Aristotle Core Equity Fund

Investor Summary

The Aristotle Core Equity Fund is managed by a three-person team with an average tenure of approximately 8.8 years, led by Owen Fitzpatrick, CFA (Managing Director and Lead Portfolio Manager), Brendan O'Neill, CFA (Director and Portfolio Manager), and Thomas Hynes, Jr., CFA (Managing Director and Portfolio Manager). The fund is part of Aristotle Funds Series Trust incorporated in Delaware and was formerly known as the Aristotle ESG Core Bond Fund. The fund offers multiple share classes including Class A (ARALX), Class I-2 (AILLX), and Class I (ARILX), with launch dates ranging from April 2023 to October 2023.

Fund Strategy

Aristotle's investment philosophy consists of four core tenets: identify high-quality businesses, invest long-term, analyze globally, and construct focus portfolios. The firm employs a fundamental, bottom-up approach to security selection with emphasis on secular themes, product cycles and cyclical trends. The Core Equity Fund specifically seeks to achieve consistent risk-adjusted returns that exceed the benchmark over a full market cycle of three to five years through investment pillars including selection of companies positioned for long-term spending shifts, attractive valuation identification, and strict risk control.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
13.04%	-4.5%	-4.5%

Executive Summary

The Aristotle Core Equity Fund declined 4.45% in Q1 2026, marginally underperforming the S&P 500's 4.33% decline. The quarter was marked by geopolitical tensions in the Middle East that disrupted energy markets and drove oil prices higher, making energy the strongest-performing sector. The fund initiated three new positions during the quarter: Coherent Corp, positioned at the nexus of AI-driven data center buildout with leadership in photonics; Immunome, a biotechnology company with positive phase 3 data for desmoid tumors and FDA approval expected; and Tempus AI, an AI-enabled precision medicine company. Key contributors included Darling Ingredients, which benefited from favorable renewable diesel regulations, and Antero Resources, which gained from higher natural gas prices driven by cold weather and AI data center power demands. Detractors included Microsoft, where investors questioned AI capital expenditure returns, and Boston Scientific, facing concerns about growth durability. The fund continues focusing on companies with secular tailwinds amid an uncertain macroeconomic environment.

Forward Outlook

The fund will continue to focus at the company level with an emphasis on seeking to invest in companies with secular tailwinds or strong product-driven cycles. The duration of the Iranian conflict and damage to energy infrastructure will dictate the timeline of global economic recovery.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
May 1 2026	2026 Q1	AR, BSX, COHR, DAR, IMNM, MSFT, TEM	AI, Biotechnology, energy, growth, large cap, semiconductors, technology	COHR IMNM TEM	Aristotle Core Equity Fund declined 4.45% in Q1 2026, adding three new positions in AI infrastructure and biotech companies. Energy was the strongest sector due to Middle East conflicts driving oil prices higher. The fund focuses on companies with secular tailwinds like AI data center buildout and personalized medicine despite macroeconomic headwinds and geopolitical uncertainty.
Mar 6 2026	2025 Q4	AAPL, AMZN, APG, AVGO, COIN, GH, GM, GOOGL, JPM, MAR, META, MSFT, NFLX, NVDA, ORCL, ORLY, PFGC, TMO, TT, V	AI, earnings, Fed policy, growth, healthcare, large cap, technology, Trade	-	Aristotle Core Equity outperformed the S&P 500 in Q4 2025 through strong healthcare and consumer discretionary stock selection, despite AI infrastructure concerns pressuring tech holdings. The manager added exposure to business services, crypto infrastructure, and food distribution while maintaining focus on companies with secular tailwinds amid elevated valuations and broadening economic growth expectations for 2026.
Jul 19 2025	2025 Q2	AAPL, ADPT, AVGO, AWK, BDX, CB, EXPE, HAL, ORCL, TECH, TT, ZTS	AI, earnings, large cap, technology, Trade Policy	ORCL AVGO BDX CB EXPE ZTS ORCL AVGO	Core Equity outperformed on strong AI and cloud infrastructure performance, particularly Oracle and Broadcom benefiting from robust demand. Portfolio positioned defensively around trade policy uncertainty, selling travel and animal health exposures. Focus remains on companies with secular tailwinds despite elevated valuations following market rebound.
Mar 31 2025	2025 Q1	AAPL, ADI, AMZN, AR, AVGO, COST, GH, GOOGL, GTLS, ICE, JPM, META, MSFT, NOW, NVDA, ORCL, ORLY, TECH, V, VRTX	AI, growth, large cap, semiconductors, tariffs, technology, value	ADI	Aristotle Core Equity Fund underperformed in Q1 2025 amid tariff uncertainties and AI capex concerns following DeepSeek's model release. Strong corporate earnings growth of 17.8% provided some support. The fund continues focusing on individual company fundamentals with secular tailwinds, adding Analog Devices for exposure to automotive electrification and automation trends.
Jan 30 2025	2024 Q4	AAPL, AMZN, AVGO, AVY, CI, COST, CRWD, DAR, GE, GOOGL, GTLS, JPM, MCHP, META, MSFT, NEE, NOW, NVDA, SPR, ZTS	aerospace, AI, cybersecurity, growth, large cap, technology	GE CRWD	Aristotle Core Equity Fund outperformed the S&P 500 in Q4 through strong technology and industrial stock selection, particularly in AI-exposed names like Broadcom. The concentrated large-cap portfolio added aerospace and cybersecurity exposure while trimming semiconductor positions. With elevated valuations requiring earnings growth, the manager maintains a company-specific focus on secular growth themes.
Sep 30 2024	2024 Q3	AAPL, AMAT, AMZN, AR, AVGO, COST, EL, GH, GOOGL, HAL, HD, ICE, JPM, META, MSFT, NEE, NSC, NVDA, TT	energy, HVAC, large cap, semiconductors, technology, value	AMAT TT ICE HAL EL	Aristotle Core Equity Fund underperformed in Q3 due to stock selection, despite strong performance from Trane Technologies and Intercontinental Exchange. AI semiconductor concerns hurt Applied Materials while energy weakness impacted Halliburton. Management sold Estée Lauder on China uncertainty. Forward outlook cautious on elevated valuations but constructive on lower rates supporting selective quality companies with secular growth drivers.
Jul 10 2024	2024 Q2	AAPL, ABT, ACN, AME, AMZN, APH, AVGO, BSX, COST, DAR, EL, GH, GOOGL, HAL, MCHP, META, MSFT, NSC, NVDA, TFX	AI, growth, healthcare, large cap, semiconductors, technology	APH BSX MCHP	Aristotle Core Equity outperformed in Q2 2024 driven by AI beneficiaries NVIDIA and Alphabet. The fund added positions in Amphenol, Boston Scientific, and Microchip Technology to capitalize on data center infrastructure, healthcare recovery, and industrial IoT trends. Despite strong performance, managers acknowledge elevated valuations and potential volatility while maintaining focus on secular growth opportunities.
Apr 15 2024	2024 Q1	AAPL, ADPT, AMAT, DAR, GDNT, META, NVDA, TECH, TT, ZTS	AI, earnings, growth, large cap, semiconductors, technology, value	NVDA AAPL DAR ZTS	Aristotle Atlantic outperformed in Q1 2024 with strong security selection, led by Nvidia's AI semiconductor dominance and an underweight Apple position. Despite elevated valuations and geopolitical uncertainty, the manager remains constructive on prospects for higher earnings and rate cuts supporting equity prices while focusing on companies with secular tailwinds.
Feb 26 2024	2023 Q4	AAPL, AME, AMZN, AVGO, BDX, BMY, COST, GOOGL, HAL, JPM, LLY, META, MSFT, NVDA, PEP, SPR, VRTX	AI, growth, healthcare, large cap, Pharmaceuticals, technology, value	ALLY MELI\|NFLX\|ORCL\|TCOM\|VRTX\|YUMC	Aristotle Core Equity outperformed in Q4 2023 through strong stock selection, particularly in AI-beneficiary Broadcom and turnaround story Spirit AeroSystems. The fund rotated into pharmaceutical leaders Eli Lilly and Vertex while exiting Bristol-Myers and PepsiCo. Despite expecting Fed cuts and earnings growth in 2024, elevated valuations and geopolitical risks warrant selectivity.
Oct 19 2023	2023 Q3	AAPL, AME, AMZN, AVGO, BDX, CI, GOOGL, JPM, MSFT, NVDA	financials, growth, healthcare, large cap, Quality, technology	-	Aristotle Core Equity Fund targets high-quality large-cap companies benefiting from secular themes and product cycles through fundamental analysis. The 51-position portfolio concentrates in technology leaders like Microsoft and Apple while maintaining quality metrics above market averages. Recent underperformance versus the S&P 500 reflects the fund's disciplined approach to risk-adjusted returns over full market cycles.
Jul 28 2023	2023 Q2	ADPT, AVGO, CTLT, DIS, EL, GH, NFLX, SNPS	-	-
Jan 31 2023	2022 Q4	AME, AR, AVGO, CTLT, GTLS	-	-
Sep 30 2022	2022 Q3	BALL, CMCSA, CTLT, DAR, HAL	-	-
Mar 30 2022	2022 Q1	PSX, PYPL, SPR	-	-

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

May 1 2026

2026 Q1

AR, BSX, COHR, DAR, IMNM, MSFT, TEM

AI, Biotechnology, energy, growth, large cap, semiconductors, technology

COHR
IMNM
TEM

Aristotle Core Equity Fund declined 4.45% in Q1 2026, adding three new positions in AI infrastructure and biotech companies. Energy was the strongest sector due to Middle East conflicts driving oil prices higher. The fund focuses on companies with secular tailwinds like AI data center buildout and personalized medicine despite macroeconomic headwinds and geopolitical uncertainty.

Mar 6 2026

2025 Q4

AAPL, AMZN, APG, AVGO, COIN, GH, GM, GOOGL, JPM, MAR, META, MSFT, NFLX, NVDA, ORCL, ORLY, PFGC, TMO, TT, V

AI, earnings, Fed policy, growth, healthcare, large cap, technology, Trade

Aristotle Core Equity outperformed the S&P 500 in Q4 2025 through strong healthcare and consumer discretionary stock selection, despite AI infrastructure concerns pressuring tech holdings. The manager added exposure to business services, crypto infrastructure, and food distribution while maintaining focus on companies with secular tailwinds amid elevated valuations and broadening economic growth expectations for 2026.

Jul 19 2025

2025 Q2

AAPL, ADPT, AVGO, AWK, BDX, CB, EXPE, HAL, ORCL, TECH, TT, ZTS

AI, earnings, large cap, technology, Trade Policy

ORCL
AVGO
BDX
CB
EXPE
ZTS
ORCL
AVGO

Core Equity outperformed on strong AI and cloud infrastructure performance, particularly Oracle and Broadcom benefiting from robust demand. Portfolio positioned defensively around trade policy uncertainty, selling travel and animal health exposures. Focus remains on companies with secular tailwinds despite elevated valuations following market rebound.

Mar 31 2025

2025 Q1

AAPL, ADI, AMZN, AR, AVGO, COST, GH, GOOGL, GTLS, ICE, JPM, META, MSFT, NOW, NVDA, ORCL, ORLY, TECH, V, VRTX

AI, growth, large cap, semiconductors, tariffs, technology, value

ADI

Aristotle Core Equity Fund underperformed in Q1 2025 amid tariff uncertainties and AI capex concerns following DeepSeek's model release. Strong corporate earnings growth of 17.8% provided some support. The fund continues focusing on individual company fundamentals with secular tailwinds, adding Analog Devices for exposure to automotive electrification and automation trends.

Jan 30 2025

2024 Q4

AAPL, AMZN, AVGO, AVY, CI, COST, CRWD, DAR, GE, GOOGL, GTLS, JPM, MCHP, META, MSFT, NEE, NOW, NVDA, SPR, ZTS

aerospace, AI, cybersecurity, growth, large cap, technology

GE
CRWD

Aristotle Core Equity Fund outperformed the S&P 500 in Q4 through strong technology and industrial stock selection, particularly in AI-exposed names like Broadcom. The concentrated large-cap portfolio added aerospace and cybersecurity exposure while trimming semiconductor positions. With elevated valuations requiring earnings growth, the manager maintains a company-specific focus on secular growth themes.

Sep 30 2024

2024 Q3

AAPL, AMAT, AMZN, AR, AVGO, COST, EL, GH, GOOGL, HAL, HD, ICE, JPM, META, MSFT, NEE, NSC, NVDA, TT

energy, HVAC, large cap, semiconductors, technology, value

AMAT
TT
ICE
HAL
EL

Aristotle Core Equity Fund underperformed in Q3 due to stock selection, despite strong performance from Trane Technologies and Intercontinental Exchange. AI semiconductor concerns hurt Applied Materials while energy weakness impacted Halliburton. Management sold Estée Lauder on China uncertainty. Forward outlook cautious on elevated valuations but constructive on lower rates supporting selective quality companies with secular growth drivers.

Jul 10 2024

2024 Q2

AAPL, ABT, ACN, AME, AMZN, APH, AVGO, BSX, COST, DAR, EL, GH, GOOGL, HAL, MCHP, META, MSFT, NSC, NVDA, TFX

AI, growth, healthcare, large cap, semiconductors, technology

APH
BSX
MCHP

Aristotle Core Equity outperformed in Q2 2024 driven by AI beneficiaries NVIDIA and Alphabet. The fund added positions in Amphenol, Boston Scientific, and Microchip Technology to capitalize on data center infrastructure, healthcare recovery, and industrial IoT trends. Despite strong performance, managers acknowledge elevated valuations and potential volatility while maintaining focus on secular growth opportunities.

Apr 15 2024

2024 Q1

AAPL, ADPT, AMAT, DAR, GDNT, META, NVDA, TECH, TT, ZTS

AI, earnings, growth, large cap, semiconductors, technology, value

NVDA
AAPL
DAR
ZTS

Aristotle Atlantic outperformed in Q1 2024 with strong security selection, led by Nvidia's AI semiconductor dominance and an underweight Apple position. Despite elevated valuations and geopolitical uncertainty, the manager remains constructive on prospects for higher earnings and rate cuts supporting equity prices while focusing on companies with secular tailwinds.

Feb 26 2024

2023 Q4

AAPL, AME, AMZN, AVGO, BDX, BMY, COST, GOOGL, HAL, JPM, LLY, META, MSFT, NVDA, PEP, SPR, VRTX

AI, growth, healthcare, large cap, Pharmaceuticals, technology, value

Aristotle Core Equity outperformed in Q4 2023 through strong stock selection, particularly in AI-beneficiary Broadcom and turnaround story Spirit AeroSystems. The fund rotated into pharmaceutical leaders Eli Lilly and Vertex while exiting Bristol-Myers and PepsiCo. Despite expecting Fed cuts and earnings growth in 2024, elevated valuations and geopolitical risks warrant selectivity.

Oct 19 2023

2023 Q3

AAPL, AME, AMZN, AVGO, BDX, CI, GOOGL, JPM, MSFT, NVDA

financials, growth, healthcare, large cap, Quality, technology

Aristotle Core Equity Fund targets high-quality large-cap companies benefiting from secular themes and product cycles through fundamental analysis. The 51-position portfolio concentrates in technology leaders like Microsoft and Apple while maintaining quality metrics above market averages. Recent underperformance versus the S&P 500 reflects the fund's disciplined approach to risk-adjusted returns over full market cycles.

Jul 28 2023

2023 Q2

ADPT, AVGO, CTLT, DIS, EL, GH, NFLX, SNPS

Jan 31 2023

2022 Q4

AME, AR, AVGO, CTLT, GTLS

Sep 30 2022

2022 Q3

BALL, CMCSA, CTLT, DAR, HAL

Mar 30 2022

2022 Q1

PSX, PYPL, SPR

QUARTER	THEMES	TAGS
2026 Q1	AI The fund initiated positions in companies positioned at the nexus of AI-driven data center buildout, particularly in photonics and optical networking. Microsoft faced headwinds as investors questioned ROI on surging AI capital expenditure plans and Azure growth decelerated. The fund sees AI infrastructure as a key secular growth theme driving technology investments.	Data Centers Infrastructure Technology
	Energy Energy was the strongest-performing sector due to geopolitical conflicts in the Middle East disrupting supply through the Strait of Hormuz, causing significant oil price increases. Natural gas benefited from cold weather and AI data center power demands. The fund holds Antero Resources which benefited from these dynamics.	Oil Natural Gas Geopolitical
	Biotechnology The fund initiated positions in Immunome and Tempus AI, focusing on personalized medicine and AI-enabled precision medicine solutions. Immunome has positive phase 3 data for desmoid tumors with FDA approval expected and commercial launch anticipated in late 2026 or early 2027. The fund sees compelling opportunities in biotech driven by personalized medicine trends.	Personalized Medicine Oncology FDA Approval
	Semiconductors The fund added Coherent Corp, a vertically integrated photonics company benefiting from the structural shift from copper to optical networking driven by AI data center demands. The company has unmatched vertical integration and expanding capacity, with strategic partnerships including NVIDIA validating its technology leadership.	Photonics Data Centers Optical Networking
2025 Q4	AI AI 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 Policy Trade 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
	Crypto The 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 Volumes Institutional Adoption Market Share
2025 Q2	AI Strong demand for AI infrastructure and silicon continues to drive performance across Oracle's OCI infrastructure and Broadcom's AI compute and networking business. Customer demand for AI silicon for training and inference remains robust with positive outlook for 2025 and 2026.	Infrastructure Silicon Training Inference Compute
	Cloud Oracle demonstrated continued strong demand for OCI infrastructure and sustained growth in SaaS applications business. The cloud database segment showed accelerating growth trends with RPO growth exceeding 100%.	Infrastructure Database SaaS Growth Demand
	Trade Policy Universal 10% import tariff introduced with reciprocal tariffs on dozens of countries as part of Liberation Day. Economic Prosperity Deal finalized with UK expanding American market access. Ongoing negotiations with EU, Japan, Canada and India while tensions with China eased somewhat.	Tariffs Negotiations Bilateral Import Export
2025 Q1	AI The DeepSeek AI model release stunned investors and raised concerns about rapid decline in AI model development costs and effects on capex spending for new infrastructure and advanced semiconductors. The entire AI infrastructure investment space saw significant declines following DeepSeek announcements and continued weakness as concerns around AI capex cuts increased.	DeepSeek Infrastructure Capex Semiconductors Computing
	Trade Policy President Trump announced new tariffs on imports from Canada, Mexico and China, citing concerns over illegal immigration, drug trafficking and intellectual property theft. Targeted industries included autos, steel, aluminum and energy. More than 220 companies referenced tariffs in earnings calls and nearly 15% issued negative earnings guidance.	Tariffs China Mexico Canada Autos
	Semiconductors Broadcom detracted from performance due to concerns about AI model development cost declines affecting capex spending for advanced semiconductors used for accelerated computing. Analog Devices was added as a new position, providing exposure to automotive electrification, factory automation, and sustainable energy trends.	Broadcom Analog Computing Automotive Automation
2024 Q4	AI Broadcom demonstrated continuing strength in its artificial intelligence networking and custom accelerator semiconductor business. The company provided long-term guidance for the service addressable market opportunity for its AI-related business, indicating a market opportunity of $60 billion to $90 billion. CrowdStrike benefits from increasing threats from state-sanctioned cybercriminals using high-performance computing and AI, necessitating higher spending on advanced cybersecurity products.	Semiconductors Networking Cybersecurity Data Centers Cloud
	Cybersecurity CrowdStrike provides cybersecurity products and services that offer endpoint protection and threat intelligence solutions. The cloud cybersecurity market is positioned to experience strong growth over the next few years, driven by continued migration from on-premises to cloud-based architecture. The increasing threats from state-sanctioned cybercriminals using high-performance computing and AI necessitate higher spending on advanced cybersecurity products.	Cloud Enterprise Software AI Data Privacy
	Aerospace GE Aerospace designs and produces commercial and defense aircraft engines with high entry barriers and concentration among few players. Boeing and Airbus have long order books, ensuring steady demand for engines and spare parts. The company benefits from high-margin services for existing aircraft fleets, with services accounting for 70% of its commercial engine business.	Defense Travel Industrial Machinery Components
2024 Q3	AI Applied Materials detracted from performance as part of general investor pullback in AI-related semiconductor names due to concerns about overall AI market growth in the near-term and profitability of massive capex investments being made in AI infrastructure. The company continues to benefit from a secular shift to highly complex semiconductors design and manufacturing.	Semiconductors Infrastructure Capex Manufacturing Technology
	Data Centers Trane Technologies spoke about opportunities for the HVAC market including additional cooling opportunities in data centers. Intercontinental Exchange's energy trading activity is expected to remain elevated, primarily bolstered by increasing data center-driven electricity demand.	HVAC Cooling Energy Electricity Infrastructure
	Energy Halliburton detracted from performance as oil prices pulled back on concerns about economic slowdown. The company reported weakening North American market for its services, though management believes 2024 will mark the trough and expects benefit from improving natural gas prices and international markets including offshore.	Oil Natural Gas Services International Offshore
2024 Q2	AI The fund benefited from AI-driven demand for NVIDIA's GPU semiconductors from hyperscalers and enterprises. Amphenol is positioned to benefit from increased spending by cloud-service providers on new data center architectures that enable AI computing technologies. The fund sees AI as a broadening secular trend driving equity markets.	Data Centers Cloud Semiconductors GPUs Hyperscalers
	Medical Devices Boston Scientific was added as a leader benefiting from strong utilization trends post-COVID, positive demographic trends with aging patients, and new product innovation to gain market share. The company has executed well against its long-range plan calling for 8-10% organic sales growth and 150 basis points of operating margin expansion through 2026.	Healthcare Demographics Innovation Market Share Growth
	Semiconductors NVIDIA continued to drive performance with accelerating demand for GPU semiconductors. Microchip Technology was added with expectations that its Total System Solution will support industry share gains and margin expansion as end-market demand for industrial and Internet of Things compute needs recovers from current lows.	GPUs Industrial IoT Recovery Margins
2024 Q1	AI Nvidia continues to see accelerating demand for its GPU semiconductors from hyperscalers and enterprises. Nvidia's GPU semiconductors continue to be the building blocks of the accelerated computing data-center architecture to drive AI compute and applications. Apple has yet to demonstrate a competitive AI product, which could present further competitive headwinds for the company.	GPU Data Centers Semiconductors Computing Hyperscalers
	Sustainable Aviation Fuel Darling Ingredients remains confident in the discussions it is having with global cargo and passenger air carriers about takeaway agreements for its planned sustainable aviation fuel production. Any announcement could prove to be a catalyst given the depressed valuation currently.	Aviation Biofuels Airlines Energy Transition
2023 Q4	AI The fund benefited from AI-driven performance, particularly through Broadcom's strength in AI business segments. The broader market's 2023 gains were primarily driven by the seven largest companies, with AI being a key factor in their outperformance.	Artificial Intelligence Semiconductors Technology Growth VMware
	Pharmaceuticals The fund made significant moves in pharmaceuticals, adding Eli Lilly for its diabetes and obesity treatments including Mounjaro, and Vertex Pharmaceuticals for cystic fibrosis leadership. However, they sold Bristol-Myers due to disappointing new product portfolio performance and reduced guidance.	Biotechnology GLP1 Diabetes Oncology Pipeline

QUARTER

THEMES

AI

The fund initiated positions in companies positioned at the nexus of AI-driven data center buildout, particularly in photonics and optical networking. Microsoft faced headwinds as investors questioned ROI on surging AI capital expenditure plans and Azure growth decelerated. The fund sees AI infrastructure as a key secular growth theme driving technology investments.

Data Centers Infrastructure Technology

Energy

Energy was the strongest-performing sector due to geopolitical conflicts in the Middle East disrupting supply through the Strait of Hormuz, causing significant oil price increases. Natural gas benefited from cold weather and AI data center power demands. The fund holds Antero Resources which benefited from these dynamics.

Oil Natural Gas Geopolitical

Biotechnology

The fund initiated positions in Immunome and Tempus AI, focusing on personalized medicine and AI-enabled precision medicine solutions. Immunome has positive phase 3 data for desmoid tumors with FDA approval expected and commercial launch anticipated in late 2026 or early 2027. The fund sees compelling opportunities in biotech driven by personalized medicine trends.

Personalized Medicine Oncology FDA Approval

Semiconductors

The fund added Coherent Corp, a vertically integrated photonics company benefiting from the structural shift from copper to optical networking driven by AI data center demands. The company has unmatched vertical integration and expanding capacity, with strategic partnerships including NVIDIA validating its technology leadership.

Photonics Data Centers Optical Networking

2025 Q4

AI

AI 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 Policy

Trade 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

Crypto

The 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 Volumes Institutional Adoption Market Share

2025 Q2

AI

Strong demand for AI infrastructure and silicon continues to drive performance across Oracle's OCI infrastructure and Broadcom's AI compute and networking business. Customer demand for AI silicon for training and inference remains robust with positive outlook for 2025 and 2026.

Infrastructure Silicon Training Inference Compute

Cloud

Oracle demonstrated continued strong demand for OCI infrastructure and sustained growth in SaaS applications business. The cloud database segment showed accelerating growth trends with RPO growth exceeding 100%.

Infrastructure Database SaaS Growth Demand

Trade Policy

Universal 10% import tariff introduced with reciprocal tariffs on dozens of countries as part of Liberation Day. Economic Prosperity Deal finalized with UK expanding American market access. Ongoing negotiations with EU, Japan, Canada and India while tensions with China eased somewhat.

Tariffs Negotiations Bilateral Import Export

2025 Q1

AI

The DeepSeek AI model release stunned investors and raised concerns about rapid decline in AI model development costs and effects on capex spending for new infrastructure and advanced semiconductors. The entire AI infrastructure investment space saw significant declines following DeepSeek announcements and continued weakness as concerns around AI capex cuts increased.

DeepSeek Infrastructure Capex Semiconductors Computing

Trade Policy

President Trump announced new tariffs on imports from Canada, Mexico and China, citing concerns over illegal immigration, drug trafficking and intellectual property theft. Targeted industries included autos, steel, aluminum and energy. More than 220 companies referenced tariffs in earnings calls and nearly 15% issued negative earnings guidance.

Tariffs China Mexico Canada Autos

Semiconductors

Broadcom detracted from performance due to concerns about AI model development cost declines affecting capex spending for advanced semiconductors used for accelerated computing. Analog Devices was added as a new position, providing exposure to automotive electrification, factory automation, and sustainable energy trends.

Broadcom Analog Computing Automotive Automation

2024 Q4

AI

Broadcom demonstrated continuing strength in its artificial intelligence networking and custom accelerator semiconductor business. The company provided long-term guidance for the service addressable market opportunity for its AI-related business, indicating a market opportunity of $60 billion to $90 billion. CrowdStrike benefits from increasing threats from state-sanctioned cybercriminals using high-performance computing and AI, necessitating higher spending on advanced cybersecurity products.

Semiconductors Networking Cybersecurity Data Centers Cloud

Cybersecurity

CrowdStrike provides cybersecurity products and services that offer endpoint protection and threat intelligence solutions. The cloud cybersecurity market is positioned to experience strong growth over the next few years, driven by continued migration from on-premises to cloud-based architecture. The increasing threats from state-sanctioned cybercriminals using high-performance computing and AI necessitate higher spending on advanced cybersecurity products.

Cloud Enterprise Software AI Data Privacy

Aerospace

GE Aerospace designs and produces commercial and defense aircraft engines with high entry barriers and concentration among few players. Boeing and Airbus have long order books, ensuring steady demand for engines and spare parts. The company benefits from high-margin services for existing aircraft fleets, with services accounting for 70% of its commercial engine business.

Defense Travel Industrial Machinery Components

2024 Q3

AI

Applied Materials detracted from performance as part of general investor pullback in AI-related semiconductor names due to concerns about overall AI market growth in the near-term and profitability of massive capex investments being made in AI infrastructure. The company continues to benefit from a secular shift to highly complex semiconductors design and manufacturing.

Semiconductors Infrastructure Capex Manufacturing Technology

Data Centers

Trane Technologies spoke about opportunities for the HVAC market including additional cooling opportunities in data centers. Intercontinental Exchange's energy trading activity is expected to remain elevated, primarily bolstered by increasing data center-driven electricity demand.

HVAC Cooling Energy Electricity Infrastructure

Energy

Halliburton detracted from performance as oil prices pulled back on concerns about economic slowdown. The company reported weakening North American market for its services, though management believes 2024 will mark the trough and expects benefit from improving natural gas prices and international markets including offshore.

Oil Natural Gas Services International Offshore

2024 Q2

AI

The fund benefited from AI-driven demand for NVIDIA's GPU semiconductors from hyperscalers and enterprises. Amphenol is positioned to benefit from increased spending by cloud-service providers on new data center architectures that enable AI computing technologies. The fund sees AI as a broadening secular trend driving equity markets.

Data Centers Cloud Semiconductors GPUs Hyperscalers

Medical Devices

Boston Scientific was added as a leader benefiting from strong utilization trends post-COVID, positive demographic trends with aging patients, and new product innovation to gain market share. The company has executed well against its long-range plan calling for 8-10% organic sales growth and 150 basis points of operating margin expansion through 2026.

Healthcare Demographics Innovation Market Share Growth

Semiconductors

NVIDIA continued to drive performance with accelerating demand for GPU semiconductors. Microchip Technology was added with expectations that its Total System Solution will support industry share gains and margin expansion as end-market demand for industrial and Internet of Things compute needs recovers from current lows.

GPUs Industrial IoT Recovery Margins

2024 Q1

AI

Nvidia continues to see accelerating demand for its GPU semiconductors from hyperscalers and enterprises. Nvidia's GPU semiconductors continue to be the building blocks of the accelerated computing data-center architecture to drive AI compute and applications. Apple has yet to demonstrate a competitive AI product, which could present further competitive headwinds for the company.

GPU Data Centers Semiconductors Computing Hyperscalers

Sustainable Aviation Fuel

Darling Ingredients remains confident in the discussions it is having with global cargo and passenger air carriers about takeaway agreements for its planned sustainable aviation fuel production. Any announcement could prove to be a catalyst given the depressed valuation currently.

Aviation Biofuels Airlines Energy Transition

2023 Q4

AI

The fund benefited from AI-driven performance, particularly through Broadcom's strength in AI business segments. The broader market's 2023 gains were primarily driven by the seven largest companies, with AI being a key factor in their outperformance.

Artificial Intelligence Semiconductors Technology Growth VMware

Pharmaceuticals

The fund made significant moves in pharmaceuticals, adding Eli Lilly for its diabetes and obesity treatments including Mounjaro, and Vertex Pharmaceuticals for cystic fibrosis leadership. However, they sold Bristol-Myers due to disappointing new product portfolio performance and reduced guidance.

Biotechnology GLP1 Diabetes Oncology Pipeline

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
May 1, 2026	Fund Letters	Aristotle Core Equity Fund	COHR	Coherent Corp.	Scientific & Technical Instruments	Electronic Equipment, Instruments & Components	Bull	NASDAQ	AI infrastructure, data centers, growth, optical networking, Photonics, semiconductors, technology hardware, vertical integration	Login
May 1, 2026	Fund Letters	Aristotle Core Equity Fund	IMNM	Immunome Inc.	Biotechnology	Biotechnology	Bull	NASDAQ	biotechnology, Clinical trials, Desmoid Tumors, drug development, FDA approval, healthcare, Oncology, personalized medicine	Login
May 1, 2026	Fund Letters	Aristotle Core Equity Fund	TEM	Tempus AI, Inc.	Health Information Services	Health Care Technology	Bull	NASDAQ	AI Healthcare, Clinical Diagnostics, Data Monetization, Genomics, growth, Healthcare Technology, Oncology, Precision-medicine	Login
Jul 19, 2025	Fund Letters	Owen Fitzpatrick	ORCL	Oracle Corporation	Information Technology	Systems Software	Bull	NYSE	backlog, buybacks, cloud, infrastructure, Margins, Recurring, SaaS, Software	Login
Jul 19, 2025	Fund Letters	Owen Fitzpatrick	AVGO	Broadcom Inc.	Information Technology	Semiconductors	Bull	NASDAQ	AI, buybacks, diversification, dividend, Freecashflow, Margins, Networking, semiconductors	Login
Jul 19, 2025	Fund Letters	Owen Fitzpatrick	BDX	Becton, Dickinson and Company	Health Care	Health Care Supplies	Bear	NYSE	diagnostics, Funding, growth, guidance, Margins, Medtech, Policy, tariffs	Login
Jul 19, 2025	Fund Letters	Owen Fitzpatrick	CB	Chubb Limited	Financials	Property & Casualty Insurance	Bear	NYSE	Capital, Insurance, Margins, premiums, Pricing, Rotation, underwriting, valuation	Login
Jul 19, 2025	Fund Letters	Owen Fitzpatrick	EXPE	Expedia Group, Inc.	Consumer Discretionary	Hotels, Resorts & Cruise Lines	Bear	NASDAQ	Competition, Cyclical, Demand, Margins, recession, tariffs, Travel, Volatility	Login
Jul 19, 2025	Fund Letters	Owen Fitzpatrick	ZTS	Zoetis Inc.	Health Care	Pharmaceuticals	Bear	NYSE	Animalhealth, Competition, Demand, growth, Margins, portfolio, Pricing, valuation	Login
Jun 30, 2025	Fund Letters	Aristotle Core Equity Fund	AVGO	Broadcom Inc.	Semiconductors & Semiconductor Equipment	Semiconductors	Bull	NASDAQ	AI compute, AI silicon, inference, Networking, semiconductors, Training, Vmware	Login
Jun 30, 2025	Fund Letters	Aristotle Core Equity Fund	ORCL	Oracle Corporation	Software & Services	Systems Software	Bull	NASDAQ	cloud infrastructure, Database, Enterprise software, Multi-year Contracts, RPO growth, SaaS	Login
Mar 31, 2025	Fund Letters	Aristotle Core Equity Fund	ADI	Analog Devices	Information Technology	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	Analog, Automotive electrification, Data converters, Edge computing, Factory Automation, IoT, mixed-signal, Power management, semiconductors, sustainable energy	Login
Dec 31, 2024	Fund Letters	Aristotle Core Equity Fund	GE	GE Aerospace	Industrials	Aerospace & Defense	Bull	NYSE	Aerospace, aftermarket services, Aircraft engines, capital return, Defense, duopoly, High Barriers, restructuring	Login
Dec 31, 2024	Fund Letters	Aristotle Core Equity Fund	CRWD	CrowdStrike Holdings	Information Technology	Systems Software	Bull	NASDAQ	AI threats, cloud-native, cybersecurity, Early-Mover, endpoint protection, platform, SaaS, TAM Growth	Login
Sep 30, 2024	Fund Letters	Aristotle Core Equity Fund	AMAT	Applied Materials	Information Technology	Semiconductor Equipment	Bull	NASDAQ	AI infrastructure, China Trade Restrictions, NAND Manufacturing, secular growth, semiconductor equipment, technology	Login
Sep 30, 2024	Fund Letters	Aristotle Core Equity Fund	TT	Trane Technologies	Industrials	Building Products	Bull	NYSE	Climate Solutions, Commercial Buildings, data centers, energy efficiency, HVAC, Residential Recovery	Login
Sep 30, 2024	Fund Letters	Aristotle Core Equity Fund	EL	Estée Lauder	Consumer Staples	Personal Care Products	Bear	NYSE	Chinese Consumers, Cost Reduction, Management Transition, Premium Beauty, Travel Retail, Volume Recovery	Login
Sep 30, 2024	Fund Letters	Aristotle Core Equity Fund	ICE	Intercontinental Exchange	Financials	Financial Exchanges & Data	Bull	NYSE	data centers, Energy Futures, Financial Exchanges, Interest Rate Derivatives, Mortgage Technology, trading volumes	Login
Sep 30, 2024	Fund Letters	Aristotle Core Equity Fund	HAL	Halliburton	Energy	Oil & Gas Equipment & Services	Bull	NYSE	Cyclical Recovery, industry consolidation, natural gas, North America, offshore drilling, oilfield services	Login
Jun 30, 2024	Fund Letters	Aristotle Core Equity Fund	BSX	Boston Scientific Corporation	Health Care	Health Care Equipment	Bull	NYSE	Aging demographics, cardiovascular, Electrophysiology, Healthcare Utilization, margin expansion, Medical devices, Neuromodulation, organic growth	Login
Jun 30, 2024	Fund Letters	Aristotle Core Equity Fund	MCHP	Microchip Technology Incorporated	Information Technology	Semiconductors	Bull	NASDAQ	5G, Electric Vehicles, Embedded Control, Industrial automation, Internet of Things, Inventory Cycle, margin expansion, Total System Solution	Login
Jun 30, 2024	Fund Letters	Aristotle Core Equity Fund	APH	Amphenol Corporation	Information Technology	Electronic Components	Bull	NYSE	AI infrastructure, Cloud computing, data centers, Electronic Components, Free Cash Flow, hyperscalers, Interconnect Systems, M&A strategy	Login
Dec 31, 2023	Fund Letters	Aristotle Core Equity Fund	ALLY	Eli Lilly & Company	Health Care	Pharmaceuticals	Bull	NYSE	Biotech, Diabetes, GLP-1, growth, Mounjaro, Obesity, pharmaceuticals, pipeline	Login
Dec 31, 2023	Fund Letters	Aristotle Core Equity Fund	MELI\|NFLX\|ORCL\|TCOM\|VRTX\|YUMC	Vertex Pharmaceuticals	Health Care	Biotechnology	Bull	NASDAQ	biotechnology, cash-rich, Cystic fibrosis, Monopoly, Pain Management, pipeline, rare disease, Value	Login
-	Fund Letters	Aristotle Core Equity Fund	NVDA	Nvidia Corporation	Information Technology	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	AI, Computing, data center, Gpu, hyperscalers, semiconductors, technology	Login
-	Fund Letters	Aristotle Core Equity Fund	ZTS	Zoetis Inc.	Health Care	Pharmaceuticals	Bull	NYSE	Animal Health, healthcare, Livestock, Pet Ownership, pharmaceuticals, Protein Demand, Veterinary	Login
-	Fund Letters	Aristotle Core Equity Fund	AAPL	Apple Inc.	Information Technology	Technology Hardware, Storage & Peripherals	Bear	NASDAQ	AI, China, competitive dynamics, consumer electronics, Handsets, Smartphones, technology	Login
-	Fund Letters	Aristotle Core Equity Fund	DAR	Darling Ingredients Inc.	Materials	Chemicals	Bull	NYSE	Airlines, Biofuels, Commodities, ESG, materials, Rendering, Sustainable aviation fuel	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

May 1, 2026

Fund Letters

Aristotle Core Equity Fund

COHR

Coherent Corp.

Scientific & Technical Instruments

Electronic Equipment, Instruments & Components

Bull

NASDAQ

AI infrastructure, data centers, growth, optical networking, Photonics, semiconductors, technology hardware, vertical integration

May 1, 2026

Fund Letters

Aristotle Core Equity Fund

IMNM

Immunome Inc.

Biotechnology

Bull

NASDAQ

biotechnology, Clinical trials, Desmoid Tumors, drug development, FDA approval, healthcare, Oncology, personalized medicine

May 1, 2026

Fund Letters

Aristotle Core Equity Fund

TEM

Tempus AI, Inc.

Health Information Services

Health Care Technology

Bull

NASDAQ

AI Healthcare, Clinical Diagnostics, Data Monetization, Genomics, growth, Healthcare Technology, Oncology, Precision-medicine

Jul 19, 2025

Fund Letters

Owen Fitzpatrick

ORCL

Oracle Corporation

Information Technology

Systems Software

Bull

NYSE

backlog, buybacks, cloud, infrastructure, Margins, Recurring, SaaS, Software

Jul 19, 2025

Fund Letters

Owen Fitzpatrick

AVGO

Broadcom Inc.

Information Technology

Semiconductors

Bull

NASDAQ

AI, buybacks, diversification, dividend, Freecashflow, Margins, Networking, semiconductors

Jul 19, 2025

Fund Letters

Owen Fitzpatrick

BDX

Becton, Dickinson and Company

Health Care

Health Care Supplies

Bear

NYSE

diagnostics, Funding, growth, guidance, Margins, Medtech, Policy, tariffs

Jul 19, 2025

Fund Letters

Owen Fitzpatrick

Chubb Limited

Financials

Property & Casualty Insurance

Bear

NYSE

Capital, Insurance, Margins, premiums, Pricing, Rotation, underwriting, valuation

Jul 19, 2025

Fund Letters

Owen Fitzpatrick

EXPE

Expedia Group, Inc.

Consumer Discretionary

Hotels, Resorts & Cruise Lines

Bear

NASDAQ

Competition, Cyclical, Demand, Margins, recession, tariffs, Travel, Volatility

Jul 19, 2025

Fund Letters

Owen Fitzpatrick

ZTS

Zoetis Inc.

Health Care

Pharmaceuticals

Bear

NYSE

Animalhealth, Competition, Demand, growth, Margins, portfolio, Pricing, valuation

Jun 30, 2025

Fund Letters

Aristotle Core Equity Fund

AVGO

Broadcom Inc.

Semiconductors & Semiconductor Equipment

Semiconductors

Bull

NASDAQ

AI compute, AI silicon, inference, Networking, semiconductors, Training, Vmware

Jun 30, 2025

Fund Letters

Aristotle Core Equity Fund

ORCL

Oracle Corporation

Software & Services

Systems Software

Bull

NASDAQ

cloud infrastructure, Database, Enterprise software, Multi-year Contracts, RPO growth, SaaS

Mar 31, 2025

Fund Letters

Aristotle Core Equity Fund

ADI

Analog Devices

Information Technology

Semiconductors & Semiconductor Equipment

Bull

NASDAQ

Analog, Automotive electrification, Data converters, Edge computing, Factory Automation, IoT, mixed-signal, Power management, semiconductors, sustainable energy

Dec 31, 2024

Fund Letters

Aristotle Core Equity Fund

GE Aerospace

Industrials

Aerospace & Defense

Bull

NYSE

Aerospace, aftermarket services, Aircraft engines, capital return, Defense, duopoly, High Barriers, restructuring

Dec 31, 2024

Fund Letters

Aristotle Core Equity Fund

CRWD

CrowdStrike Holdings

Information Technology

Systems Software

Bull

NASDAQ

AI threats, cloud-native, cybersecurity, Early-Mover, endpoint protection, platform, SaaS, TAM Growth

Sep 30, 2024

Fund Letters

Aristotle Core Equity Fund

AMAT

Applied Materials

Information Technology

Semiconductor Equipment

Bull

NASDAQ

AI infrastructure, China Trade Restrictions, NAND Manufacturing, secular growth, semiconductor equipment, technology

Sep 30, 2024

Fund Letters

Aristotle Core Equity Fund

Trane Technologies

Industrials

Building Products

Bull

NYSE

Climate Solutions, Commercial Buildings, data centers, energy efficiency, HVAC, Residential Recovery

Sep 30, 2024

Fund Letters

Aristotle Core Equity Fund

Estée Lauder

Consumer Staples

Personal Care Products

Bear

NYSE

Chinese Consumers, Cost Reduction, Management Transition, Premium Beauty, Travel Retail, Volume Recovery

Sep 30, 2024

Fund Letters

Aristotle Core Equity Fund

ICE

Intercontinental Exchange

Financials

Financial Exchanges & Data

Bull

NYSE

data centers, Energy Futures, Financial Exchanges, Interest Rate Derivatives, Mortgage Technology, trading volumes

Sep 30, 2024

Fund Letters

Aristotle Core Equity Fund

HAL

Halliburton

Energy

Oil & Gas Equipment & Services

Bull

NYSE

Cyclical Recovery, industry consolidation, natural gas, North America, offshore drilling, oilfield services

Jun 30, 2024

Fund Letters

Aristotle Core Equity Fund

BSX

Boston Scientific Corporation

Health Care

Health Care Equipment

Bull

NYSE

Aging demographics, cardiovascular, Electrophysiology, Healthcare Utilization, margin expansion, Medical devices, Neuromodulation, organic growth

Jun 30, 2024

Fund Letters

Aristotle Core Equity Fund

MCHP

Microchip Technology Incorporated

Information Technology

Semiconductors

Bull

NASDAQ

5G, Electric Vehicles, Embedded Control, Industrial automation, Internet of Things, Inventory Cycle, margin expansion, Total System Solution

Jun 30, 2024

Fund Letters

Aristotle Core Equity Fund

APH

Amphenol Corporation

Information Technology

Electronic Components

Bull

NYSE

AI infrastructure, Cloud computing, data centers, Electronic Components, Free Cash Flow, hyperscalers, Interconnect Systems, M&A strategy

Dec 31, 2023

Fund Letters

Aristotle Core Equity Fund

ALLY

Eli Lilly & Company

Health Care

Pharmaceuticals

Bull

NYSE

Biotech, Diabetes, GLP-1, growth, Mounjaro, Obesity, pharmaceuticals, pipeline

Dec 31, 2023

Fund Letters

Aristotle Core Equity Fund

Vertex Pharmaceuticals

Health Care

Biotechnology

Bull

NASDAQ

biotechnology, cash-rich, Cystic fibrosis, Monopoly, Pain Management, pipeline, rare disease, Value

Fund Letters

Aristotle Core Equity Fund

NVDA

Nvidia Corporation

Information Technology

Semiconductors & Semiconductor Equipment

Bull

NASDAQ

AI, Computing, data center, Gpu, hyperscalers, semiconductors, technology

Fund Letters

Aristotle Core Equity Fund

ZTS

Zoetis Inc.

Health Care

Pharmaceuticals

Bull

NYSE

Animal Health, healthcare, Livestock, Pet Ownership, pharmaceuticals, Protein Demand, Veterinary

Fund Letters

Aristotle Core Equity Fund

AAPL

Apple Inc.

Information Technology

Technology Hardware, Storage & Peripherals

Bear

NASDAQ

AI, China, competitive dynamics, consumer electronics, Handsets, Smartphones, technology

Fund Letters

Aristotle Core Equity Fund

DAR

Darling Ingredients Inc.

Materials

Chemicals

Bull

NYSE

Airlines, Biofuels, Commodities, ESG, materials, Rendering, Sustainable aviation fuel

TICKER	COMMENTARY
DAR	Darling Ingredients contributed to performance in the first quarter, as the stock continued to show momentum ahead of the finalization of the Environmental Protection Agency's Renewable Volume Obligation (RVO), which came in the final days of March. The RVO was ahead of expectations and bodes well for continued improvement in renewable diesel margins for Darling's joint-venture Diamond Green Diesel.
AR	Antero Resources contributed to performance in the first quarter due to higher price levels for U.S. natural gas caused by cold winter weather temperatures, as well as increasing demand from Al data center power needs. Late in the quarter, Antero also benefited from a geopolitically driven natural gas price spike as Middle East supply disruptions pushed global liquified natural gas (LNG) buyers toward U.S. LNG cargoes. The company continues to demonstrate strong fundamentals, with strong free cash flow generation and a de-levered balance sheet.
BSX	Boston Scientific detracted from performance in the first quarter as investors debated the durability of the outsized growth the company has reported in electrophysiology (EP) and the Watchman left atrial appendage closure device. Boston reported positive results toward the end of the quarter on the CHAMPION-AF trial comparing the Watchman device to standard blood-thinner treatment in stroke prevention; however, the results still fell short of market expectations. Boston will need to show a rebound in EP results when it reports first quarter earnings to quell market concerns.
MSFT	Microsoft detracted from performance in the first quarter, as investors continue to question the return on investment (ROI) of the company's surging Al capital expenditure (capex) plans. In addition, the most recent Azure results showed a slight quarterly deceleration in growth, disappointing investor demands for an acceleration in top-line Al-driven growth and improving monetization trends from Al-related spend.
COHR	We initiated a position in Coherent based on our view that the company sits at the nexus of a key secular growth theme in technology infrastructure, AI-driven data center buildout, with a uniquely defensible position spanning every layer of the photonics stack. Our investment thesis centers on its leadership in photonics, a sector undergoing a multi-year, structural shift from copper to optical networking driven by AI data center demands. The company stands out with unmatched vertical integration, expanding Indium Phosphide capacity and a broad global footprint that leverages geopolitical tailwinds. We believe a premium valuation is justified by the company's leverage to the AI infrastructure buildout and the resulting growth acceleration and margin expansion.
IMNM	We believe Immunome presents a compelling investment opportunity, driven by its focus on personalized medicine and the promising product story of Varegacestat for desmoid tumors. The company has reported positive phase 3 data and is preparing to file for Food and Drug Administration (FDA) approval, with potential commercial launch anticipated in late 2026 or early 2027. The desmoid tumor market is expected to reach a peak size of $500 million to $700 million. Immunome benefits from experienced leadership, notably its founder's successful track record at SeaGen, and maintains a strong financial position following a recent capital raise, resulting in pro forma cash exceeding $600 million.
TEM	In our opinion, Tempus stands out as a compelling investment opportunity due to its alignment with key secular trends such as AI, Data Analysis and Monetization, and Personalized Medicine. Since going public in mid-2024, Tempus has demonstrated impressive growth, driven by both organic expansion and strategic acquisitions like Ambry. The company's robust portfolio in genomics and diagnostics—spanning oncology, hereditary risk assessment and advanced testing—along with its rapidly growing data and applications segment, positions Tempus at the forefront of personalized medicine. The company's expanding database of over 45 million patient records enhances its value proposition to research partners, and ongoing innovations are expected to drive both revenue and average selling price growth, making Tempus well-situated to capitalize on the evolving healthcare landscape.

TICKER

COMMENTARY

DAR

Darling Ingredients contributed to performance in the first quarter, as the stock continued to show momentum ahead of the finalization of the Environmental Protection Agency's Renewable Volume Obligation (RVO), which came in the final days of March. The RVO was ahead of expectations and bodes well for continued improvement in renewable diesel margins for Darling's joint-venture Diamond Green Diesel.

Antero Resources contributed to performance in the first quarter due to higher price levels for U.S. natural gas caused by cold winter weather temperatures, as well as increasing demand from Al data center power needs. Late in the quarter, Antero also benefited from a geopolitically driven natural gas price spike as Middle East supply disruptions pushed global liquified natural gas (LNG) buyers toward U.S. LNG cargoes. The company continues to demonstrate strong fundamentals, with strong free cash flow generation and a de-levered balance sheet.

BSX

Boston Scientific detracted from performance in the first quarter as investors debated the durability of the outsized growth the company has reported in electrophysiology (EP) and the Watchman left atrial appendage closure device. Boston reported positive results toward the end of the quarter on the CHAMPION-AF trial comparing the Watchman device to standard blood-thinner treatment in stroke prevention; however, the results still fell short of market expectations. Boston will need to show a rebound in EP results when it reports first quarter earnings to quell market concerns.

MSFT

Microsoft detracted from performance in the first quarter, as investors continue to question the return on investment (ROI) of the company's surging Al capital expenditure (capex) plans. In addition, the most recent Azure results showed a slight quarterly deceleration in growth, disappointing investor demands for an acceleration in top-line Al-driven growth and improving monetization trends from Al-related spend.

COHR

We initiated a position in Coherent based on our view that the company sits at the nexus of a key secular growth theme in technology infrastructure, AI-driven data center buildout, with a uniquely defensible position spanning every layer of the photonics stack. Our investment thesis centers on its leadership in photonics, a sector undergoing a multi-year, structural shift from copper to optical networking driven by AI data center demands. The company stands out with unmatched vertical integration, expanding Indium Phosphide capacity and a broad global footprint that leverages geopolitical tailwinds. We believe a premium valuation is justified by the company's leverage to the AI infrastructure buildout and the resulting growth acceleration and margin expansion.

IMNM

We believe Immunome presents a compelling investment opportunity, driven by its focus on personalized medicine and the promising product story of Varegacestat for desmoid tumors. The company has reported positive phase 3 data and is preparing to file for Food and Drug Administration (FDA) approval, with potential commercial launch anticipated in late 2026 or early 2027. The desmoid tumor market is expected to reach a peak size of $500 million to $700 million. Immunome benefits from experienced leadership, notably its founder's successful track record at SeaGen, and maintains a strong financial position following a recent capital raise, resulting in pro forma cash exceeding $600 million.

TEM

In our opinion, Tempus stands out as a compelling investment opportunity due to its alignment with key secular trends such as AI, Data Analysis and Monetization, and Personalized Medicine. Since going public in mid-2024, Tempus has demonstrated impressive growth, driven by both organic expansion and strategic acquisitions like Ambry. The company's robust portfolio in genomics and diagnostics—spanning oncology, hereditary risk assessment and advanced testing—along with its rapidly growing data and applications segment, positions Tempus at the forefront of personalized medicine. The company's expanding database of over 45 million patient records enhances its value proposition to research partners, and ongoing innovations are expected to drive both revenue and average selling price growth, making Tempus well-situated to capitalize on the evolving healthcare landscape.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Energy

Biotechnology

Semiconductors

AI

Trade Policy

Crypto

AI

Cloud

Trade Policy

AI

Trade Policy

Semiconductors

AI

Cybersecurity

Aerospace

AI

Data Centers

Energy

AI

Medical Devices

Semiconductors

AI

Sustainable Aviation Fuel

AI

Pharmaceuticals

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Owen Fitzpatrick Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

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Aristotle Core Equity Fund