| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 6.59% | 1.5% | 1.5% |
Aristotle Small Cap Equity Fund outperformed the Russell 2000 Index in Q1 2026, returning 1.50% versus 0.89% for the benchmark, as small caps demonstrated resilience amid broader market volatility. The fund benefited from strong security selection in information technology, particularly semiconductor-related names like Advanced Energy Industries and MACOM Technology Solutions, which capitalized on AI-driven infrastructure spending and improving semiconductor capital expenditure trends. Energy sector strength, driven by geopolitical tensions and oil price increases, provided market leadership though the fund maintained an underweight position. The manager remains constructive on small caps long-term, citing attractive valuations with the Russell 2000 trading near multi-decade lows relative to large caps, improving earnings momentum, and structural tailwinds from increased M&A activity, reshoring trends, and favorable regulatory backdrop. Near-term risks include geopolitical tensions, particularly the Iran conflict, and election uncertainty. Portfolio positioning reflects bottom-up security selection with overweights in technology and materials, while maintaining underweights in healthcare and consumer discretionary based on fundamental analysis.
Small cap equities offer attractive long-term value with the Russell 2000 trading near multi-decade lows relative to large caps while earnings momentum improves and structural tailwinds from reshoring, M&A activity, and regulatory changes provide support.
The manager remains constructive on the long-term outlook for U.S. small cap equities, citing attractive valuations and improving earnings momentum. However, near-term caution persists due to geopolitical risks and election uncertainty.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| May 1 2026 | 2026 Q1 | AEIS, HAE, HURN, MTSI, NVTA | AI, domestic, energy, semiconductors, small caps, technology, value |
AEIS MTSI HAE NVST |
Aristotle Small Cap Fund outperformed in Q1 2026 driven by semiconductor exposure benefiting from AI infrastructure spending. Small caps showed resilience versus large caps amid market volatility. Manager remains constructive long-term on attractive valuations and improving earnings, though near-term caution persists due to geopolitical risks and election uncertainty. |
| Feb 4 2026 | 2025 Q4 | ACHC, AEIS, AER, ATR, AUB, CCRN, CNS, EHTH, GTLS, HAE, HURN, IDA, ITRI, LKQ, MTSI, NUS, PRGO, PTEN, TITN, WWW | Deregulation, Energy Transition, healthcare, M&A, Regional Banks, semiconductors, small caps, value | - | Aristotle Small Cap Fund sees compelling long-term value in small caps trading at multi-decade low valuations versus large caps. Strong semiconductor and healthcare positions drove Q4 performance while adding regional banks on DOGE concerns. Potential catalysts include deregulation, lower taxes, increased M&A, and manufacturing reshoring, though inflation and geopolitical risks persist. |
| Nov 4 2025 | 2025 Q3 | AEIS, ALE, AZEK, BWIN, COLB, CRI, DLB, DY, FLWS, HAE, HGV, JHX, KN, KNX, MRCY, MTSI, OGS, PCP, PPBI, REI, SPNS, WNC | Banking, defense, healthcare, Natural Gas, semiconductors, small caps, value |
SUPN MRCY MTSI COLB |
Aristotle Small Cap Fund underperformed in Q3 2025 despite small caps hitting new highs, with security selection challenges in industrials and healthcare offsetting strong consumer discretionary picks. The fund maintains optimistic long-term outlook on small caps given attractive relative valuations and potential policy tailwinds including deregulation and lower corporate taxes. |
| Jul 22 2025 | 2025 Q2 | ACIW, AEIS, ALIT, BHLB, CHE, CMCO, DY, FLS, GRDN, HURN, IPAR, ITRI, JBGS, LQDT, MMSI, MNRO, MTSI, SMG, TKO, VRRM | growth, healthcare, industrials, small caps, technology, Telecommunications, value |
CHE DY MTSI CHE ACIW ALIT FLS GRDN IPAR SMG VRRM |
Small-cap manager remains optimistic despite Q2 underperformance, citing compelling valuations at multi-decade lows relative to large caps. Portfolio positioned overweight Technology and Industrials with new positions in cloud services and industrial automation. Key tailwinds include potential deregulation, lower corporate taxes, and increased M&A activity, while monitoring inflation and geopolitical risks. |
| Mar 31 2025 | 2025 Q1 | ADC, AER, AGI, ASGN, B, CDMO, CHE, CHH, CMCO, DBI, FFIC, HURN, MMSI, MODV, MTSI, ONB, SUM, VECO, VVV, WWE | gold, healthcare, industrials, REITs, semiconductors, small cap, technology, value | - | Aristotle Small Cap Fund outperformed the Russell 2000 in Q1 2025 despite negative returns, driven by strong security selection in technology and industrials. The fund maintains optimistic long-term outlook on small caps citing compelling valuations and potential policy tailwinds including deregulation and increased M&A activity, while remaining cautious on consumer discretionary exposure. |
| Jan 23 2025 | 2024 Q4 | ACHC, AMTM, ASC, AXTA, AZPN, COLD, DY, EMR, GTLS, HASI, HURN, HXL, INFN, J, KBH, LQDT, MTSI, NOK, SUM, TROX | healthcare, industrials, M&A, materials, small caps, technology, value |
GTLS ACHC ASC AMTM COLD AXTA HXL TROX |
Aristotle's small-cap strategy underperformed in Q4 2024 despite strong individual stock picks like Chart Industries and Summit Materials. The manager maintains optimism on small-cap valuations trading near multi-decade lows relative to large caps, expecting tailwinds from deregulation, M&A activity, and reshoring trends under the new administration. |
| Sep 30 2024 | 2024 Q3 | ACHC, ACIW, AER, ASC, BDC, BWIN, CHCT, DY, FIBK, HURN, ITRI, LUMN, MDVL, MMSI, MRCY, MTSI, NVRI, PETQ, PTEN | financials, healthcare, rates, small caps, technology, value | - | Small-cap fund underperformed in Q3 despite Fed rate cuts benefiting the asset class. Strong performance from insurance and payments holdings offset by energy and healthcare headwinds. Manager remains optimistic on small-cap valuations at multi-decade lows relative to large caps, positioned to benefit from reshoring, M&A activity, and infrastructure spending tailwinds. |
| Jul 10 2024 | 2024 Q2 | ASC, AZZ, CRI, CRNC, DY, GTLS, LFUS, PWSC | energy, financials, industrials, infrastructure, reshoring, small caps, technology, value |
ASC DY CRI GTLS LFUS |
Aristotle Small Cap outperformed in Q2 through strong stock selection despite market headwinds. Small-cap valuations at multi-decade lows relative to large caps create compelling opportunity. Fund maintains overweights in industrials and technology while avoiding consumer discretionary and biotech. Structural tailwinds from reshoring, infrastructure spending, and M&A activity should benefit small caps disproportionately over time. |
| Apr 15 2024 | 2024 Q1 | ACHC, AER, ASC, ASGN, ATNI, AZEK, CPLP, DY, HURN, ITRI, MATW, MCRB, MMSI, MODV, MTSI, PWSC, QDEL, SP | Construction, healthcare, industrials, small caps, technology, value |
AZEK ITRI MODV QDEL PWSC |
Aristotle Small Cap Fund underperformed in Q1 but maintains conviction in small cap value proposition. Fund trades at attractive 16.0x P/E versus 21.8x for large caps with expected earnings acceleration. Portfolio benefits from grid modernization and sustainable building materials themes while avoiding high-risk retail and biotech sectors. Manager sees multi-decade valuation opportunity despite near-term market risks. |
| Jan 13 2024 | 2023 Q4 | BDC, CHRS, CUBI, NOG, OII, SP | energy, financials, rates, small caps, technology, value |
^GSPC CUBI OII BBDC4.SA ENOG.L |
Aristotle's small cap strategy underperformed in Q4 but sees favorable setup ahead with small cap valuations at multi-decade lows relative to large caps. Expected 2024 earnings growth improvements for small caps could outpace large caps while end of public venture capital mindset should benefit fundamentally oriented active managers focused on quality metrics. |
| Oct 19 2023 | 2023 Q3 | - | Quality, small caps, United States, value | - | Aristotle Small Cap Equity Fund targets undervalued, high-quality small-cap companies through fundamental research. The fund seeks businesses with strong fundamentals, experienced management, and long-term value creation potential. With 7.58% annualized returns since inception and low 19% turnover, the strategy emphasizes patient capital deployment in quality small-cap opportunities. |
| Jan 31 2023 | 2022 Q4 | ADEA, AIMC, ASC, CALM, DBI, EHAB, SAF, VVI, XPER | - | - | |
| Sep 30 2022 | 2022 Q3 | ACHC, CCRN, MRCY, PETQ | - | - | |
| Jun 30 2022 | 2022 Q2 | AZPN, CUBI, HURN, STAR, SUM, UTL, WWW | - | - | |
| Mar 30 2022 | 2022 Q1 | AZEK, CALM, FLWS, JBGS, MTSI, NEX, OHI | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
Small CapsSmall caps demonstrated notable resilience during Q1 2026, outperforming large caps with the Russell 2000 gaining 0.89% versus S&P 500's -4.33% decline. Valuations remain attractive with Russell 2000 trading near multi-decade lows relative to large caps, while earnings have likely bottomed and are beginning to reaccelerate. Consensus estimates point to small cap earnings growth surpassing large cap growth by late 2026. |
Valuations Earnings Outperformance |
AIAI-related infrastructure spending drove performance for Advanced Energy Industries, which extended a strong multi-quarter rally fueled by AI-driven semiconductor and data-center demand. MACOM Technology Solutions benefited from accelerating demand across data center applications. However, market sentiment around AI potentially cannibalizing Huron Consulting's business model created headwinds. |
Infrastructure Data Centers Semiconductors | |
EnergyEnergy was the best-performing sector, outperforming the Russell 2000 Index by over 37% during the quarter. Rising oil prices and escalating conflict in the Middle East, particularly disruptions to oil flows through the Strait of Hormuz, drove energy price surges. The fund maintains an underweight allocation to energy despite the sector's strong performance. |
Oil Geopolitical Outperformance | |
SemiconductorsSemiconductor companies showed strong performance driven by improving capital expenditure trends and AI-related demand. Advanced Energy Industries and MACOM Technology Solutions both benefited from semiconductor market recovery and data center infrastructure spending. The fund's exposure to semiconductor-related names contributed positively to relative performance. |
Capital Expenditure Data Centers Recovery | |
| 2025 Q4 |
AIAI continued as a major market theme with over 300 S&P 500 companies mentioning artificial intelligence on earnings calls. However, scrutiny increased around AI-related revenue circularity, massive capital spending scale, and durability of longer-term returns on investment. Oracle faced concerns about OpenAI backlog concentration risk and significant debt required for datacenter commitments. |
Artificial Intelligence Data Centers Capital Spending Revenue Circularity Infrastructure |
Trade PolicyTrade relations between the U.S. and China remained a key market focus with tensions flaring over tariff escalations and export controls. China dramatically expanded export controls on rare earth minerals while the U.S. threatened 100% tariffs in retaliation. A one-year trade truce was ultimately reached between Presidents Trump and Xi Jinping. |
Tariffs China Export Controls Rare Earth Minerals Trade Relations | |
CryptoThe fund added Coinbase Global as a new position, viewing it as the dominant player in the U.S. cryptocurrency market with over 65% trading volume share. Recent regulatory clarity from the GENIUS Act and anticipated CLARITY Act are expected to boost institutional adoption and trading volumes. |
Cryptocurrency Regulatory Clarity Trading Volume Institutional Adoption | |
| 2025 Q3 |
Small CapsSmall cap equities delivered robust performance in Q3 2025, with the Russell 2000 reaching its first all-time high since November 2021. Small caps benefited from dovish Fed rhetoric, attractive relative valuations, broadening market breadth, earnings recovery, and rotation away from mega-cap stocks. Valuations remain compelling relative to large caps, with the Russell 2000 trading near multi-decade lows on a relative basis. |
Russell 2000 Valuations Rotation Earnings |
DefenseMercury Systems benefited from its strong position as a supplier to the defense sector and reported strong earnings beating analyst expectations. The company is expected to continue benefiting from increased national defense spending as well as revenue from their current $1.4 billion order backlog. |
Defense Spending Backlog Government | |
SemiconductorsMACOM Technology Solutions is a designer and manufacturer of high-performance semiconductor products with meaningful exposure to growing demand from data center and 5G end-market applications. Despite strong third quarter earnings, the stock declined due to slight margin impact from acquisition and slower industrial market recovery. |
Data Centers 5G Industrial | |
Natural GasRange Resources is focused on extracting natural gas from Marcellus and Utica Shale formations with a large acreage position providing deep inventory of low-cost development locations. The company is positioned to capitalize on increased global demand for natural gas with opportunities for drilling efficiencies to enhance earnings and cash flow generation. |
Marcellus Shale Global Demand | |
| 2025 Q2 |
Small CapsValuations remain compelling relative to large caps, with the Russell 2000 Index trading near multi-decade lows on a relative basis. Potential tailwinds include deregulation, lower corporate tax rate, increased M&A activity, continued reshoring of U.S. manufacturing, and infrastructure-related spending. |
Valuations Russell 2000 Deregulation M&A Reshoring |
AIHyperscale commitment to outsized AI capex plans among growth-oriented SaaS technology companies sustained the market rally during the quarter. This reflects continued investment in artificial intelligence infrastructure and capabilities. |
Hyperscale Capex SaaS Technology | |
TelecommunicationsDycom Industries benefitted from continued growth in its core business, funding tailwinds, and expanding margins as demand for wireline services continues to grow. The company remains well positioned for longer-term growth alongside secular trends for expanding fiber deployments. |
Fiber Broadband Infrastructure Wireline | |
| 2025 Q1 |
Small CapsFund focuses on small-cap segment with compelling valuations relative to large caps, trading near multi-decade lows on a relative basis. Potential tailwinds include deregulation, lower corporate tax rates, increased M&A activity, and continued reshoring of U.S. manufacturing. |
Small Cap Valuations M&A Deregulation Reshoring |
GoldAlamos Gold benefited from rising gold prices as investors purchased the commodity as an inflation hedge. The company maintains a lower geopolitical risk profile and solid production growth plan from 600,000 to 1,000,000 ounces per year over the next five years. |
Gold Inflation Hedge Production Growth Geopolitical Risk | |
SemiconductorsMACOM Technology Solutions declined along with the broader semiconductor industry during the quarter. The company has meaningful exposure to growing demand from data-center and 5G end-market applications. Veeco Instruments should benefit from semiconductor chip evolution as manufacturers seek new technologies. |
Semiconductors Data Centers 5G Manufacturing | |
| 2024 Q4 |
Small CapsManager remains optimistic about long-term potential for small-cap segment. Valuations within small-cap segment remain compelling relative to large caps, with Russell 2000 Index trading near multi-decade lows on a relative basis. Potential tailwinds include deregulation, increased M&A activity, continued decline in interest rates, continued reshoring of U.S. manufacturing, and infrastructure-related spending. |
Valuations M&A Deregulation Reshoring Infrastructure |
Energy TransitionChart Industries benefited from surging demand for cryogenic equipment used in the clean energy sector, coupled with changing positive sentiment around LNG by the new administration. The company reported record high orders and substantial increase in sales driven by clean energy demand. |
LNG Cryogenic Clean Energy | |
AerospaceHexcel develops and manufactures structural materials for commercial aerospace, space and defense applications. As a leading supplier of carbon fiber and composite materials, the company's performance has been negatively impacted by Covid-era disruptions and Boeing's manufacturing problems, but combination of self-help initiatives and improving commercial aircraft build rates should drive improved performance. |
Carbon Fiber Commercial Aircraft Defense | |
| 2024 Q3 |
Small CapsThe fund focuses exclusively on small-cap investments with valuations remaining attractive relative to large caps. Small caps trade at 16.7x P/E versus 25.8x for large caps, near multi-decade lows. The manager believes small caps are better positioned to benefit from reshoring, M&A activity, and infrastructure spending. |
Valuations Underperformance Relative Value M&A Reshoring |
RatesThe Federal Reserve cut rates by 50 basis points in September with markets pricing roughly 100 basis points of easing in 2024. Rate cuts historically benefit small caps, and lower rates drove outperformance in interest-rate-sensitive sectors like financials, utilities, and real estate during the quarter. |
Fed Easing Interest Rates Monetary Policy Yield Curve | |
| 2024 Q2 |
Small CapsValuations of small versus large continue to remain near multi-decade lows, which suggests a more favorable setup for small caps relative to large caps in the periods to come. Small-cap valuation relative to large cap is at multi-decade lows and any fundamentally driven repositioning is likely to benefit small caps more than larger companies. Smaller caps remain better positioned to benefit from the reshoring of U.S. manufacturing, a pickup in M&A activity, the CHIPS Act, and several infrastructure projects on the horizon. |
Valuations Outperformance Reshoring M&A CHIPS Act |
OnshoringThe fund believes smaller caps remain better positioned to benefit from the reshoring of U.S. manufacturing. This represents a structural tailwind for small-cap companies as manufacturing activity returns to domestic markets. |
Manufacturing Domestic Structural Tailwind | |
Infrastructure SpendingSeveral infrastructure projects on the horizon are expected to benefit smaller cap companies. The CHIPS Act specifically is mentioned as a catalyst that should favor small caps over larger companies. |
CHIPS Act Projects Government Spending | |
| 2024 Q1 |
Small CapsManager remains optimistic about long-term potential for small cap segment despite strong recent performance. Valuations of small versus large cap equities remain near multi-decade lows with 16.0x P/E for Russell 2000 versus 21.8x for Russell 1000. Small caps are better positioned to benefit from reshoring of U.S. manufacturing, CHIPS Act, and infrastructure projects. |
Valuation Relative Performance Manufacturing Infrastructure |
Grid UpgradeItron benefits from continued momentum in operational outlook, growing backlog of higher margin business, and easing supply chain conditions. The company remains well-positioned to benefit from power grid modernization efforts which should drive demand for smart metering and grid monitoring solutions. |
Smart Metering Grid Monitoring Infrastructure Modernization | |
Building MaterialsAZEK Company benefited from strong fundamental performance as a leading manufacturer of residential building products focused on wood-alternative decking, railing, and trim. Strong secular demand for alternative, sustainably sourced building products along with company-specific margin improvements should benefit shareholders. |
Sustainable Materials Residential Construction Margins | |
| 2023 Q4 |
Small CapsManager believes small cap underperformance may be ending as valuations remain near multi-decade lows relative to large caps. Expected earnings and sales growth improvements for small caps in 2024 could outpace large caps, providing fundamental support. |
Small Caps Value Earnings |
RatesFederal Reserve's dovish commentary was primary catalyst for quarter-end rally. Markets pricing in several rate cuts for 2024, though manager acknowledges market enthusiasm may be overly optimistic about pace of cuts. |
Rates Liquidity | |
ValueValue stocks outperformed growth during the quarter. Manager expects end of public venture capital mindset to benefit fundamentally oriented active managers focused on profits, cash flows and balance sheet strength. |
Value Quality |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| May 1, 2026 | Fund Letters | Aristotle Small Cap Equity Fund | AEIS | Advanced Energy Industries | Electrical Equipment & Parts | Electronic Equipment, Instruments & Components | Bull | NASDAQ | AI infrastructure, data centers, growth, power electronics, semiconductors, technology | Login |
| May 1, 2026 | Fund Letters | Aristotle Small Cap Equity Fund | MTSI | MACOM Technology Solutions | Semiconductors | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | 5G, data centers, Defense, growth, manufacturing, semiconductors, Telecom | Login |
| May 1, 2026 | Fund Letters | Aristotle Small Cap Equity Fund | - | Huron Consulting Group | Other | Professional Services | Bull | NASDAQ | Consulting, Digital transformation, Education, healthcare, Regulatory, Technology Services, Value | Login |
| May 1, 2026 | Fund Letters | Aristotle Small Cap Equity Fund | HAE | Haemonetics | Medical Devices | Health Care Equipment & Supplies | Bull | New York Stock Exchange | Blood Management, defensive, healthcare, Medical devices, Plasmapheresis, R&D, Value | Login |
| May 1, 2026 | Fund Letters | Aristotle Small Cap Equity Fund | NVST | Envista Holdings | Medical Instruments & Supplies | Health Care Equipment & Supplies | Bull | New York Stock Exchange | Demographics, Dental, healthcare, Medical devices, recurring revenue, turnaround, Value | Login |
| Nov 4, 2025 | Fund Letters | Dave Adams | MTSI | MACOM Technology Solutions Holdings Inc. | Information Technology | Semiconductors | Bull | NASDAQ | 5G, Connectivity, data centers, Margins, Optical, Rf, semiconductors | Login |
| Nov 4, 2025 | Fund Letters | Dave Adams | COLB | Columbia Banking System Inc. | Financials | Banks | Bull | NASDAQ | banking, Capital, dividends, efficiency, EPS growth, merger, synergies | Login |
| Nov 4, 2025 | Fund Letters | Dave Adams | SUPN | Supernus Pharmaceuticals Inc. | Health Care | Biotechnology | Bull | NASDAQ | cash flow, CNS, growth, healthcare, innovation, pharmaceuticals, profitability | Login |
| Nov 4, 2025 | Fund Letters | Dave Adams | MRCY | Mercury Systems Inc. | Industrials | Aerospace & Defense | Bull | NASDAQ | Aerospace, backlog, Computing, Defense, Government, growth, Security | Login |
| Jul 22, 2025 | Fund Letters | Dave Adams | CHE | Chemed Corp. | Health Care | Health Care Services | Bull | NYSE | capital allocation, cashflow, Demand, Demographics, Hospice, leverage, Regulation, services, valuation | Login |
| Jun 30, 2025 | Fund Letters | Aristotle Small Cap Equity Fund | MTSI | MACOM Technology Solutions | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | 5G, Acquisitions, data center, Domestic Manufacturing, High-performance, semiconductors, technology | Login |
| Jun 30, 2025 | Fund Letters | Aristotle Small Cap Equity Fund | IPAR | Interparfums | Consumer Staples | Personal Products | Bull | NASDAQ | brand portfolio, China, Consumer products, Licensing, Luxury Brands, Prestige Fragrances, Younger Consumers | Login |
| Jun 30, 2025 | Fund Letters | Aristotle Small Cap Equity Fund | ALIT | Alight | Information Technology | Software | Bull | NYSE | Benefits administration, cloud platform, Fortune 500, Hr Technology, Human capital management, margin expansion, SaaS | Login |
| Jun 30, 2025 | Fund Letters | Aristotle Small Cap Equity Fund | CHE | Chemed | Health Care | Health Care Services | Bull | NYSE | Aging Population, defensive, Healthcare services, Hospice Care, Medicare, Plumbing Services, Secular Demand | Login |
| Jun 30, 2025 | Fund Letters | Aristotle Small Cap Equity Fund | FLS | Flowserve | Industrials | Machinery | Bull | NYSE | aftermarket services, Flow Control Systems, Industrial Equipment, infrastructure, machinery, merger, valuation | Login |
| Jun 30, 2025 | Fund Letters | Aristotle Small Cap Equity Fund | SMG | ScottsMiracle-Gro | Materials | Chemicals | Bull | NYSE | balance sheet, Branded Products, Consumer products, Lawn and Garden, margin expansion, Market Leading, turnaround | Login |
| Jun 30, 2025 | Fund Letters | Aristotle Small Cap Equity Fund | VRRM | Verra Mobility | Information Technology | Software | Bull | NASDAQ | Automated Enforcement, high margins, Legislative Support, Municipal Technology, recurring revenue, Smart Mobility, Traffic Management | Login |
| Jun 30, 2025 | Fund Letters | Aristotle Small Cap Equity Fund | DY | Dycom Industries | Industrials | Construction & Engineering | Bull | NYSE | broadband, Construction services, Engineering services, Fiber Deployment, infrastructure, secular growth, telecommunications | Login |
| Jun 30, 2025 | Fund Letters | Aristotle Small Cap Equity Fund | ACIW | ACI Worldwide | Information Technology | Software | Bull | NASDAQ | balance sheet, digital payments, financial technology, margin expansion, niche market, Payments Software, software solutions | Login |
| Jun 30, 2025 | Fund Letters | Aristotle Small Cap Equity Fund | GRDN | Guardian Pharmacy Services | Health Care | Health Care Services | Bull | NASDAQ | Aging Population, Assisted Living, Healthcare Technology, Long-term Care, Market Leading, Pharmacy Services, secular growth | Login |
| Dec 31, 2024 | Fund Letters | Aristotle Small Cap Equity Fund | AMTM | Amentum Holdings | Industrials | Aerospace & Defense | Bull | NYSE | cybersecurity, Defense, Digital Modernization, Engineering services, Government Contractor, Scale Efficiencies, spin-off | Login |
| Dec 31, 2024 | Fund Letters | Aristotle Small Cap Equity Fund | TROX | Tronox | Materials | Chemicals | Bull | NYSE | Commodity Chemical, cost savings, Cyclical Recovery, Paint, Pigment, Plastics, Titanium Dioxide | Login |
| Dec 31, 2024 | Fund Letters | Aristotle Small Cap Equity Fund | COLD | Americold Realty Trust | Real Estate | Specialized REITs | Bull | NYSE | cold storage, e-commerce, Food Supply Chain, Productivity Initiatives, REIT, technology, Temperature-Controlled Logistics | Login |
| Dec 31, 2024 | Fund Letters | Aristotle Small Cap Equity Fund | AXTA | Axalta Coating Systems | Materials | Chemicals | Bull | NYSE | automotive, Chemicals, Coatings, Cyclical Recovery, Industrial, Management Turnaround, Refinishing | Login |
| Dec 31, 2024 | Fund Letters | Aristotle Small Cap Equity Fund | HXL | Hexcel | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace Materials, Boeing Recovery, Carbon Fiber, Commercial Aircraft, Composite Materials, Cyclical, Self Help | Login |
| Dec 31, 2024 | Fund Letters | Aristotle Small Cap Equity Fund | GTLS | Chart Industries | Industrials | Industrial Machinery | Bull | NASDAQ | Biomedical, clean energy, Cryogenic Equipment, energy infrastructure, Industrial Gas, LNG, manufacturing | Login |
| Dec 31, 2024 | Fund Letters | Aristotle Small Cap Equity Fund | ACHC | Acadia Healthcare | Health Care | Health Care Services | Bull | NASDAQ | Behavioral Healthcare, contrarian, Healthcare services, Mental health, regulatory scrutiny, Substance Abuse Treatment | Login |
| Dec 31, 2024 | Fund Letters | Aristotle Small Cap Equity Fund | ASC | Ardmore Shipping | Energy | Oil, Gas & Consumable Fuels | Bull | NYSE | capital allocation, Chemical Transportation, Cyclical, Maritime, Product Tankers, Shipping, Supply-Demand | Login |
| Jun 30, 2024 | Fund Letters | Aristotle Small Cap Equity Fund | DY | Dycom Industries | Industrials | Construction & Engineering | Bull | NYSE | broadband, Construction services, Fiber Deployment, infrastructure, Rural Connectivity, secular growth, telecommunications | Login |
| Jun 30, 2024 | Fund Letters | Aristotle Small Cap Equity Fund | CRI | Carter's | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | NYSE | brand strength, Children's Apparel, Consumer Discretionary, defensive, Demographics, Store Rationalization, turnaround | Login |
| Jun 30, 2024 | Fund Letters | Aristotle Small Cap Equity Fund | ASC | Ardmore Shipping | Energy | Oil & Gas Storage & Transportation | Bull | NYSE | capital allocation, Chemical Transportation, Cyclical, Energy Transportation, Maritime, Product Tankers, Shipping | Login |
| Jun 30, 2024 | Fund Letters | Aristotle Small Cap Equity Fund | GTLS | Chart Industries | Industrials | Machinery | Bull | NASDAQ | carbon capture, clean energy, Cryogenic Equipment, energy transition, Hydrogen, Industrial Gas, LNG | Login |
| Jun 30, 2024 | Fund Letters | Aristotle Small Cap Equity Fund | LFUS | Littelfuse | Information Technology | Electronic Equipment, Instruments & Components | Bull | NASDAQ | Automotive Sensors, automotive technology, Circuit Protection, digital infrastructure, Electrification, power control, Power Semiconductors | Login |
| Mar 31, 2024 | Fund Letters | Aristotle Small Cap Equity Fund | PWSC | PowerSchool | Technology | Software | Bull | NYSE | Cloud software, Edtech, education technology, K-12 Education, recurring revenue, SaaS, Student Information Systems | Login |
| Mar 31, 2024 | Fund Letters | Aristotle Small Cap Equity Fund | AZEK | The AZEK Company | Materials | Building Products | Bull | NYSE | Building Products, Decking, margin expansion, Recycled Materials, residential construction, Sustainable materials, Wood-Alternative | Login |
| Mar 31, 2024 | Fund Letters | Aristotle Small Cap Equity Fund | ITRI | Itron | Technology | Electronic Equipment, Instruments & Components | Bull | NASDAQ | Energy Management, Grid modernization, infrastructure, IoT, recurring revenue, SaaS, Smart meters, utilities | Login |
| Mar 31, 2024 | Fund Letters | Aristotle Small Cap Equity Fund | QDEL | QuidelOrtho | Health Care | Health Care Equipment & Supplies | Bull | NASDAQ | Healthcare Testing, In-vitro diagnostics, Medical devices, Point-of-Care Diagnostics, Product Diversification, Respiratory Diagnostics | Login |
| Mar 31, 2024 | Fund Letters | Aristotle Small Cap Equity Fund | MODV | ModivCare | Health Care | Health Care Services | Bull | NASDAQ | Government Healthcare, Healthcare services, Medicaid, Medical Transportation, Medicare, Remote Monitoring, turnaround | Login |
| - | Fund Letters | Aristotle Small Cap Equity Fund | OII | Oceaneering International Inc | Energy | Energy Equipment & Services | Bull | NYSE | Aerospace, Defense, Engineered Services, Industrial Robotics, manufacturing, Offshore energy, Technology Solutions | Login |
| - | Fund Letters | Aristotle Small Cap Equity Fund | BBDC4.SA | Belden Inc | Information Technology | Electronic Equipment, Instruments & Components | Bull | NYSE | 5G, broadband, Connectivity, cybersecurity, Industrial automation, Signal Transmission, Smart Buildings, Solutions Provider | Login |
| - | Fund Letters | Aristotle Small Cap Equity Fund | ENOG.L | Northern Oil and Gas Inc | Energy | Oil, Gas & Consumable Fuels | Bull | NYSE | Acreage Acquisition, capital allocation, energy, Non-Operated, Oil & Gas, shale basins, Working Interest | Login |
| - | Fund Letters | Aristotle Small Cap Equity Fund | ^GSPC | SP Plus Corporation | Industrials | Commercial Services & Supplies | Bull | NASDAQ | acquisition target, Commercial Services, Event Logistics, Facility Services, M&A, Parking Management, payment services | Login |
| - | Fund Letters | Aristotle Small Cap Equity Fund | CUBI | Customers Bancorp Inc | Financials | Banks | Bull | NYSE | banking, Capital Accumulation, credit quality, financial services, net interest margin, Pennsylvania, regional bank | Login |
| TICKER | COMMENTARY |
|---|---|
| AEIS | Advanced Energy Industries is a provider of power electronics conversion products. The stock extended a strong multi-quarter rally fueled by earnings revisions, AI-related infrastructure spending, and improving semiconductor capital expenditure trends. We maintain our position, as we believe the company's exposure to AI-driven semiconductor and data-center demand should continue to drive shareholder value. |
| MTSI | MACOM Technology Solutions is a designer and manufacturer of high-performance semiconductor products. The stock benefitted from strong earnings results that exceeded analyst expectations featuring record revenue and profitability, driven by accelerating demand across data-center, industrial/defense, and telecom end markets. We maintain our position, as we believe the company's meaningful exposure to growing demand from data center and 5G end market applications along with the integration of recent acquisitions and domestic manufacturing footprint should continue to drive shareholder value. |
| HURN | Huron Consulting Group is a provider of technology, data, and analytics solutions to healthcare, education and corporate clients. The company reported strong results and handily beat analyst expectations. Despite that, shares sold off amid market sentiment around AI potentially cannibalizing their business model, which we believe is overly pessimistic. We maintain a position, as we believe the company may continue to benefit from durable demand, expanding margins, and secular growth tied to digital and regulatory complexity in their end markets over the long term. |
| HAE | Haemonetics is a global provider of hematology and blood management products and solutions. The company's shares weakened following its earnings release, despite results beating analyst expectations. Investor reaction was driven by a reported year-over-year revenue decline tied to planned portfolio transitions which overshadowed solid underlying demand and margin expansion. We believe that the company's strong competitive position within the plasmapheresis market along with increased investment in research and development should create value for shareholders over a multi-year period. |
| NVTA | Envista Holdings is a global manufacturer and marketer of dental consumables, equipment, diagnostics, orthodontic solutions, and treatment technologies, offering a comprehensive portfolio that includes implants, imaging systems, treatment software, and aligners. Dental care represents a structurally attractive, non-discretionary end market, supported by aging demographics, increasing oral health awareness, and sustained demand for restorative and aesthetic procedures. Through its broad product portfolio and service capabilities, the company offers exposure to a growing, recurring revenue dental market, with meaningful margin recovery potential as management executes on operational initiatives, at an attractive valuation. |
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