| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10.22% | -2.22% | -2.22% |
Aristotle Value Equity Fund returned -2.23% in Q1 2026, underperforming the Russell 1000 Value Index by 433 basis points but outperforming the S&P 500. The quarter was marked by broad market volatility driven by geopolitical tensions in the Middle East, trade policy uncertainty, and concerns about AI disruption across software companies. Energy was the standout performer with TotalEnergies leading contributions, benefiting from supply disruptions and the company's diversified platform spanning upstream, LNG, and renewables. Telecommunications also contributed through Verizon's strong execution under new leadership and strategic repositioning. Technology detracted as Microsoft faced software sector headwinds despite strong Azure growth, while Qualcomm dealt with memory supply constraints affecting smartphone production. The manager made strategic portfolio changes, selling Coterra Energy and adding Chevron, McCormick, and Motorola Solutions. Looking forward, Aristotle maintains its long-term fundamental focus, viewing recent drawdowns in software and other sectors as creating attractive risk-reward opportunities for patient investors willing to look beyond near-term market narratives.
Aristotle Capital maintains a disciplined long-term value approach focused on individual business fundamentals rather than reacting to near-term market narratives, believing current market dislocations have created attractive opportunities in previously strong sectors.
The current investment environment presents a wide range of competing narratives. In such periods, the temptation to react to near-term developments can be significant. At Aristotle Capital, we remain focused on what we believe to be more analyzable and enduring: the long-term fundamentals of individual businesses. We believe recent drawdowns across software, housing-related companies and alternative asset managers have created some of the most attractive risk-reward opportunities in years.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| May 1 2026 | 2026 Q1 | CVX, MKC, MSFT, MSI, QCOM, TTE, VZ | Consumer Staples, dividends, energy, large cap, semiconductors, technology, Telecommunications, value |
TTE VZ MSFT QCOM CVX MSI |
Aristotle Value Equity Fund underperformed in Q1 2026 amid broad market volatility from geopolitical tensions and AI disruption concerns. Energy led by TotalEnergies drove outperformance while technology holdings faced headwinds. The manager added quality names Chevron, McCormick, and Motorola Solutions, maintaining disciplined long-term focus and viewing recent sector drawdowns as creating attractive opportunities for patient capital. |
| Jan 30 2026 | 2025 Q4 | AMGN, CBSH, COF, LEN, MRK, MSFT, PH, SONY, STZ, TDY, UBER, USB, WFC | AI, earnings, large cap, rates, Trade Policy, US, value |
SONY UBER PH COF CBSH |
Aristotle's Value Equity strategy underperformed in Q4 2025 due to security selection challenges, particularly in technology and consumer discretionary sectors. Strong aerospace and financial services holdings were offset by Sony's one-time charges and Uber's margin pressures. The manager maintains disciplined focus on business fundamentals over macro timing, positioning for long-term value creation despite near-term headwinds. |
| Oct 14 2025 | 2025 Q3 | ADBE, AIG, ALC, AMP, ANSYS, CTVA, GD, MLM, MUFG, SNPS, SONY, WFC, XEL | Energy Transition, financials, materials, technology, Trade Policy, Utilities, value |
SNPS US WFC US |
Aristotle Capital's Value Equity strategy underperformed in Q3 due to security selection challenges, particularly in Corteva and Ameriprise Financial. Strong contributors included Martin Marietta Materials and Xcel Energy. New positions in Synopsys and Wells Fargo reflect focus on quality businesses with competitive advantages. Manager maintains disciplined fundamental approach despite macroeconomic uncertainty and mixed trade policy developments. |
| Jul 22 2025 | 2025 Q2 | ALC, AMGN, AWK, COF, CTRA, CTVA, MCHP, MRK, MSFT, PH, UBER, XYL | Biotechnology, Cloud, healthcare, semiconductors, technology, Trade Policy, value |
MSFT US MCHP US AMGN US ALC SW UBER US MSFT MCHP AMGN ALC UBER |
Value Equity outperformed its benchmark in Q2 2025 despite macro headwinds from trade policy uncertainty and geopolitical tensions. Microsoft and Microchip Technology drove performance through cloud growth and semiconductor recovery. The firm maintains focus on high-quality businesses with strong fundamentals rather than predicting macro timing, recently swapping Xylem for Uber as a more compelling opportunity. |
| Apr 10 2025 | 2025 Q1 | 8411.T, ADBE, AIG, AMGN, AMP, APD, AWK, BX, GOOGL, HON, LEN, ML.PA, MSFT, SONY | AI, Cloud, energy, financials, industrials, technology, Trade Policy, value |
ADBE SONY APD GOOGL |
Aristotle Capital's value strategy delivered modest positive returns in Q1 2025 despite market volatility from trade policy uncertainty. Strong corporate earnings and selective stock picking drove performance, with Sony leading contributions while Adobe faced AI disruption concerns. Portfolio repositioning included new investments in Air Products' hydrogen opportunity and Alphabet's undervalued technology platform, maintaining focus on quality companies over macro timing. |
| Jan 30 2025 | 2024 Q4 | ADBE, AMGN, AMP, ANSYS, ATO, BX, CFR, COF, CTVA, LEN, MCHP, MLM, MSFT, MUFG, PH, SONY | Asset Management, financials, Homebuilders, semiconductors, technology, value |
COF AMP LEN MCHP |
Aristotle Value Equity Fund underperformed in Q4 2024 due to narrow AI-driven market focus favoring growth over value. Financial holdings like Capital One and Ameriprise contributed positively while homebuilder Lennar and semiconductor Microchip detracted. The manager maintains conviction in their quality-oriented value approach, believing fundamentals will drive long-term outperformance over full market cycles despite near-term headwinds. |
| Sep 30 2024 | 2024 Q3 | ADBE, ADSK, AIG, AMGN, AMP, ATO, BX, COF, CRBG, CTVA, LEN, MCHP, MLM, MRK, MSFT, PH, QCOM, VZ, XEL | Alternative Assets, insurance, large cap, semiconductors, Telecommunications, value |
VZ AIG |
Aristotle Value Equity Fund underperformed in Q3 due to tech and industrial stock selection but made strategic moves into Verizon and AIG. The manager sees compelling value in telecommunications infrastructure and insurance transformation stories while maintaining conviction in quality companies that can navigate uncertainty over multi-year horizons. |
| Jul 10 2024 | 2024 Q2 | ADBE, ALC, AMGN, AMP, AWK, CCI, CTVA, DHR, ECL, LEN, LOW, MCHP, MLM, MSFT, OSK, PH, QCOM, VEEV, XYL | Homebuilders, infrastructure, large cap, semiconductors, technology, value, water | AWK | Aristotle Value outperformed value peers through strong tech stock selection, particularly Qualcomm's automotive expansion and Microsoft's AI infrastructure development. Homebuilder Lennar faced affordability headwinds despite capital optimization. Portfolio changes included exiting Crown Castle amid strategic uncertainty and adding American Water Works for regulated utility exposure with substantial infrastructure investment runway. |
| Apr 15 2024 | 2024 Q1 | ADBE, AMP, ANSS, COF, CTVA, ELS, LEN, LOW, MCHP, MLM, MSFT, PH, PSX, SONY, SYY, TTE, XEL | energy, financials, large cap, materials, technology, Utilities, value |
LOW TTE |
Aristotle Value Equity Fund underperformed in Q1 due to Adobe and Xcel Energy weakness, offset by Martin Marietta and Corteva strength. The fund rotated from Phillips 66 and Sysco into TotalEnergies and Lowe's for better energy transition and home improvement exposure. Management maintains focus on high-quality companies despite macro uncertainties. |
| Jan 13 2024 | 2023 Q4 | ALC, CINF, COF, CTRA, CTVA, LEN, MSFT, MUFG, QCOM, STZ, TDY, USB | Agriculture, Banking, financials, Homebuilders, technology, value |
TDY USB |
Aristotle Value Equity outperformed in Q4 2023 driven by strong security selection, particularly Lennar's resilient homebuilding execution. The firm added Teledyne Technologies and U.S. Bancorp while selling Cincinnati Financial, maintaining focus on quality businesses at attractive valuations with clear catalysts. Despite macro volatility, the bottom-up fundamental approach continues targeting long-term value creation through disciplined stock selection. |
| Oct 19 2023 | 2023 Q3 | ADBE, AMP, ANSS, CTVA, DHR, LEN, MCHP, MLM, MSFT, PH | financials, industrials, materials, Quality, technology, value | - | Aristotle Value Equity Fund targets high-quality companies with competitive advantages at attractive valuations, seeking catalysts for 3-5 year value realization. The fund outperformed its benchmark year-to-date with 4.73% returns versus 1.79% for Russell 1000 Value, maintaining concentrated exposure to technology, financials, and industrials through 42 holdings with 91.1% active share. |
| Jan 31 2023 | 2022 Q4 | MRK, SUI, SYY | - | - | |
| Feb 12 2022 | 2022 Q3 | ADBE, CFR, SONY, XYL | - | - | |
| Jun 30 2022 | 2022 Q2 | ADSK, AMG GR, KO, MCHP, MLM | - | - | |
| Mar 30 2022 | 2022 Q1 | ATO, BX, CORTVSR BZ, EWBC, LEN, OSK, XEL | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
EnergyTotalEnergies was the top contributor, benefiting from geopolitical tensions and supply disruptions through the Strait of Hormuz. The manager emphasizes the company's diversified energy platform across upstream, LNG, and renewables. Chevron was added as a new position, viewed as offering attractive returns through its low-cost upstream portfolio and disciplined capital allocation. |
Oil LNG Integrated Oil & Gas Energy Trading Geothermal |
AIMicrosoft faced headwinds from broad software sell-off as investors weighed AI disruption potential and elevated infrastructure investment impacts on margins. Despite this, Azure grew 39% and the manager sees increasing real-world AI adoption through Microsoft's integrated ecosystem. AI demand is also constraining memory supply for Qualcomm's smartphone business. |
Cloud Data Centers Enterprise Software Semiconductors | |
TelecommunicationsVerizon was a primary contributor after delivering strongest customer growth in years under new CEO Dan Schulman. The company completed its $20 billion Frontier acquisition, expanding fiber footprint to 30 million homes. Management is repositioning toward sustainable, value-driven growth with improved network investment and customer experience focus. |
Wireless Telecom Broadband Telecom Infrastructure | |
SemiconductorsQualcomm was a detractor despite record revenues, guiding lower due to memory-related supply constraints from AI data center demand driving higher memory prices. This is constraining smartphone production and leading to cautious inventory strategies. The manager views these as cyclical headwinds while Qualcomm executes its evolution toward broader connected computing. |
Memory Connectivity Chips Smartphones | |
Consumer StaplesMcCormick was added as a new position, representing the global leader in spices and seasonings. The manager highlights the company's proprietary flavor technology, scale advantages in sourcing, and strategy to expand operating margins particularly in Flavor Solutions segment while investing in higher-growth heat portfolio platforms. |
Food Personal Care Beverages | |
| 2025 Q4 |
AIThe fund extensively analyzes whether current AI markets represent a bubble, comparing it to the late 1990s internet bubble. They question AI equipment depreciation schedules, datacenter power demands, and whether promised returns will materialize, while noting the market's shift in viewing Google from AI laggard to leader. |
Artificial Intelligence Bubble Valuations Technology Infrastructure |
BiotechnologyThe short book faced headwinds particularly within biotech this quarter. The fund also references biotech companies that go public via reverse mergers and spend capital on stock promotion rather than lab research as patterns they use for successful shorts. |
Biotech Short Selling Reverse Mergers Stock Promotion | |
| 2025 Q3 |
Trade PolicyThe Trump Administration implemented various tariff measures including 25% on Indian imports due to Russian oil purchases and 40% on Brazil over data censorship concerns. However, trade tensions eased with EU and Japan agreements establishing 15% baseline tariffs and significant U.S. investment commitments. China relations stabilized with extended tariff suspension. |
Tariffs Trade China EU Japan |
Energy TransitionXcel Energy benefits from rising demand for clean energy and electrification with a $45 billion five-year capital plan focused on renewable projects and grid infrastructure. The company's service territories offer excellent wind and solar resources supported by state policies accelerating coal transition. |
Renewables Grid Clean Energy Wind Solar | |
SemiconductorsSynopsys acquisition of ANSYS expands capabilities from chip-level to system-level design across industries. The company benefits from increasing complexity in AI chips and high-performance computing making EDA software more mission critical. Export restrictions to China and Intel's foundry shift created near-term headwinds. |
EDA AI Chip Design Semiconductors ANSYS | |
Crop ProtectionCorteva announced separation of seed and crop protection businesses despite strong performance through August. The Enlist E3 platform captured over 60% of U.S. soybean acres in under two years with expanding corn adoption. Market reaction was initially negative due to potential dis-synergies. |
Seeds Crop Protection Enlist Agriculture Separation | |
| 2025 Q2 |
Trade PolicyPresident Trump introduced a universal 10% import tariff and reciprocal tariffs on dozens of countries as part of Liberation Day. A 90-day pause on reciprocal tariffs was enacted for almost all countries to encourage negotiations. The U.S. and U.K. finalized the Economic Prosperity Deal, expanding American access to British markets and lowering tariffs on U.K. autos. |
Tariffs Trade Negotiations Import Export |
CloudMicrosoft delivered strong quarterly results with Azure revenue growing 35% well ahead of expectations, driven by improved execution in core cloud services and sustained AI-related demand. Strength extended beyond AI with renewed momentum in traditional enterprise cloud workloads including data platforms, infrastructure hosting and developer services. |
Azure Enterprise Infrastructure Data AI | |
Semiconductor CycleMicrochip Technology showed signs of fundamental improvement after several quarters of customer destocking. Bookings stabilized supported by more balanced inventories across customers and distribution channels, with indications of recovering end-market demand. The company benefited from cost-saving initiatives and tighter inventory management under renewed leadership. |
Microcontrollers Inventory Bookings Recovery Semiconductors | |
BiotechnologyAmgen continued advancing its robust pipeline with bemarituzumab phase 3 trial for gastric cancer meeting its primary endpoint and MariTide weight-loss drug demonstrating strong efficacy in phase 1 and 2 trials. The company reaffirmed long-term commitment to domestic manufacturing through upcoming $2 billion expansions in Ohio and North Carolina. |
Pipeline Clinical Manufacturing Oncology Obesity | |
| 2025 Q1 |
AIAdobe faces competitive threats from generative AI platforms like OpenAI's Sora and Canva, but is actively embedding AI through Firefly across Creative Cloud applications. Firefly has generated $125 million in annualized recurring revenue with management expecting it to double by year-end. AI integration enhances Adobe's competitive moat through product functionality and increased switching costs. |
Generative AI Firefly Creative Cloud Monetization Competitive Moat |
Trade PolicyPresident Trump announced new tariffs on imports from Canada, Mexico and China, targeting autos, steel, aluminum and energy sectors. While tariffs initially raised concerns, selective enforcement and flexible implementation helped ease market anxiety. Over 220 companies referenced tariffs in earnings calls with nearly 15% issuing negative guidance. |
Tariffs Import Restrictions Market Uncertainty Earnings Impact Policy Implementation | |
Energy TransitionAir Products is pursuing clean hydrogen opportunities through megaprojects in Saudi Arabia and Louisiana. The company has refocused strategy under new CEO Eduardo Menezes, divesting non-core assets and focusing on industrial gases and clean hydrogen. Completion of green/blue hydrogen projects should enhance earnings amid increased demand from decarbonization policies. |
Clean Hydrogen Megaprojects Decarbonization Industrial Gases Strategic Focus | |
CloudGoogle Cloud is now profitable and scaling meaningfully as part of Alphabet's diversification beyond advertising. The company is effectively competing at scale with AWS and Microsoft Azure, showing improving profitability and margin expansion. Cloud represents approximately 13% of Alphabet's total revenue. |
Google Cloud Profitability Market Share Competition Revenue Growth | |
| 2024 Q4 |
ValueThe fund follows a quality-oriented approach to intrinsic value investing focused on fundamentals and unfolding catalysts measured in years, not quarters. The manager believes value investors often seek to invest in companies that are not in vogue with investors, and their approach is best measured over a full market cycle of three to five years. |
Value Fundamentals Intrinsic Value Quality Catalysts |
AIMarkets in 2024 were captivated by artificial intelligence as a singular theme. The AI-driven rally dominated market performance, with some high-quality technology companies not participating in the rally and therefore underperforming. The manager notes this narrow market focus driven by AI as a dominant narrative. |
AI Technology Rally Narrow Markets Theme | |
| 2024 Q3 |
TelecommunicationsThe fund invested in Verizon Communications, viewing it as positioned to benefit from 5G technology adoption and fiber network expansion. Verizon's wireless services account for approximately 70% of revenue, serving over 90 million postpaid customers as the country's largest wireless carrier. The company announced a $20 billion acquisition of Frontier to expand its fiber network to 31 states. |
5G Fiber Wireless Broadband Infrastructure |
InsuranceThe fund added American International Group (AIG), viewing the company's transformation under CEO Peter Zaffino as creating value. AIG has restructured underwriting, increased reinsurance levels, and divested non-core divisions to become a purely General Insurance-focused business. The company maintains over $160 billion in assets and over $25 billion in net written premiums. |
P&C Insurance Underwriting Reinsurance Transformation Capital | |
SemiconductorsMicrochip Technology was a primary detractor as the semiconductor producer faces challenges from inventory destocking following the 2021-2023 chip shortage. Clients overestimated needs during the shortage and are now working through inventory levels, though management sees some positive signs pointing toward recovery including higher expedited orders and fewer order cancellations. |
Microcontrollers Analog Inventory Recovery Cycle | |
Alternative Asset ManagersBlackstone was a leading contributor, reporting nearly $40 billion in inflows and deploying $34 billion during the quarter. The company possesses over $180 billion in dry powder and continues making progress penetrating retail and private-wealth channels, raising $7.5 billion overall during the quarter with encouraging signs in BCRED, BREIT, and the newly launched BXPE vehicles. |
Private Credit Real Estate Private Equity Retail Distribution | |
| 2024 Q2 |
AIMicrosoft continues to execute on AI catalysts across its businesses, particularly within cloud-based applications like Azure. The company detailed partnerships with NVIDIA and AMD to develop first-party silicon chips including its AI accelerator (Azure Maia) and CPU (Azure Cobalt). Qualcomm benefits as AI applications extend from the cloud to on-device. |
Azure Chips Cloud On-device |
WaterAmerican Water Works is the largest and most geographically diverse water and wastewater utility in the U.S., serving 14 million people across 14 states. The company expects to invest $16-17 billion from 2024-2028 replacing and upgrading infrastructure to improve efficiency and sustainability. The fund holds multiple water value chain companies including Xylem and Ecolab. |
Infrastructure Utilities Sustainability Regulated | |
HomebuildersLennar is shifting toward a capital-light business model with 79% of land controlled via options versus 21% owned. The company has formal plans for a spinoff of $6-8 billion of land assets and is monetizing non-core assets. However, affordability pressures from higher prices and mortgage rates are challenging gross margins. |
Capital-light Land Affordability Margins | |
SemiconductorsQualcomm continues to execute on shifting its business mix beyond smartphones, with automotive revenue growing 35% year-over-year and a design win pipeline of $45 billion. The company is on track to achieve $4 billion in auto-related revenues by 2026. Despite threats of insourcing from large clients, Qualcomm has retained high market share while expanding in non-smartphone devices. |
Automotive Smartphones Design wins Market share | |
| 2024 Q1 |
Energy TransitionTotalEnergies implements a two-pillar strategy balancing traditional energy with renewable investments, planning to invest over 30% of spending in low-carbon businesses. The company aims to rank among the world's top five providers of solar and wind energy by 2030. Xcel Energy is positioned to benefit from increased demand for clean energy with strong wind and solar resources. |
Renewables LNG Solar Wind Clean Energy |
Home ImprovementLowe's Companies operates as the world's second-largest home improvement retailer with over 1,700 stores serving primarily do-it-yourself customers. The company is executing on market share gains through supply chain improvements, upgraded IT systems, and enhanced omnichannel sales. Management focuses on increasing profitability and sales per square foot while gaining share with professional customers. |
Retail DIY Professional Omnichannel Market Share | |
AgricultureCorteva operates in seed and crop protection with the business at or near a cyclical bottom in 2023 following customer destocking. The company continues innovation with over 400 new product launches in 2023 and share gains for Enlist E3 soybeans achieving 58% market penetration. Crop protection sales guidance calls for return to growth in second half of 2024. |
Seeds Crop Protection Innovation Market Share Cyclical | |
| 2023 Q4 |
HomebuildersLennar demonstrated strong performance with dynamic pricing models and digital marketing platforms driving volume and cash flow generation. The company delivered 73,000 homes in 2023 with a 10% year-over-year increase, while advancing its land light strategy with 76% of land controlled through options. Management's ability to respond to changing housing dynamics positions the company well amid decade-long undersupply of homes in the U.S. |
Housing Construction Real Estate Land Strategy Cash Flow |
Crop ProtectionCorteva faced headwinds from customer destocking throughout 2023, particularly in Brazil, leading to lowered revenue and profit guidance. While the crop protection business appears at or near cyclical bottom, the seed business remained resilient with positive price/mix effects. Management continues executing on margin expansion catalysts through improved pricing and reduced royalty expenses. |
Agriculture Seeds Brazil Cyclical Margins | |
Regional BanksU.S. Bancorp represents a diversified regional bank with proven operating efficiency and balanced loan portfolio. The recent Union Bank acquisition provides enhanced West Coast presence and opportunities for revenue synergies and cost savings. The bank maintains attractive funding profile with high deposit share across multiple states and history of returning capital to shareholders. |
Banking Acquisitions Deposits Efficiency Returns |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| May 1, 2026 | Fund Letters | Aristotle Value Equity Fund | MSI | Motorola Solutions, Inc. | Communication Equipment | Communications Equipment | Bull | New York Stock Exchange | Command Center Software, Government, high switching costs, Land Mobile Radio, Mission-Critical Communications, Public safety, recurring revenue, SaaS, Video Security | Login |
| May 1, 2026 | Fund Letters | Aristotle Value Equity Fund | TTE | TotalEnergies | Oil & Gas Integrated | Integrated Oil & Gas | Bull | New York Stock Exchange | capital allocation, Diversified Energy, Downstream, Energy security, Free Cash Flow, Integrated Oil & Gas, LNG, renewable energy, Upstream | Login |
| May 1, 2026 | Fund Letters | Aristotle Value Equity Fund | VZ | Verizon Communications Inc. | Telecom Services | Wireless Telecommunication Services | Bull | New York Stock Exchange | capital discipline, Customer growth, Dividend Growth, Fiber, Network Excellence, Premium Positioning, Share Buyback, transformation, Wireless Telecommunications | Login |
| May 1, 2026 | Fund Letters | Aristotle Value Equity Fund | MSFT | Microsoft Corporation | Software - Infrastructure | Systems Software | Bull | NASDAQ | Artificial Intelligence, Azure, Cloud computing, Copilot, Digital transformation, Ecosystem, Enterprise Services, Free Cash Flow, Software | Login |
| May 1, 2026 | Fund Letters | Aristotle Value Equity Fund | QCOM | Qualcomm Incorporated | Semiconductors | Semiconductors | Bull | NASDAQ | automotive, Connected Computing, diversification, Edge AI, Free Cash Flow, Internet of Things, R&D, semiconductors, wireless technology | Login |
| May 1, 2026 | Fund Letters | Aristotle Value Equity Fund | CVX | Chevron Corporation | Oil & Gas Integrated | Integrated Oil & Gas | Bull | New York Stock Exchange | capital discipline, dividend, Free Cash Flow, Guyana, Integrated Oil & Gas, low-cost assets, Permian Basin, share repurchases, Upstream | Login |
| Jan 30, 2026 | Fund Letters | Howard Gleicher | UBER | Uber Technologies, Inc. | Industrials | Passenger Transportation | Bull | New York Stock Exchange | Autonomy, Free Cash Flow, mobility, network effects, Regulation | Login |
| Jan 30, 2026 | Fund Letters | Howard Gleicher | PH | Parker-Hannifin Corporation | Industrials | Industrial Machinery | Bull | New York Stock Exchange | Aerospace, Automation, cashflow, Industrials, Margins | Login |
| Jan 30, 2026 | Fund Letters | Howard Gleicher | COF | Capital One Financial Corporation | Financials | Consumer Finance | Bull | New York Stock Exchange | buybacks, creditcards, Margins, Payments, scale | Login |
| Jan 30, 2026 | Fund Letters | Howard Gleicher | CBSH | Commerce Bancshares, Inc. | Financials | Regional Banks | Bull | NASDAQ | banking, capital discipline, Credit, dividends | Login |
| Jan 30, 2026 | Fund Letters | Howard Gleicher | SONY | Sony Group Corporation | Communication Services | Entertainment | Bull | New York Stock Exchange | Content, entertainment, Gaming, Ip, Margins | Login |
| Oct 14, 2025 | Fund Letters | Howard Gleicher | WFC US | Wells Fargo & Co. | Financials | Diversified Banks | Bull | NYSE | Banks, buybacks, Capital, Credit, dividends, efficiency, growth, Regulation, valuation | Login |
| Oct 14, 2025 | Fund Letters | Howard Gleicher | SNPS US | Synopsys, Inc. | Information Technology | Semiconductor Design Software | Bull | NASDAQ | AI, Ansys, Eda, growth, Ip, Margins, recurring revenue, semiconductors, Simulation, Software | Login |
| Jul 22, 2025 | Fund Letters | Howard Gleicher | MSFT US | Microsoft Corporation | Information Technology | System Software | Bull | NASDAQ | AI, cloud, enterprise, Margins, Software, Subscriptions | Login |
| Jul 22, 2025 | Fund Letters | Howard Gleicher | MCHP US | Microchip Technology Inc. | Information Technology | Semiconductors | Bull | NASDAQ | cashflow, Industrials, Margins, Mcu, semiconductors, turnaround | Login |
| Jul 22, 2025 | Fund Letters | Howard Gleicher | AMGN US | Amgen Inc. | Health Care | Biotechnology | Bull | NASDAQ | Biotech, cashflow, Obesity, pharma, Pipelines, valuation | Login |
| Jul 22, 2025 | Fund Letters | Howard Gleicher | ALC SW | Alcon Inc. | Health Care | Health Care Equipment | Bull | Swiss Exchange | Demographics, innovation, lenses, Medtech, Ophthalmology | Login |
| Jul 22, 2025 | Fund Letters | Howard Gleicher | UBER US | Uber Technologies Inc. | Information Technology | Passenger Ground Transportation | Bull | NYSE | cashflow, delivery, Logistics, mobility, network effects | Login |
| Jun 30, 2025 | Fund Letters | Aristotle Value Equity Fund | MSFT | Microsoft Corporation | Software & Services | Systems Software | Bull | NASDAQ | AI, Azure, Cloud computing, Enterprise Services, productivity software, SaaS, Software, technology | Login |
| Jun 30, 2025 | Fund Letters | Aristotle Value Equity Fund | MCHP | Microchip Technology Incorporated | Semiconductors & Semiconductor Equipment | Semiconductors | Bull | NASDAQ | 5G, Analog, autonomous vehicles, Cyclical, data centers, IoT, Microcontrollers, semiconductors, turnaround | Login |
| Jun 30, 2025 | Fund Letters | Aristotle Value Equity Fund | AMGN | Amgen Inc. | Pharmaceuticals, Biotechnology & Life Sciences | Biotechnology | Bull | NASDAQ | biotechnology, drug development, manufacturing, Oncology, Osteoporosis, pharmaceuticals, pipeline, Weight loss | Login |
| Jun 30, 2025 | Fund Letters | Aristotle Value Equity Fund | UBER | Uber Technologies, Inc. | Consumer Services | Internet & Direct Marketing Retail | Bull | NYSE | asset-light, food delivery, Gig Economy, Global, Logistics, mobility, network effects, ride-hailing, technology platform | Login |
| Jun 30, 2025 | Fund Letters | Aristotle Value Equity Fund | ALC | Alcon Inc. | Health Care Equipment & Services | Health Care Equipment | Bull | NYSE | Aging demographics, Cataract Surgery, Contact lenses, Eye Care, healthcare, Medical devices, oligopoly, premium products | Login |
| Dec 31, 2024 | Fund Letters | Aristotle Value Equity Fund | AMP | Ameriprise Financial | Financials | Asset Management & Custody Banks | Bull | NYSE | asset management, AUM growth, capital return, Fee Based, Financial Advisors, financial services, wealth management | Login |
| Dec 31, 2024 | Fund Letters | Aristotle Value Equity Fund | LEN | Lennar | Consumer Discretionary | Homebuilding | Bull | NYSE | asset-light, homebuilding, Housing shortage, Land Options, mortgage rates, Real Estate, Volume Strategy | Login |
| Dec 31, 2024 | Fund Letters | Aristotle Value Equity Fund | MCHP | Microchip Technology | Information Technology | Semiconductors | Bull | NASDAQ | 5G, autonomous driving, data centers, Inventory Correction, IoT, Microcontrollers, restructuring, semiconductors | Login |
| Dec 31, 2024 | Fund Letters | Aristotle Value Equity Fund | COF | Capital One Financial | Financials | Consumer Finance | Bull | NYSE | acquisition, banking, credit cards, digital payments, financial services, Payment Network, Regulatory | Login |
| Sep 30, 2024 | Fund Letters | Aristotle Value Equity Fund | VZ | Verizon Communications Inc. | Communication Services | Wireless Telecommunication Services | Bull | NYSE | 5G, acquisition, ARPU, broadband, cash flow, Fiber, infrastructure, market share, network, Spectrum, telecommunications, Wireless | Login |
| Sep 30, 2024 | Fund Letters | Aristotle Value Equity Fund | AIG | American International Group, Inc. | Financials | Multi-line Insurance | Bull | NYSE | capital allocation, General Insurance, Global, High Net Worth, Insurance, Property & Casualty, Reinsurance, risk management, ROE, share repurchase, transformation, underwriting | Login |
| Jun 30, 2024 | Fund Letters | Aristotle Value Equity Fund | AWK | American Water Works Company, Inc. | Utilities | Water Utilities | Bull | NYSE | Acquisitions, consolidation, defensive, Dividend Growth, essential services, infrastructure, Regulated Monopoly, Wastewater, Water Utility | Login |
| Mar 31, 2024 | Fund Letters | Aristotle Value Equity Fund | LOW | Lowe's Companies | Consumer Discretionary | Home Improvement Retail | Bull | NYSE | home improvement, market share, Omnichannel, Professional Customers, retail, supply chain, turnaround, Value | Login |
| Mar 31, 2024 | Fund Letters | Aristotle Value Equity Fund | TTE | TotalEnergies | Energy | Integrated Oil & Gas | Bull | NYSE | energy transition, Europe, Free Cash Flow, Integrated Oil, LNG, renewables, Solar, Value, Wind | Login |
| Dec 31, 2023 | Fund Letters | Aristotle Value Equity Fund | TDY | Teledyne Technologies | Technology Hardware & Equipment | Electronic Equipment, Instruments & Components | Bull | NYSE | Acquisitions, Aerospace, autonomous driving, Defense, Digital Imaging, environmental monitoring, FLIR Systems, Free Cash Flow, Industrial technology, Sensors, Surveillance, Thermal Imaging, Value | Login |
| Dec 31, 2023 | Fund Letters | Aristotle Value Equity Fund | USB | U.S. Bancorp | Banks | Diversified Banks | Bull | NYSE | banking, California, Deposit Share, fee income, operating efficiency, regional bank, shareholder returns, synergies, Union Bank Acquisition, Value, West Coast | Login |
| - | Fund Letters | Aristotle Value Equity Fund | APD | Air Products and Chemicals, Inc. | Materials | Industrial Gases | Bull | NYSE | clean energy, Hydrogen, Industrial Gases, long-term contracts, Megaprojects, oligopoly, Onsite Delivery, Take-or-Pay | Login |
| - | Fund Letters | Aristotle Value Equity Fund | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Android, Artificial Intelligence, Cloud computing, digital advertising, market dominance, search engine, subscription services, YouTube | Login |
| - | Fund Letters | Aristotle Value Equity Fund | ADBE | Adobe Inc. | Software & Services | Application Software | Bull | NASDAQ | Artificial Intelligence, Creative Cloud, creative software, digital media, Enterprise software, generative AI, SaaS, subscription model | Login |
| - | Fund Letters | Aristotle Value Equity Fund | SONY | Sony Group Corporation | Consumer Discretionary | Consumer Electronics | Bull | NYSE | Content IP, entertainment, Gaming, Image-sensors, Music streaming, Platform Owner, PlayStation, semiconductors | Login |
| TICKER | COMMENTARY |
|---|---|
| TTE | TotalEnergies, one of the world's largest energy companies, was the top contributor for the quarter. While oil prices increased during the period, driven by geopolitical tensions in the Middle East and disruptions to supply through the Strait of Hormuz, our focus remains on the company's underlying operational execution across its diversified energy platform. As the fourth-largest major energy player in the world, the company operates across upstream, downstream, liquefied natural gas (LNG), and integrated power and renewable energy businesses. Within its upstream segment, TotalEnergies continues to deliver accretive growth, with new projects generating higher cash flow per barrel than its legacy portfolio, supporting both production growth and improving profitability. In the LNG segment, the company has started production in Angola, which will supply Europe and Asia with roughly 2 million tons of LNG per year, and has also signed an agreement with Glenfarne, the lead developer of the Alaska LNG project, to offtake 2 million tons of LNG annually for the next 20 years. We view LNG as a key structural driver of long-term growth, particularly given increasing demand for energy security in Asia and Europe. Lastly, within renewables, TotalEnergies and Masdar, an Abu Dhabi clean energy leader, formed a joint venture to accelerate renewable energy growth through onshore solar, wind and battery storage projects across Asia. In the U.S., the company has signed a long-term Power Purchase Agreement to provide 1 GW of solar capacity to power Google's data centers in Texas for 15 years. These initiatives reflect the company's strategy to build a more diversified and resilient energy platform over time. Overall, we believe TotalEnergies' combination of disciplined capital allocation, low-cost operations and integrated business model positions it to generate attractive FREE cash flow across commodity cycles, with recent operational progress reinforcing its long-term investment case. |
| VZ | Verizon, one of the largest telecommunications companies in the U.S., was a primary contributor during the period. After delivering its strongest customer growth in several years, Verizon now serves 96 million postpaid customers and 20 million prepaid connections, further cementing its leadership as the largest wireless carrier in the country. We believe this performance also reflects improving execution following the appointment of new CEO Dan Schulman in October 2025, as well as early signs of a broader strategic shift under his leadership. Furthermore, after completing its $20 billion acquisition of Frontier Communications, the company's fiber footprint has expanded to over 30 million homes and businesses. Management has emphasized that the company is at a "critical inflection point" and is repositioning the business toward more sustainable, value-driven growth, prioritizing disciplined investment in network excellence and improved customer experience to reduce churn rather than relying on price-led growth. We believe Verizon's continued investment in its network supports its ability to sustain its brand reputation and premium positioning over the long term. Verizon has raised its 2026 guidance, authorized a $25 billion share buyback program over the next three years, and recommitted to furthering its 20 consecutive years of annual dividend increases. While the company remains in the early stages of its transformation, we believe these actions, consistent with our catalysts of improving capital discipline and a more rational competitive environment, should support stronger long-term returns. |
| MSFT | Microsoft, the global leader in software and enterprise services, was the biggest detractor for the quarter. The decline was largely driven by a broad-based sell-off across software companies in early 2026 as investors weighed both the potential disruption from artificial intelligence and the near-term impact of elevated investment in AI infrastructure on margins and returns. Despite this, Microsoft delivered strong results, highlighted by continued strength in Azure, which grew 39% year over year, and ongoing demand across its cloud platform, where customer demand continues to exceed available capacity. We are also seeing increasing evidence of real-world adoption as Microsoft connects AI directly to systems of record and enterprise data—such as emails, documents and workflows—thereby embedding its tools more deeply into how organizations operate. While the recent sell-off reflects elevated uncertainty around the future of software, we view these concerns as overstated, particularly given Microsoft's uniquely integrated ecosystem. With widespread adoption of offerings such as Microsoft 365 Copilot and GitHub Copilot, and supported by robust FREE cash flow that enables continued investment at scale, we believe Microsoft remains well-positioned to benefit from the ongoing migration of enterprise workloads to the cloud, with AI further enhancing the value of its platform over time. |
| QCOM | Qualcomm, a leading semiconductor and communications technology company, was one of the largest detractors for the quarter. Despite delivering record revenues during the period, the company guided to lower near-term results due to memory-related supply constraints. Results were impacted by higher memory prices, driven in part by strong demand for AI-related data center applications. This is constraining smartphone production despite otherwise healthy underlying demand and leading handset manufacturers to adopt more cautious production and inventory strategies, reducing near-term chip orders for Qualcomm. We view these headwinds as cyclical rather than structural. Qualcomm has retained its high market share in handsets, even as large clients (most notably Apple) continue to pursue insourcing initiatives, which we believe is a testament to its history of productive research and development (R&D) spending and technological leadership. Qualcomm also continues to execute on its long-term strategy of evolving from a handset-centric company into a broader connected computing platform. Automotive, Internet of Things (IoT) and newer initiatives, such as AI-enabled PCs and edge inference processors, represent a growing portion of the company, with management targeting roughly half of chip revenue from non-handset applications by the end of the decade. We believe Qualcomm's technologies will continue to benefit as connectivity expands across devices and as AI workloads increasingly shift from the cloud to on-device (the edge), supporting its ability to generate strong FREE cash flow over time. |
| CVX | Headquartered in Houston, Texas, Chevron is one of the world's largest integrated energy companies, with operations spanning upstream exploration and production, downstream refining and marketing, and chemicals. The company traces its roots back to the 1911 breakup of Standard Oil and today produces approximately 4 million barrels of oil equivalent per day. While Chevron operates across the full value chain, roughly 85% of earnings are generated from upstream operations, reflecting its oil-leveraged portfolio. This upstream concentration is intentional and supported by a portfolio of low-cost, long-lived assets. The asset base includes deepwater production in the Gulf of America and Guyana, a large and advantaged Permian Basin position, long-lived conventional production in Kazakhstan, and liquefied natural gas projects in Australia. Chevron also maintains a presence in Venezuela, though it remains a relatively small part of its portfolio. Under CEO Mike Wirth (appointed in 2018), Chevron has emphasized capital discipline, portfolio optimization and shareholder returns. This strategy has included both targeted acquisitions and meaningful divestitures to improve the portfolio. Consistent with this approach, Chevron completed the acquisition of Hess in 2025, increasing its exposure to the Stabroek Block offshore Guyana—one of the lowest-cost and highest-return oil developments globally. This transaction enhances Chevron's long-term production visibility and strengthens the quality of its upstream portfolio with a high-margin, long-duration asset base. |
| MKC | Headquartered in Baltimore, Maryland, and founded in 1889, McCormick & Company (McCormick) is the global leader in spices, seasonings and flavor solutions. With a market capitalization of approximately $18 billion, the company manufactures, markets and distributes a broad portfolio of branded consumer products, as well as customized flavor solutions, to food manufacturers and foodservice customers globally. McCormick operates through two primary segments: Consumer (57%) and Flavor Solutions (43%), serving retail, foodservice and packaged food customers across the Americas, EMEA and Asia Pacific. McCormick has built a long history of consistent growth, strong brand equity and resilient cash generation, supported by commanding market share positions in core categories such as spices and seasonings. Importantly, seasoning is not simply the blending of ingredients; McCormick embeds proprietary flavor technology into its development process, leveraging decades of culinary expertise. The company benefits from scale advantages in sourcing, differentiated capabilities across savory, citrus, sweet and "heat" flavor profiles, and a global innovation and commercialization platform that reinforces its competitive position. More recently, management has articulated a clear strategy to expand operating margins, particularly within its Flavor Solutions segment, while investing behind higher-growth platforms such as its heat portfolio. In addition, the company recently increased its ownership in McCormick de Mexico, consolidating a historically partially-owned business and enhancing its exposure to faster-growing Latin American markets. Under CEO Brendan Foley, McCormick is focused on leveraging its culinary expertise, innovation capabilities and global footprint to drive sustainable earnings growth and long-term value creation. |
| MSI | Headquartered in Chicago, Illinois, Motorola Solutions (Motorola) is a global leader in mission-critical communications and security solutions. The company designs and deploys land mobile radio (LMR) networks, video security systems and command center software used by more than 100,000 public safety and enterprise customers in over 100 countries. At its core, Motorola provides the communication backbone used by police officers, firefighters and emergency responders. When first responders communicate during natural disasters or other emergencies, they are often operating on Motorola's private radio networks—systems specifically engineered to remain operational when commercial cellular networks fail or become congested. Motorola generates approximately three-quarters of its revenue from its legacy LMR business, which includes radio devices, network infrastructure and related services. The remaining revenue is derived from video surveillance, body-worn cameras, access control systems and command center software that integrates voice, video and data into unified workflows. The company primarily serves government agencies, with relationships that often span multiple decades and are supported by long-term service contracts and predictable refresh cycles. |
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