Hotchkis and Wiley Capital Management, LLC is an employee owned investment manager. The firm provides its services to individuals, institutional investors, investment companies, pooled investment vehicles, pension and profit sharing plans, charitable organizations, insurance companies, state or municipal government entities, corporations, foundations, unions, sovereign wealth funds, public plans, financial intermediaries, non-profits, church plans, foreign governments, and endowments. It manages separate client-focused equity, fixed income, and balanced portfolios. The firm also launches and manages equity, fixed income, and balanced mutual funds. It invests in public equity and fixed income markets of the United States. For the equity portion, the firm invests in value stocks of companies across all market capitalizations including small-cap, mid-cap, and large-cap companies. It also invests in dividend-paying stocks. For the fixed income portion, the firm invests in high-yield corporate securities, bank loans, convertible bonds, senior or secured bonds, and preferred stock. It employs long and short, short selling, margin trading, and hedging strategies to make its investments. The firm employs fundamental and quantitative analysis with a focus on bottom-up stock picking approach to create its portfolios. It benchmarks the performance of its portfolios against the S&P 500 Index and various Russell and BofA Merrill Lynch indices. The firm conducts in-house research to make its investments. Hotchkis and Wiley Capital Management was founded in 1980 and is based in Los Angeles, California with an additional office in Corona Del Mar, California.