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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 22, 2026
Aristotle Capital's International Equity ADR WM Composite delivered a total net return of -0.43% net of fees for the third quarter of 2026, lagging the MSCI EAFE Index return of 0.81% and the MSCI ACWI ex USA Index return of 0.48%. Year-to-date, the strategy has returned 2.44% net of fees compared to 10.33% for the MSCI EAFE Index. Relative quarterly underperformance was primarily driven by security selection in the Industrials, Energy, and Financials sectors, alongside regional drag from Developed Asia and Canadian equity holdings. Conversely, security selection and an underweight posture in Information Technology, as well as selection in Health Care and Europe, contributed positively to relative results. The manager's macroeconomic framework highlights an environment whipsawed by energy price volatility, renewed Middle East conflict, shifting monetary policy, and divergent central bank rate hikes against rising sovereign bond yields. Rather than participating in cyclical rallies or macro speculation, the strategy emphasizes businesses defined by durable quality—enterprises benefiting from structural scarcity, pricing power, and high barriers to entry that can sustainably compound capital irrespective of broad macroeconomic oscillations. Portfolio activity during the quarter featured the full liquidation of tire manufacturer Michelin following a reassessment of its competitive industry landscape and profit margin trajectory. Proceeds were rotated into a new position in Brazilian electrical equipment manufacturer WEG S.A., where the manager sees attractive valuation multiples and durable growth tied to international grid modernization, electrification, and automation.
Invest in businesses possessing durable quality, characterized by permanent scarcity, pricing power, and mission-critical competitive moats capable of generating normalized earnings power across varied macroeconomic cycles.
Valuation multiples have compressed across many quality businesses even as underlying earnings expand, creating disconnects that enhance the portfolio's prospective long-term return potential.
Moderate Conviction Bullish
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