The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
The Aristotle International Equity Fund returned 8.40% in Q2 2026, underperforming the MSCI EAFE Index (10.82%) and MSCI ACWI ex USA Index (14.49%). Global equity markets rallied to record highs during the period, with growth stocks outperforming value by 9.21%. The fund's underperformance was primarily driven by allocation effects, while security selection contributed positively. Samsung Electronics was the largest contributor as memory pricing ramped sharply driven by AI infrastructure demand and the company's shift toward higher-value products like HBM4. Techtronic Industries, a new position initiated in Q1 2026, contributed as Milwaukee brand penetration deepened across professional trades and infrastructure projects. Pan Pacific International was the largest detractor as investors weighed acquisition costs and margin concerns, while Accenture declined on weaker bookings and debates about generative AI's impact on traditional consulting. The fund sold Unilever and redeployed proceeds into the newly independent Magnum Ice Cream business, believing dedicated management offers a clearer path to value creation. Geopolitical tensions in the Middle East and inflationary pressures remain key risks, though the manager continues focusing on business fundamentals rather than macro positioning.
The Aristotle International Equity Fund focuses on owning high-quality international businesses at attractive valuations with identifiable catalysts for value creation over a three-to-five-year investment horizon, emphasizing strong competitive positions, capable management teams and financial resilience rather than attempting to position around unpredictable macro outcomes.
The global backdrop remains complex, with geopolitical developments, central bank decisions and changes in investor risk appetite all capable of influencing returns over shorter periods. However, the manager states these factors are difficult to forecast with consistency. Rather than positioning the portfolio around macro outcomes, the fund continues to focus on the businesses it owns and the actions management teams are taking to increase value over time. The investment process centers on Quality, Valuation and Catalysts, seeking companies with strong competitive positions, capable management teams, financial resilience and identifiable opportunities to improve profitability and free cash flow. The manager believes owning high-quality businesses at attractive valuations remains the best way to create value for clients over the long term.
As of Aug 10, 2026
The fund is managed by experienced portfolio managers Sean Thorpe, Geoffrey Stewart, CFA, and Howard Gleicher, CFA. Howard Gleicher serves as CEO and CIO of the firm. The leadership team has worked together for over 25 years, and portfolio managers average 28 years of investment experience. The firm and its predecessor firms have been in business since 1959. The origins of Aristotle can be traced back to its predecessor, Metropolitan West Capital Management (MWCM), founded in 1997. In 2010, Gleicher founded Aristotle after non-compete agreements expired. In October 2022, Aristotle acquired Pacific Life's credit asset management arm, Pacific Asset Management, increasing Aristotle's AUM by 50% and evolving into a multi-asset manager. Aristotle is a majority employee-owned investment management organization that specializes in equity and fixed income portfolio management for institutional and advisory clients worldwide. The firm operates with combined client assets exceeding $100 billion across 17 countries through four distinct affiliates.
The Aristotle International Equity Fund employs a quality-value investment approach that targets high-quality companies with attractive valuations and compelling growth catalysts. The fund employs a private equity approach to public markets to assess company value as if buying the entire business. Catalysts identified are actions or events expected to propel a company to its full potential over the next three to five years. The investment philosophy consists of four tenets: identify high-quality businesses, invest with a long-term view, analyze businesses from a global perspective, and construct focused portfolios. The fund's bottom-up stock selection targets companies with market capitalizations typically above $2 billion. The strategy emphasizes risk management and structured diversification consistent with the MSCI EAFE benchmark. Sector and country weights are maintained within 50%-200% of MSCI EAFE Index, with emerging markets capped at 20%. The portfolio typically holds around 37-40 companies with high active share of 89.7%. All portfolio holdings must meet specific criteria including minimum market cap and sector/country weight ranges.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
The fund demonstrates moderate-to-high conviction through concentrated top-10 holdings representing 41% of the portfolio, with the largest position (Samsung) at 5.00%. The manager provides detailed, multi-paragraph thesis explanations for key holdings including Samsung, Techtronic, Pan Pacific, Accenture and Magnum Ice Cream, with specific catalysts and timeframes (three-to-five-year investment horizon). The letter includes explicit position sizing language and willingness to hold through volatility (maintaining Pan Pacific despite near-term weakness, holding Accenture through headwinds). However, the portfolio appears to hold 20+ positions based on the top-10 representing 41%, and some hedging language is present ('we remain mindful of,' 'we believe'). The conviction is clearly above average but not at the extreme concentration level of 0.85+ funds. The detailed company-specific analysis and multi-year holding periods support a score in the high-moderate range.
Growth Outlook
Market outlook remains moderate conviction: The Aristotle International Equity Fund outperformed benchmarks in Q4 2025 with a 5.50% return. It actively recycled capital by exiting Nidec and Kubota to establish a position in ...
Risk Appetite
Risk appetite posture is moderate conviction: The Aristotle International Equity Fund outperformed benchmarks in Q4 2025 with a 5.50% return. It actively recycled capital by exiting Nidec and Kubota to establish a position in ...
Capital Deployment
The fund demonstrated moderate deployment activity during the quarter. The manager initiated a new position in Techtronic Industries (described as a 'primary contributor' suggesting meaningful sizing) and rotated capital from Unilever into Magnum Ice Cream. These actions indicate selective deployment and active portfolio management. However, there is no explicit discussion of cash level changes, and the activity appears to be primarily rotation (selling Unilever to fund Magnum) rather than net new cash deployment. The letter describes one buy (Magnum) and one sell (Unilever) with Techtronic initiated in Q1 2026. This represents selective adding with some rotation, consistent with a score in the moderate deployment range but below aggressive deployment levels that would require evidence of cash reduction or broad-based position additions.
Forward Guidance
Forward guidance signal: The Aristotle International Equity Fund outperformed benchmarks in Q4 2025 with a 5.50% return. It actively recycled capital by exiting Nidec and Kubota to establish a position in ...
Language Signal
The letter contains balanced directional language. Bullish language includes: attractive valuations, compelling opportunity, strong competitive positions, robust earnings, identifiable catalysts, value creation, improving product mix, and long-term growth. Bearish language includes: complex backdrop, concerns about stagflation, weaker bookings, lower revenue outlook, pressure on discretionary spending, margin sustainability concerns, and fragility of the geopolitical situation. The manager uses opportunity-focused language when discussing specific holdings but acknowledges meaningful risks and uncertainties in the macro environment. The net balance leans modestly positive with more emphasis on business-level opportunities than macro concerns, but the language is measured rather than overwhelmingly bullish.
Perceived Risk
Perceived risk level is evaluated as above average conviction. The Aristotle International Equity Fund outperformed benchmarks in Q4 2025 with a 5.50% return. It actively recycled capital by exiting Nidec and Kubota to establish a position in ...
Opportunity Density
The manager demonstrates selective opportunity identification across multiple areas. The letter highlights compelling opportunities in semiconductors (Samsung's memory cycle and HBM4 positioning), industrials (Techtronic's Milwaukee ecosystem and infrastructure exposure), consumer staples (Magnum Ice Cream's premium positioning and supply chain optimization), and IT services (Accenture's AI reinvention programs). The manager initiated a new position in Techtronic and rotated into Magnum, indicating active idea generation. However, the forward outlook emphasizes that macro factors are difficult to forecast and the manager will focus on existing businesses rather than broad deployment. The language suggests selective opportunities in defined areas rather than an abundance of compelling ideas across the entire opportunity set. This reflects a moderate opportunity environment where the manager sees attractive names in specific sectors but characterizes the environment as requiring selectivity and discipline.
Time Horizon
The manager explicitly states a three-to-five-year investment horizon when discussing Magnum Ice Cream catalysts. The letter emphasizes long-term value creation, with Unilever held for over a decade (since Q2 2013) before being sold. The manager discusses multi-year thesis elements including Samsung's improving product mix and normalized earnings over the investment horizon, Techtronic's strategy to deepen customer loyalty over time, and Pan Pacific's long-term investment case remaining intact despite near-term weakness. The forward outlook emphasizes focusing on actions management teams are taking to increase value over time rather than shorter-term macro positioning. However, the letter also discusses quarterly results, near-term bookings, and current period performance, indicating some attention to nearer-term milestones. The explicit three-to-five-year timeframe, decade-long holding periods, and emphasis on long-term fundamentals over macro timing support a score in the multi-year thesis range.
Top Conviction Themes
Key Catalysts
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