inc. | 0.28% | 9,568,392 | $93.1M | Add +8.1% |
| LH Labcorp Holdings Inc. | 0.28% | 368,938 | $92.6M | Reduce -2.1% |
| EEFT Euronet Worldwide Inc. | 0.23% | 1,021,153 | $77.7M | Add +4.8% |
| BPOP Popular Inc. | 0.22% | 591,656 | $73.7M | Reduce -21.1% |
| FHB First Hawaiian Inc. | 0.22% | 2,876,812 | $72.8M | Reduce -5.3% |
| DOX Amdocs Ltd. | 0.21% | 877,606 | $70.7M | Add +26.9% |
| VAC Marriott Vacations World | 0.20% | 1,161,395 | $67.0M | Add +12.2% |
| HII Huntington Ingalls Industrie | 0.20% | 192,719 | $65.5M | Reduce -18.4% |
| LIVN Livanova PLC | 0.19% | 1,040,481 | $64.0M | Reduce -1.9% |
| LEA Lear Corp. | 0.19% | 540,602 | $62.0M | Reduce -4.3% |
| WEX Wex Inc. | 0.17% | 381,331 | $56.8M | Add +9.9% |
| SF Stifel Financial Corp. | 0.16% | 414,099 | $51.9M | Reduce -10.7% |
| ADNT Adient PLC | 0.15% | 2,542,760 | $48.7M | Reduce -0.9% |
| NTB Bank of N.T. Butterfield&son | 0.13% | 899,070 | $44.8M | Reduce -4.9% |
| RUSHA Rush Enterprises Inc. Class A | 0.13% | 826,345 | $44.6M | Add +5.1% |
| BCO The Brink's Co. | 0.13% | 371,573 | $43.4M | Reduce -11.0% |
| CRC California Resources Corp. | 0.12% | 932,164 | $41.7M | Add +135.2% |
| OGE Oge Energy Corp. | 0.11% | 864,496 | $36.9M | Reduce -9.1% |
| EFOR Everforth Inc. filed as ASGN INC | 0.10% | 710,805 | $34.2M | Reduce -0.6% |
| AVA Avista Corp. | 0.10% | 864,319 | $33.3M | Reduce -6.3% |
| CRGY Crescent Energy Inc. Class A | 0.10% | 3,893,760 | $32.7M | Add +58.0% |
| JLL Jones Lang Lasalle Inc. | 0.09% | 90,540 | $30.5M | Reduce -55.0% |
Options reported separately and not counted above: UPS puts ($56.0M), DLR puts ($7.0M), MTUM puts ($1.6M).
Other holdings (3): bonds, preferreds, convertibles and warrants · $34.1M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| VGLT Vanguard Long-Term Treasury | LONG TERM TREAS · principal | 264,300 | $14.7M | New |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 176,322 | $12.2M | No change |
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F | 377,137 | $7.2M | Add +0.1% |
Total filed on the 13F, all lines: $33.4B.
Portfolio Sells Q3 2025 → Q4 2025
| WBD Warner Bros Discovery Inc. | Sold out | 0.00% | −1.11 |
| BKR Baker Hughes Co. | Reduce -42.1% | 0.58% | −0.53 |
| HCA HCA Healthcare Inc. | Reduce -42.1% | 0.62% | −0.39 |
| MDT Medtronic PLC | Reduce -17.2% | 1.39% | −0.33 |
| CMI Cummins Inc. | Reduce -29.5% | 1.37% | −0.29 |
| TEL Te Connectivity PLC | Reduce -34.0% | 0.56% | −0.29 |
| GOOGL Alphabet Inc. Class A | Reduce -30.5% | 1.33% | −0.21 |
| PPL PPL Corp. | Reduce -11.7% | 0.73% | −0.18 |
| GD General Dynamics Corp. | Reduce -22.5% | 0.42% | −0.15 |
| APTV Aptiv PLC | Reduce -0.1% | 0.83% | −0.14 |
| NOV Nov Inc. | Reduce -18.3% | 1.52% | −0.11 |
| WPP WPP PLC-Sponsored ADR | Reduce -0.9% | 0.68% | −0.11 |
| BAC Bank of America Corp. | Reduce -14.4% | 0.75% | −0.10 |
| APA Apa Corp. | Reduce -0.9% | 2.60% | −0.10 |
| JLL Jones Lang Lasalle Inc. | Reduce -55.0% | 0.09% | −0.10 |
| GSK GSK PLC-Spon ADR | Reduce -20.5% | 0.54% | −0.08 |
| BPOP Popular Inc. | Reduce -21.1% | 0.22% | −0.07 |
| LH Labcorp Holdings Inc. | Reduce -2.1% | 0.28% | −0.06 |
| CFG Citizens Financial Group | Reduce -9.9% | 1.17% | −0.05 |
| KOS Kosmos Energy Ltd. | Reduce -4.2% | 0.05% | −0.05 |
| VGLT Vanguard Long-Term Treasury | Sold out | 0.00% | −0.05 |
| ADNT Adient PLC | Reduce -0.9% | 0.15% | −0.05 |
| GS Goldman Sachs Group Inc. | Sold out | 0.00% | −0.04 |
| AVT Avnet Inc. | Reduce -1.9% | 0.28% | −0.04 |
| BTE Baytex Energy Corp. | Reduce -59.4% | 0.05% | −0.04 |
| VBTX Veritex Holdings Inc. | Sold out | 0.00% | −0.04 |
| HSII Heidrick & Struggles Intl | Sold out | 0.00% | −0.04 |
| BRY Berry Corp. | Sold out | 0.00% | −0.04 |
| VTLE Vital Energy Inc. | Sold out | 0.00% | −0.04 |
| MAN Manpowergroup Inc. | Reduce -10.0% | 0.06% | −0.03 |
| ATMU Atmus Filtration Technologie | Reduce -45.4% | 0.05% | −0.03 |
| BBT Beacon Financial Corp. | Reduce -44.9% | 0.04% | −0.03 |
| OGE Oge Energy Corp. | Reduce -9.1% | 0.11% | −0.03 |
| SAH Sonic Automotive Inc. Class A | Reduce -12.4% | 0.05% | −0.02 |
| SHEL Shell PLC-ADR | Reduce -0.8% | 1.39% | −0.02 |
| CVI CVR Energy Inc. | Reduce -16.7% | 0.03% | −0.02 |
| BCO The Brink's Co. | Reduce -11.0% | 0.13% | −0.02 |
| ACHC Acadia Healthcare Co. Inc. | Reduce -4.8% | 0.02% | −0.02 |
| MGA Magna International Inc. | Reduce -9.0% | 1.57% | −0.02 |
| CXT Crane NXT Co. | Reduce -11.1% | 0.03% | −0.02 |
| COLB Columbia Banking System Inc. | Reduce -33.3% | 0.04% | −0.02 |
| RTX RTX Corp. | Reduce -10.8% | 0.29% | −0.02 |
| NCMI National Cinemedia Inc. | Reduce -3.5% | 0.07% | −0.02 |
| SRG Seritage Growth Prop- A | Reduce -2.2% | 0.04% | −0.02 |
| FHB First Hawaiian Inc. | Reduce -5.3% | 0.22% | −0.02 |
| SOLV Solventum Corp. | Reduce -8.2% | 0.39% | −0.02 |
| HII Huntington Ingalls Industrie | Reduce -18.4% | 0.20% | −0.01 |
| JBI Janus International Group Inc. | Reduce -1.0% | 0.03% | −0.01 |
| PRKS United Parks & Resorts Inc. | Reduce -0.4% | 0.03% | −0.01 |
| PBF PBF Energy Inc. Class A | Reduce -14.8% | 0.03% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| MDLZ Mondelez International Inc. Class A | Add +1919.5% | 0.89% | +0.84 |
| CRM Salesforce Inc. | Add +37.1% | 2.23% | +0.72 |
| PPG PPG Industries Inc. | Add +48.9% | 1.80% | +0.52 |
| CMCSA Comcast Corp. Class A | Add +33.0% | 2.49% | +0.45 |
| SJM The JM Smucker Co. | Add +300.9% | 0.60% | +0.43 |
| TFC Truist Financial Corp. | Add +42.0% | 1.01% | +0.33 |
| PCAR Paccar Inc. | Add +21.3% | 1.32% | +0.31 |
| GEHC GE Healthcare Technology | Add +7.1% | 2.22% | +0.25 |
| DE Deere & Co. | Add +52.5% | 0.42% | +0.14 |
| AIG American International Group | Add +0.1% | 2.63% | +0.13 |
| CRBG Corebridge Financial Inc. | Add +30.4% | 0.81% | +0.13 |
| LAD Lithia Motors Inc. | Add +28.2% | 0.54% | +0.13 |
| USB US Bancorp | Add +0.5% | 1.86% | +0.12 |
| D Dominion Energy Inc. | Add +14.4% | 2.05% | +0.11 |
| ELV Elevance Health Inc. | Add +0.3% | 2.15% | +0.10 |
| CNH CNH Industrial NV | Add +35.1% | 0.97% | +0.10 |
| FCNCA First Citizens Bcshs Class A | Add +0.5% | 0.62% | +0.09 |
| TKR Timken Co. | Add +6.7% | 0.46% | +0.06 |
| CRC California Resources Corp. | Add +135.2% | 0.12% | +0.06 |
| SNY Sanofi-ADR | Add +21.0% | 0.28% | +0.05 |
| SLM SLM Corp. | Add +21.2% | 0.35% | +0.04 |
| STZ Constellation Brands Inc. Class A | Add +7.4% | 0.74% | +0.04 |
| OMC Omnicom Group | Add +7.8% | 1.33% | +0.04 |
| HBAN Huntington Bancshares Inc. | New | 0.04% | +0.04 |
| ECVT Ecovyst Inc. | Add +8.1% | 0.28% | +0.04 |
| DOX Amdocs Ltd. | Add +26.9% | 0.21% | +0.04 |
| COP Conocophillips | Add +10.1% | 0.64% | +0.03 |
| CRGY Crescent Energy Inc. Class A | Add +58.0% | 0.10% | +0.03 |
| WK Workiva Inc. | Add +14.1% | 0.30% | +0.03 |
| ZION Zions Bancorp NA | New | 0.03% | +0.03 |
| CI The Cigna Group | Add +12.3% | 0.43% | +0.01 |
| CVS CVS Health Corp. | Add +0.5% | 0.69% | +0.01 |
| CAG Conagra Brands Inc. | Add +14.0% | 0.36% | +0.01 |
| BA The Boeing Co. | Add +5.3% | 0.58% | +0.01 |
| UL Unilever PLC-Sponsored ADR | Add +7.7% | 0.53% | +0.01 |
| LNTH Lantheus Holdings Inc. | Add +0.6% | 0.04% | +0.01 |
| TAP Molson Coors Beverage Co. Class B | New | 0.01% | +0.01 |
| HUN Huntsman Corp. | Add +18.4% | 0.04% | +0.01 |
| NRC NRC Health | Add +17.1% | 0.02% | +0.01 |
| GT Goodyear Tire & Rubber Co. | Add +17.1% | 0.03% | +0.01 |
| RHI Robert Half Inc. | Add +53.4% | 0.04% | +0.01 |
| AXTA Axalta Coating Systems Ltd. | Add +8.3% | 0.04% | +0.01 |
| WGO Winnebago Industries | Add +4.0% | 0.04% | +0.01 |
| ICLR Icon PLC | New | 0.01% | +0.01 |
| MSBI Midland States Bancorp Inc. | Add +9.9% | 0.02% | +0.01 |
| YETI Yeti Holdings Inc. | Add +0.3% | 0.03% | +0.01 |
| AMPH Amphastar Pharmaceuticals Inc. | Add +23.4% | 0.03% | +0.01 |
| SNDR Schneider National Inc. Class B | Add +8.8% | 0.02% | +0.01 |
| MATX Matson Inc. | Add +5.5% | 0.02% | +0.01 |
| HRI Herc Holdings Inc. | Add +5.5% | 0.02% | +0.01 |
Options Activity Q3 2025 → Q4 2025
| QQQ Invesco QQQ Trust Series 1 | put | Sold out | 98,000 | $58.8Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| VGLT Vanguard Long-Term Treasury | LONG TERM TREAS · principal | New | 264,300 | $14.7M |
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F | Add +0.1% | 377,137 | $7.2M |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 457 | $34.3B | WDAY, APA, AIG, FFIV, GEHC |
| Q1 2026 | 460 | $32.3B | WDAY, APA, FFIV, ERIC, C |
| Q4 2025 | 459 | $33.4B | WDAY, FFIV, C, ERIC, AIG |
| Q3 2025 | 464 | $32.2B | FFIV, WDAY, APA, C, AIG |
| Q2 2025 | 469 | $30.8B | FFIV, WDAY, C, ERIC, CMCSA |
| Q1 2025 | 465 | $29.9B | FFIV, C, ERIC, WDAY, AIG |
| Q4 2024 | 473 | $30.0B | FFIV, C, ERIC, APA, WFC |
| Q3 2024 | 478 | $30.1B | FFIV, C, ERIC, GM, CVS |
| Q2 2024 | 478 | $28.6B | ERIC, FFIV, C, WFC, APA |
| Q1 2024 | 478 | $30.0B | C, WFC, FFIV, APA, ERIC |