We see opportunity differently

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TSW's disciplined investment process is designed to identify opportunity where mispricing results from indifference, low expectations and sometimes even outright disdain. Our focus is on buying businesses at a discount to their intrinsic value and using a diversified portfolio of differentiated ideas intended to drive superior returns.

TSW embraces a probabilistic approach to risk. We work to understand the probabilities associated with a range of outcomes in an uncertain world. Return potential is best when uncertainty about outcomes creates a gap between market price and intrinsic value. We believe certainty is an expensive illusion, and the popular path is littered with disappointments.

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High Yield Bond

Asset Class / Style High Yield Bond / Value
Vehicles Available Separate Account
TSW High Yield Bond Fund (TSWHX)1
Disclosures GIPS® Disclosure - High Yield Bond
Annualized Performance: Total Return
4Q22 1 Year 3 Years 5 Years 7 Years 10 Years
High Yield Bond (gross) 4.20 -8.94 0.35 2.39 4.12 4.05
High Yield Bond (net) 4.07 -9.39 -0.15 1.92 3.67 3.62
ICE® Bank of America Merrill Lynch US High Yield Constrained 4.31 -10.59 -0.20 2.31 4.66 3.93

Benchmark: ICE® Bank of America Merrill Lynch US High Yield Constrained. Benchmark Source: FactSet

Performance represents the High Yield Bond composite. Performance is shown gross and net of management fees and includes reinvestment of dividends and other income. Gross returns will be reduced by investment advisory fees and other expenses that are incurred in the management of the account. Net of fee performance was calculated using the actual management fees charged. These figures have been rounded to the nearest hundredth. Past performance is no guarantee of future results. It is not possible to invest directly in an index. Performance disclosures and index description can be found here.

Please see Risk Disclosures for important information.

1 Investing involves risk including loss of principal. Fixed income securities will increase or decrease in value based on changes in interest rates. If rates increase, the value of the Fund's fixed income securities generally declines. On the other hand, if rates fall, the value of the fixed income securities generally increases. Securities rated below investment grade, also known as "junk bonds," are generally considered speculative because they present a greater risk of loss than higher quality debt securities. For more information pertaining to the mutual fund products above, including investment objectives, risks, charges and expenses, obtain a prospectus. Read the prospectus carefully before investing or sending money. Neither this material nor any accompanying oral presentation or remarks by a representative of the distributors is intended to constitute a recommendation of the funds or a determination of suitability for any investor. This and other important information about the Fund can be found in the Fund's prospectus or summary prospectus which can be obtained at www.johcm.com or by calling 866-260-9549 or 312-557-5913. Please read the prospectus or summary prospectus carefully before investing. The JOHCM Funds are advised by JOHCM (USA) Inc. and distributed through JOHCM Funds Distributors, LLC, member FINRA. The JOHCM Funds are not FDIC-insured, may lose value, and have no bank guarantee.