| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 14.83% | 14.69% | 9.59% |
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.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Aug 8 2026 | 2026 Q2 | AMAT, AMD, APH, BSX, GH, ICE, MU, SNPS, XOM | AI, Data centers, energy, geopolitics, large cap, Memory, semiconductors, technology |
AMAT GH MU ICE AMD XOM |
Aristotle Core Equity returned 14.69% in Q2 2026, slightly trailing the S&P 500 on allocation effects. AI infrastructure drove market leadership, with the Fund adding semiconductor exposure through AMD and Micron positions. The manager sees memory entering a four- to five-year super-cycle driven by AI demand and HBM constraints. Valuations appear reasonable given earnings growth, with focus on secular growth companies despite geopolitical and inflation headwinds. |
| 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 | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIAI infrastructure buildout drove substantial benchmark returns and earnings growth, with surging demand for AI processing power supporting concentrated group of companies. Market leadership remained narrow and increasingly tied to AI infrastructure, with significant investment in semiconductors, memory, and data center infrastructure. AI workloads consume memory at multiples of prior compute paradigms, driving a structurally longer memory upcycle. |
Data Centers Semiconductors Memory Cloud GPUs |
Semiconductor CycleMemory industry has entered a structurally longer and stronger upcycle than historical patterns, with signs pointing to four- to five-year duration versus typical two- to three-year cycles. Tightest DRAM shortage in roughly 15 years, with HBM capacity prioritized for AI accelerators driving pricing sharply higher. Global WFE spend expected to grow from ~$145 billion in 2026 to ~$250 billion by 2028. |
Memory DRAM HBM Foundries Semi Equipment | |
Data CentersSignificant investment in data center infrastructure continued to benefit concentrated group of companies. Rising demand for high-performance processors, GPUs, AI accelerators and adaptive computing products supporting data center expansion. Rack-scale system capability positioning companies as credible second sources in data center CPU and accelerated compute markets. |
Cloud Infrastructure Servers Networking Storage | |
MemorySevere memory bottleneck driven by HBM capacity prioritization has pushed DRAM contract prices up 30%-40% sequentially. Rising trade ratio of HBM absorbs disproportionate wafer capacity while hyperscaler long-term agreements impose unprecedented supply discipline. Market expected to remain in deficit through 2027, supporting view of memory super-cycle. |
DRAM HBM NAND Memory Equipment | |
GeothermalGeopolitics remained key source of market uncertainty with volatile peace negotiations between U.S. and Iran. Reopening of Strait of Hormuz, nuclear commitments, asset sanctions and regional economic development were primary discussion points. Tensions remained elevated with both sides accusing violations, contributing to renewed U.S. strikes on Iran and volatile oil prices. |
Iran Middle East Oil Sanctions | |
OilOil prices were volatile and continued to put upward pressure on inflation during the quarter. Sizable decline in energy-related equities on pullback in energy commodity prices. Conflicts in Iran and Ukraine will likely continue to drive uncertainty, especially in energy commodity space. |
Energy Crude Oil Exploration & Production Integrated Oil & Gas | |
BiotechnologyGuardant Health contributed following FDA approval of updated Guardant360 liquid biopsy test, American Cancer Society inclusion of Shield test for colorectal cancer screening, and stronger-than-expected earnings driven by volume growth and coverage expansion. Multiple positive catalysts played out during the quarter. |
Diagnostics Oncology Genomics | |
InflationConsumer Price Index rose 3.5% for 12 months ended June, compared with 4.2% for 12 months ended May. Despite elevated inflation, real GDP growth accelerated and unemployment rate dipped to 4.2%. Fed maintained target range for federal funds rate while balancing dual mandate of maximum employment and price stability, with bias toward rate increase in latter half of year. |
Rates Fed CPI | |
| 2026 Q1 |
AIThe 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 |
EnergyEnergy 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 | |
BiotechnologyThe 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 | |
SemiconductorsThe 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 |
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 Volumes Institutional Adoption Market Share | |
| 2025 Q2 |
AIStrong 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 |
CloudOracle 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 PolicyUniversal 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 |
AIThe 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 PolicyPresident 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 | |
SemiconductorsBroadcom 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 |
AIBroadcom 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 |
CybersecurityCrowdStrike 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 | |
AerospaceGE 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 |
AIApplied 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 CentersTrane 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 | |
EnergyHalliburton 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 |
AIThe 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 DevicesBoston 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 | |
SemiconductorsNVIDIA 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 |
AINvidia 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 FuelDarling 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 |
AIThe 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 |
PharmaceuticalsThe 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Aug 8, 2026 | Fund Letters | Aristotle Core Equity Fund | AMAT | Applied Materials | Other | Semiconductor Equipment | Bull | - | Advanced Packaging, AI infrastructure, capital expenditure, DRAM, Foundry, High-Bandwidth Memory, Memory Upcycle, semiconductor equipment, Wafer Fabrication Equipment | Login |
| Aug 8, 2026 | Fund Letters | Aristotle Core Equity Fund | GH | Guardant Health | Other | Life Sciences Tools & Services | Bull | - | Cancer Screening, Colorectal Cancer, Coverage Expansion, diagnostics, FDA approval, Life Sciences Tools, liquid biopsy, Precision Oncology, volume growth | Login |
| Aug 8, 2026 | Fund Letters | Aristotle Core Equity Fund | MU | Micron Technology | Other | Semiconductors | Bull | - | AI infrastructure, automotive, Cloud computing, data center, DRAM, High-Bandwidth Memory, memory semiconductors, Memory Super-Cycle, Nand, Pricing power, Supply Constraint, U.S. manufacturing | Login |
| Aug 8, 2026 | Fund Letters | Aristotle Core Equity Fund | ICE | Intercontinental Exchange | Other | Financial Exchanges & Data | Neutral | - | AI disruption, Bitcoin Futures, Competitive Threat, Data Moat, Derivatives, Financial Exchange, Fixed Income Data, Mortgage Technology, Volume Weakness | Login |
| Aug 8, 2026 | Fund Letters | Aristotle Core Equity Fund | AMD | Advanced Micro Devices | Other | Semiconductors | Bull | - | AI accelerators, AI infrastructure, Cloud computing, Data Center CPU, Edge computing, EPYC, Gaming, Graphics Processing Units, market share gains, MI300, semiconductors, Server Processors | Login |
| Aug 8, 2026 | Fund Letters | Aristotle Core Equity Fund | XOM | Exxon Mobil | Other | Integrated Oil & Gas | Bull | - | carbon capture, Commodity Upcycle, Free Cash Flow, Guyana, Integrated Oil & Gas, Liquefied Natural Gas, Lithium, Permian Basin, Pioneer Natural Resources, refining, shareholder returns, synergies, Western Hemisphere | Login |
| 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 | ORCL | Oracle Corporation | Software & Services | Systems Software | Bull | NASDAQ | cloud infrastructure, Database, Enterprise software, Multi-year Contracts, RPO growth, SaaS | 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 |
| 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 | 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 |
| 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 |
| 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 |
| 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 |
| 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 | 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 |
| - | 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 |
| TICKER | COMMENTARY |
|---|---|
| AMAT | Applied Materials contributed to performance in the second quarter following strong quarterly results and significant customer announcements that reinforced the multi-year growth demand outlook from AI compute and infrastructure, particularly the memory upcycle leveraged to AI and high-bandwidth memory (HBM). The company's end-market exposure remains well positioned, with 80%+ of 2026 industry wafer fabrication equipment (WFE) growth expected from leading-edge foundry/logic, dynamic random-access memory (DRAM) and advanced packaging, the three areas where Applied Materials is either leading or gaining share. In addition, management's outlook reinforced that customers continue to prioritize rapid capacity expansion, which was further supported by Samsung and SK Hynix announcing in June a $515-$518 billion capacity expansion plan aimed at doubling South Korea's DRAM output over the next five years. This capital expenditure (capex) announcement supports expectations for global WFE spend to grow from ~$145 billion in 2026 to ~$250 billion by 2028. |
| GH | Guardant Health contributed to performance in the second quarter following a string of positive developments, as several catalysts played out during the quarter. These developments include U.S. Food and Drug Administration (FDA) approval of an updated version of the Guardant360 liquid biopsy test, American Cancer Society inclusion of the company's Shield test for colorectal cancer screening and a report of stronger-than-expected first-quarter earnings driven by volume growth and coverage expansion. |
| MU | Micron Technology (Micron) detracted from performance in the quarter due to the underweight position in the Fund, as shares surged to record highs following the fiscal third quarter print on June 24, with results and guidance well above consensus on the back of the tightest DRAM shortage in roughly 15 years. The severe memory bottleneck, driven by HBM capacity being prioritized for AI accelerators at the expense of conventional DRAM and NAND supply, has pushed pricing sharply higher, with DRAM contract prices up an estimated 30%-40% sequentially and management signaling that tightness across HBM, DRAM and NAND should persist well beyond calendar 2026. Micron's shift toward multi-year, pre-negotiated HBM supply agreements has also structurally lifted margins and reduced cyclicality, reinforcing the view among investors that memory has become a scarce, mission-critical AI infrastructure input rather than a traditional commodity business. We initiated Micron Technology on the view that the memory industry has entered a structurally longer and stronger upcycle than the historical two- to three-year pattern, with signs pointing to a four- to five-year duration. Generative AI workloads consume memory at multiples of prior compute paradigms, and the rising trade ratio of HBM absorbs disproportionate wafer capacity even as hyperscaler long-term agreements impose unprecedented supply discipline on the industry. The combination—secular demand acceleration against structurally constrained supply—should keep the market in deficit through 2027 and supports our view of a memory super-cycle. We believe the company is positioned to benefit from a structurally stronger memory cycle driven by AI demand, constrained industry supply and rising pricing across dynamic random-access memory and NAND memory markets. Micron has rapidly gained share in HBM, a higher-margin product category that is increasingly essential for AI accelerators, and its output through 2026 is effectively sold out as demand from cloud computing and AI customers continues to expand. Beyond HBM, Micron is benefiting from growth in AI servers, enterprise solid-state drives, personal computers, smartphones, automotive systems and industrial applications, where memory content continues to rise. Improved industry supply discipline, long-term customer agreements and Micron's position as the only U.S.-headquartered pure-play memory manufacturer further support the investment case, while domestic semiconductor funding and planned manufacturing expansion in Idaho and New York provide an additional strategic advantage. We believe the current upcycle and the inherent cyclicality of memory warrant a higher peak multiple and see the valuation on forward earnings as reasonable in absolute terms. |
| ICE | Intercontinental Exchange detracted from performance in the second quarter following the Commodity Futures Trading Commission's (CFTC) approval of Bitcoin perpetual futures, which posed a competitive threat to traditional exchange operators and prompted a broad selloff across the group. Mixed segment trends added pressure, with energy, financials and cash equities volume below expectations alongside mortgage technology headwinds. Sentiment was further dampened by the perceived risk that generative AI could lower barriers to entry for competitors in fixed income data and mortgage technology, threatening the company's proprietary data moats. |
| AMD | We initiated Advanced Micro, as the company's roadmap and rack-scale system capability now position it as a credible second source in data center central processing unit (CPU) and accelerated compute, a structural shift in markets that have historically operated as single-vendor franchises, with corresponding implications for pricing power and customer allocation. We believe the company is a compelling long-term investment because it is positioned at the center of several durable computing growth trends, including AI, cloud computing, data center expansion, edge computing, personal computers and gaming. Advanced Micro is benefiting from rising demand for high-performance processors, graphics processing units, AI accelerators and adaptive computing products, while management expects its data center opportunity to expand significantly through 2030 as AI workloads proliferate across cloud, enterprise and edge environments. Advanced Micro is also gaining share in server central processing units through its efficient EPYC processor lineup, building momentum in AI accelerators with its MI300 products and future MI400 and MI500 roadmap, and strengthening its software ecosystem through Radeon Open Compute. Combined with improving profitability targets, a resilient personal computer and gaming foundation, and continued market share gains against competitors, we think the company has a credible path to sustained revenue growth, margin expansion and earnings growth over the next several years. We believe a premium is justified, as the company is seeing a multi-year acceleration in revenue and earnings from AI hyperscalers and other areas of the AI infrastructure buildout. |
| XOM | We view Exxon Mobil as a compelling investment thesis built on its strong balance sheet, flexible capital program and advantaged growth portfolio. The company's low net debt relative to earnings before interest, taxes, depreciation and amortization can give it meaningful resilience through commodity cycles while supporting continued dividend growth, share repurchases and opportunistic acquisitions. Production growth in the Permian Basin and Guyana can provide attractive low-cost volume expansion, while its large refining footprint offers counter-cyclical earnings support when upstream conditions weaken. The integration of Pioneer Natural Resources is delivering stronger-than-expected synergies and improving corporate breakeven economics, reinforcing free cash flow generation and shareholder returns. In addition, Exxon Mobil's Western Hemisphere production base reduces exposure to Middle Eastern transit risk, while longer-term investments in liquefied natural gas, carbon capture and lithium provide additional growth options beyond the current oil and gas cycle. We view the valuation as fair for a long-term investment based on our belief in a multi-year commodity upcycle combined with Exxon's leading industry exposure to strategically advantaged oil and gas assets and the continued strong global demand growth for liquefied natural gas. |
| APH | We sold Amphenol, a leading global provider of electrical, electronic and fiber optic connectors, interconnect systems, antennas, sensors and specialty cable. While we continued to recognize the company's high-quality operating model, diversified end-market exposure, strong free cash flow generation and disciplined acquisition strategy, our assessment of the company's role within the broader Core Equity strategy changed, as the stock's valuation increasingly reflected sustained AI data center growth. In particular, in a Fund where we seek to balance quality, growth and valuation discipline, the combination of a premium valuation and greater uncertainty around the durability of copper-related data center growth reduced our confidence that the forward-looking return adequately compensated for the risk of valuation downside. As a result, we exited the position. |
| BSX | We sold Boston Scientific on concerns around continued pressure in its two growth engines: the Watchman device and Farapulse. Despite good data in the Champion trial, hesitation around the use of Watchman has resulted in declining growth rates. Changes to the modality of implantation are also pressuring Watchman growth. Farapulse, while a clear leader in pulse field ablation (PFA), is experiencing slower growth rates due to competitive entrants. While we are encouraged by management's actions to address these issues, we believe it will take time to regain investor confidence in the name and restore the premium valuation that Boston Scientific once enjoyed. |
| SNPS | We sold Synopsys and see its core electronic design automation (EDA) software business growth decelerating, with the business ex-Ansys growing only high single digits, and fiscal year 2026 remains a 'transition year' that could slow into the low single digits. In addition, Chinese EDA/IP competition is pressuring the shares, and tightening export controls add demand risk. We are reallocating the capital to higher-conviction semiconductor exposure where we believe the revision cycle is inflecting upward. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
