Hotchkis & Wiley Global Value Fund noted in its Q2 2026 investor letter that its underweight position in Google (Alphabet Inc., NASDAQ:GOOGL) shares dragged down the fund's relative performance. However, the fund still believes Google is well-valued with improving growth prospects, and stated that its investment thesis remains unchanged. The fund achieved a 9.97% return in the second quarter, outperforming the MSCI World Value Index.