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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Aug 10, 2026
The Aristotle Core Equity Fund returned 14.69% in Q2 2026, slightly underperforming the S&P 500's 15.20% return due to allocation effects. The quarter was dominated by AI infrastructure themes, with surging demand for AI processing power driving substantial benchmark returns. The Fund initiated positions in Advanced Micro Devices, Micron Technology, and Exxon Mobil, while exiting Amphenol, Boston Scientific, and Synopsys. Applied Materials and Guardant Health were top contributors, benefiting from AI-driven memory upcycle catalysts and FDA approvals respectively. Micron detracted due to underweight positioning as shares surged on the tightest DRAM shortage in 15 years. The manager views the memory industry as entering a structurally longer four- to five-year upcycle versus historical two- to three-year patterns, driven by HBM capacity constraints and AI workload demands. Geopolitical tensions with Iran and volatile oil prices created market uncertainty. The manager believes equity valuations remain reasonable given earnings growth, with focus continuing on companies with secular tailwinds and strong product cycles.
The Aristotle Core Equity Fund seeks to invest in high-quality companies positioned at the center of durable secular growth trends, with particular emphasis on AI infrastructure, semiconductor cycle expansion, and data center buildout, while maintaining valuation discipline and focusing on companies with strong product-driven cycles and secular tailwinds.
The manager believes equity valuations on forward earnings expectations are reasonable, as growth in earnings has continued to surprise to the upside. The economic data points to a moderately growing economy with lingering inflation, putting the Fed on hold with a bias toward a rate increase in the latter half of the year. Conflicts in Iran and Ukraine will likely continue to drive uncertainty, especially in the energy commodity space. The manager's focus will continue to be at the company level, with an emphasis on seeking to invest in companies with secular tailwinds or strong product-driven cycles.
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