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December 12, 2003 at 07:00 PM
Dec. 11, 2003 — Vanguard Group today added Hotchkis & Wiley Capital Management LLC to the team of stock pickers who run the $25 billion Vanguard Windsor II/Inv (VWNFX).
Hotchkis & Wiley will be responsible for about 5% of the fund’s assets, Vanguard said. The Los Angeles-based money management firm, which oversees $7 billion in assets, primarily for institutions, focuses on undervalued stocks.
Hotchkis & Wiley’s portion of the fund will be managed by George H. Davis Jr., the company’s chief executive officer and the co-manager of the Hotchkis & Wiley Large Cap Value Fund/A (HWLAX); and Sheldon Lieberman, a principal of the firm who helps oversee the Hotchkis & Wiley All Cap Value Fund (HWAAX).
Hotchkis & Wiley’s retention was aimed at adding “another level of diversification” to the fund and was not related to the fund’s size or performance, a Vanguard spokeswoman said.
