| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 5.9% | 8.4% | 4.86% |
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.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Aug 8 2026 | 2026 Q2 | 005930 KS, 7532.T, ACN, TTI, UL | Asia, Consumer Staples, Europe, geopolitics, International Equity, Quality, semiconductors, value |
005930.KS 669.HK 7532.T ACN |
The Aristotle International Equity Fund underperformed benchmarks in Q2 2026 despite strong contributions from Samsung Electronics and Techtronic Industries, driven by AI infrastructure demand and power tool ecosystem expansion. The fund rotated from Unilever into Magnum Ice Cream, seeking better value creation under dedicated management. Geopolitical tensions and inflation pressures persist, but the manager maintains focus on high-quality businesses with strong competitive positions and identifiable catalysts rather than macro positioning. |
| May 1 2026 | 2026 Q1 | 0669 HK, 3064.T, 4578.T, BN, TTE | energy, Geopolitical, healthcare, international, long-term, Quality, value |
TTE 4578.T 3064.T BN 0669.HK |
Aristotle International underperformed in Q1 2026 due to security selection challenges, though TotalEnergies and Otsuka Holdings contributed positively. The manager added Techtronic Industries while exiting Amundi, maintaining focus on quality international businesses with strong fundamentals. Despite geopolitical volatility, the team sees opportunities for patient investors in current market conditions. |
| Feb 4 2026 | 2025 Q4 | 005930.KS, 5401.T, 6594.T, 6758.T, 6954.T, 7532.T, ALL.AX, BAP, BN, CCO, D05.SI, EBS.VI, EXPN.L, MUV2.DE, ROG.SW, SAF.PA | Asia, Automation, Banking, Europe, gaming, international, Quality, value | - | Aristotle International delivered 5.50% quarterly returns, outperforming benchmarks through strong security selection in banking and automation. Erste Group and FANUC drove performance while Sony faced one-time charges. The manager added gaming leader Aristocrat Leisure while maintaining disciplined focus on quality businesses with durable competitive advantages despite macro uncertainties. |
| Nov 4 2025 | 2025 Q3 | 005930.KS, 3064.T, 7532.T, ACN, ALC, BAP, BN, CCJ, D05.SI, EBS.VI, HLN.L, MUV2.DE, NEM.DE, SAF.PA, SONY, WMMVY | AI, Banking, E-Commerce, international, semiconductors, technology, Trade Policy |
005930 KS BAP 9830 JP WMMVY 005930 KS BAP 9830 JP WMMVY |
Aristotle International underperformed in Q3 despite strong global equity markets, hurt by industrial and materials selection. Samsung's AI memory breakthrough and Credicorp's banking strength drove gains, while MonotaRO's demand weakness and Accenture's AI disruption fears weighed on performance. Added Mexican retail leader Walmex. Manager maintains long-term fundamental focus amid trade policy developments. |
| Jul 22 2025 | 2025 Q2 | 4578.T, 6758.T, 7532.T, ACN, ALC, CCO.TO, EBS.VI, MC.PA, SAF.PA | aerospace, Asia, Europe, international, Luxury, nuclear, Quality, Trade Policy |
ALC SW MC FP SAF FP ALC MC.PA CCO.TO SAF.PA |
Aristotle's international equity strategy underperformed in Q2 2025 amid trade policy uncertainty and geopolitical tensions. Nuclear and aerospace themes drove outperformance through Cameco and Safran, while luxury goods and healthcare faced headwinds via LVMH and Alcon. The manager maintains conviction in high-quality businesses with durable competitive advantages, focusing on long-term fundamentals over macroeconomic volatility. |
| Mar 31 2025 | 2025 Q1 | 3064.T, 7532.T, 9983.T, ACN, AZN.L, BN.TO, CCO.TO, D05.SI, DEO, MG.TO, MUV2.DE, NEM.DE, ROG.SW, SAF.PA, SONY | AI, gaming, international, nuclear, Quality, Reinsurance, Trade Policy, value |
MUV2.DE 6758.T CCO.TO ACN 9983.T |
Aristotle International Equity Fund underperformed in Q1 2025 despite strong contributions from Munich Re and Sony. Trade policy uncertainty and AI competition dominated headlines while the fund swapped Magna International for Fast Retailing. Management remains focused on high-quality international companies with sustainable competitive advantages rather than attempting to time volatile markets driven by geopolitical developments. |
| Jan 30 2025 | 2024 Q4 | 005930.KS, 3064.T, 7532.T, ACN, AHT.L, BN, CCJ, D05.SI, DSNKY, EBS.VI, ML.PA, NEM.DE, SAF.PA, SONY, SY1.DE | gaming, geopolitics, international, long-term, nuclear, Quality, value |
CCO.TO 6758.T AHT.L DSM.AS |
Aristotle International outperformed benchmarks in Q4 despite global volatility, driven by nuclear energy exposure through Cameco and Sony's gaming strength. The fund maintains its disciplined approach of investing in quality businesses below intrinsic value, making no portfolio changes during the quarter while navigating geopolitical tensions and policy uncertainty through company-specific fundamental analysis. |
| Sep 30 2024 | 2024 Q3 | 005930.KS, 3064.T, 4578.T, 6758.T, 7532.T, 9433.T, ACN, AHT.L, BN, CCO, DEO, GSK, HEIA.AS, NEM.DE, ROG.SW, RTO.L, SAF.PA, TTE | Asia, Diversified, Europe, international, Quality, value |
BN.TO RTO.L 9681.T DGE.L 3064.T |
Aristotle International Equity Fund outperformed benchmarks in Q3 2024 with a 10.52% return, driven by strong security selection. Brookfield led contributions through renewable energy expansion while Rentokil detracted on integration challenges. The fund added Diageo and MonotaRO while exiting KDDI, maintaining focus on quality companies capable of navigating global uncertainty. |
| Jul 10 2024 | 2024 Q2 | 1299.HK, 6367.T, 7532.T, ACN, CCO, D05.SI, MGA, MUV2.DE, NEM.DE, NVS, ROG.SW, SAF.PA, SONY | fundamentals, international, long-term, Pharmaceuticals, Quality, value | ROG.SW | Aristotle International underperformed in Q2, swapping Novartis for Roche in pharmaceuticals while Cameco led on nuclear energy tailwinds. Consulting headwinds hurt Accenture despite strong AI bookings. The fund maintains its quality-focused, fundamentals-driven approach, avoiding macro predictions while seeking companies with competitive advantages and compelling catalysts across international markets. |
| Apr 15 2024 | 2024 Q1 | 1299.HK, 6326.T, 7532.T, ACN, AHT.L, BN, CCO, MC.PA, MGA, MUV2.DE, NEM.DE, ROG.SW, SAF.PA, SONY | aerospace, Asia, Europe, gaming, international, Reinsurance, value |
6758.T 1299.HK SAF.PA MUV2.DE |
Aristotle International Equity Fund underperformed in Q1 2024 due to security selection issues, particularly in Sony and AIA Group. Aerospace leader Safran and reinsurer Munich Re drove positive performance through operational strength and market share gains. The fund maintained its concentrated, low-turnover approach focused on quality international companies with sustainable competitive advantages. |
| Feb 26 2024 | 2023 Q4 | 6367.T, 6594.T, EXPN.L, NEM.DE, RTO.L | Energy Efficiency, international, Japan, Quality, software, value | 6367.T | Aristotle International Equity Fund delivered 10.27% in Q4, driven by software transition success at Nemetschek and data monetization at Experian, while facing headwinds from Rentokil's growth slowdown and Nidec's EV motor struggles. The team added Daikin Industries to capitalize on global air conditioning adoption trends, maintaining their disciplined focus on quality businesses with actionable catalysts. |
| Oct 19 2023 | 2023 Q3 | - | Europe, international, Japan, Quality, value | - | Aristotle International Equity Fund applies a rigorous three-criteria process to identify high-quality international companies with sustainable competitive advantages, attractive valuations determined through private equity methodology, and compelling catalysts for value realization over three to five years. The concentrated 38-position portfolio maintains 89.5% active share versus MSCI EAFE. |
| Jan 31 2023 | 2022 Q4 | BN CN, CCL, DSM NA, MIU GR, MUV2 GR, SAF FP | - | - | |
| Jan 12 2022 | 2022 Q3 | CCO CN, DBS SP, GSK, SONY | - | - | |
| Jun 30 2022 | 2022 Q2 | 0S9F LN, 1MUV2 IM, AHT LN, CCJ, KO | - | - | |
| Mar 30 2022 | 2022 Q1 | CCJ, DIPO GR, NIB GR, SONY | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
SemiconductorsMemory pricing continued to ramp sharply driven by tight supply and accelerating demand from data centers and AI infrastructure. Samsung is shifting its portfolio toward higher-value products such as HBM4, server DDR5 and enterprise SSDs, while longer-term supply agreements provide better visibility through the cycle. The company has improved its competitive position in high-bandwidth memory after trailing peers in earlier generations. |
Memory DRAM HBM4 AI Infrastructure Data Centers |
AICompanies tied to the buildout of AI-related infrastructure, including semiconductors, memory, power equipment and other data center suppliers, were among the strongest performers during the quarter. Accenture highlighted growing demand for large-scale AI reinvention programs as clients move from experimentation to production, with AI increasingly embedded in broader managed-services contracts. However, there are concerns about whether generative AI could reduce demand for traditional consulting services. |
AI Infrastructure Data Centers Generative AI Enterprise AI | |
Power ToolsTechtronic's Milwaukee and Ryobi brands benefit from a culture of product innovation and battery ecosystems that create loyalty and repeat purchases across hundreds of compatible tools. Milwaukee is becoming embedded in the workflows of mechanical, electrical and plumbing contractors working on data centers, grid infrastructure and other complex non-residential projects, where productivity, safety and uptime are critical. The company has improved earnings quality by shifting toward Milwaukee and exiting lower-return areas. |
Milwaukee Battery Ecosystems Infrastructure Non-Residential | |
Consumer StaplesThe fund sold Unilever after a decade-long holding period, believing the more compelling opportunity now resides in the independent ice cream business (Magnum) where dedicated management and a category-specific strategy should provide a clearer path to value creation. Magnum owns a portfolio of leading global, regional and local brands generating more than €8 billion in annual revenue, with approximately 80% from premium products and pricing roughly 2.5x higher per kilogram than private label competitors. |
Ice Cream Premium Products Brand Portfolio Cold Chain | |
GeopoliticsThe ongoing conflict between the U.S. and Iran affected energy markets, shipping routes and investor sentiment. Intermittent military strikes and recurring threats to commercial shipping in and around the Strait of Hormuz kept investors focused on potential disruptions to global energy supply. A temporary ceasefire and negotiations briefly eased concerns, but renewed hostilities and President Trump's statement that the ceasefire was over underscored the fragility of the situation. |
Middle East Iran Energy Supply Shipping Routes | |
InflationDue to the inflationary shock from the Middle East conflict, the European Central Bank raised interest rates during the quarter. Concerns about stagflation increased on news that real GDP growth in the eurozone had contracted versus the previous quarter. The Bank of England and U.S. Federal Reserve kept rates steady despite elevated inflation, while South Korea passed a $17.7 billion emergency supplementary budget to offset rising oil prices. |
Interest Rates Stagflation Central Banks Oil Prices | |
| 2026 Q1 |
EnergyTotalEnergies was a primary contributor driven by geopolitical tensions and Middle East supply disruptions. The company continues operational execution across upstream, LNG, and renewables with new projects generating higher cash flow per barrel than legacy portfolio. |
Oil LNG Upstream Renewables Geopolitical |
HealthcareOtsuka Holdings contributed positively with strong prescription growth for depression and schizophrenia treatments. The company continues investing in Next 8 pipeline and external innovation including PTSD treatments while returning value through share buybacks. |
Pharmaceuticals CNS Oncology Pipeline Buybacks | |
E-commerceMonotaRO was the largest detractor despite strong results, pressured by softer enterprise order trends and moderation in new customer additions. The company remains well positioned in Japan's fragmented MRO market with growing enterprise presence. |
B2B Japan MRO Enterprise Market Share | |
Industrial MachineryTechtronic Industries was added as a new position, representing a global power tools manufacturer with leading Milwaukee and Ryobi brands. The company benefits from the transition to battery-powered platforms and has strong retail partnerships. |
Power Tools Milwaukee Ryobi Battery Innovation | |
| 2025 Q4 |
AIAI developments from major companies are causing rapid market changes and stock price declines for quality businesses. The manager sees AI creating disruption across white collar work including finance, law, software development, and insurance. Software companies face particular headwinds from fewer seats, lower pricing power, and competition from AI-first upstarts. |
Artificial Intelligence Software Disruption White Collar Automation |
SoftwareSoftware companies are experiencing significant declines as the market reassesses AI impacts. The manager notes three vectors affecting valuations: fewer seats due to efficiency gains, lower pricing power from AI competition, and reduced new customer bookings. However, believes some software solutions won't be easily replaced and is reviewing opportunities in the wreckage. |
SaaS Enterprise Software Pricing Power Competition Valuation | |
GLP1The manager sold Novo Nordisk after brief ownership due to competitive disadvantage versus Eli Lilly. While NVO was attractive as a value play and first to market with oral GLP-1, LLY has a superior product and the advantage is likely to persist despite NVO's potential aggressive pricing approach. |
Diabetes Pharmaceuticals Competition Pricing Innovation | |
Home ImprovementFloor & Decor represents an attractive long-term opportunity following the Home Depot disruption model in flooring. The company has higher inventory selection and lower prices than competitors, taking market share for years. Current margins are depressed but should scale toward low-to-mid teens as store base builds out. |
Retail Flooring Market Share Margins Expansion | |
| 2025 Q3 |
Trade PolicyGlobal trade developments dominated the quarter with the EU-US agreement eliminating tariffs on industrial goods and expanding agricultural access, while the US imposed 15% tariffs on EU imports. Mixed developments in Asia included potential renegotiation of Japan's trade agreement and deteriorating US-India relations with additional 25% tariffs on Indian imports over Russian oil purchases. |
Tariffs Trade Geopolitics Policy Negotiations |
SemiconductorsSamsung Electronics secured Nvidia qualification for its HBM3E memory product after significant management changes and investment, positioning the company to compete in next-generation high-bandwidth memory (HBM4). The company also announced a strategic partnership with OpenAI potentially generating demand for up to 900,000 DRAM wafers per month and secured a $16.5 billion foundry deal with Tesla. |
Memory AI HBM Foundry Qualification | |
AIArtificial intelligence developments included Samsung's strategic partnership with OpenAI for memory demand, Accenture's rapid increase in AI-related revenue and bookings to $5.9 billion in fiscal 2025, and the company's investment in 77,000 AI and data specialists representing 10% of its global workforce. However, concerns about AI's disruptive impact on traditional outsourcing business models persist. |
Memory Consulting Revenue Workforce Disruption | |
E-commerceWalmex has significantly expanded its omnichannel ecosystem with e-commerce representing approximately 8% of total sales, supported by strong growth in online grocery and third-party marketplace offerings. The company is developing complementary platforms including Cashi for digital payments, BAIT for mobile telecom, and Walmart Connect for digital advertising to strengthen customer ties and build new revenue streams. |
Omnichannel Digital Marketplace Payments Platform | |
| 2025 Q2 |
Trade PolicyTrade policy remained a focal point with President Trump introducing a universal 10% import tariff and reciprocal tariffs on dozens of countries. A 90-day pause on reciprocal tariffs was enacted for almost all countries, and the U.S. and U.K. finalized the Economic Prosperity Deal. Major economies experienced downward revisions to 2025 GDP growth projections due to trade policy uncertainty. |
Tariffs Trade GDP Negotiations Policy |
NuclearRising global interest in nuclear energy for energy security and decarbonization supports Cameco's position as one of the world's largest uranium producers. The company demonstrated pricing power through long-duration contract portfolios despite uranium spot price declines. Management continued to deepen exposure to the nuclear fuel cycle through its Westinghouse unit. |
Uranium Energy Security Decarbonization Nuclear Fuel Westinghouse | |
AerospaceSafran benefits from strong air traffic recovery, particularly in Asia, and increased aircraft utilization. As the dominant supplier of narrow-body aircraft engines with approximately 70% market share, the company gains from rising maintenance demand as airlines extend fleet lives. The transition from legacy CFM56 engines to more fuel-efficient LEAP platforms provides a long runway of profit growth. |
Aircraft Engines Air Traffic Maintenance Fleet LEAP | |
LuxuryLVMH faces a cyclical slowdown in luxury goods but maintains sound fundamentals through long-term brand stewardship and global scale. Despite mixed macro demand, brands like Sephora, Loewe and Tiffany reported strong growth. The company preserved brand equity and marketing investment rather than cutting costs, ending 2024 with €10 billion in cash. |
Brand Cyclical Portfolio Marketing Cash | |
| 2025 Q1 |
Trade PolicyPresident Trump announced new tariffs on imports from Canada, Mexico and China, with additional warnings to the EU over imbalanced trade arrangements. The targeted industries included autos, steel and aluminum, reflecting a focus on reshoring and industrial policy. This renewed trade uncertainty prompted central banks to lower growth forecasts and adopt more cautious tones on future rate moves. |
Tariffs Reshoring Industrial Policy Trade Wars Protectionism |
AIChinese startup DeepSeek launched a low-cost rival to leading generative AI models, intensifying competition and raising questions about global AI supply chains. DeepSeek's approach achieved comparable performance at a fraction of the cost, challenging assumptions about infrastructure demands and potentially reducing the need for GPUs, energy-intensive data centers and the broader hardware stack. |
DeepSeek Generative AI Supply Chains Competition Infrastructure | |
NuclearCameco remains exceptionally well-positioned to benefit as governments worldwide increasingly turn to nuclear power as a clean, secure and scalable source of energy. The company's tier-one assets in politically stable jurisdictions, operational track record and ability to flex production strengthen its competitive advantage despite short-term tariff concerns. |
Uranium Clean Energy Energy Security Nuclear Power Cameco | |
ReinsuranceMunich Re delivered strong results despite absorbing €1.2 billion in claims from California wildfires, demonstrating prudent risk management. The company raised its dividend by more than 30% and announced an expanded €2 billion share buyback program. Favorable market pricing and disciplined underwriting continue to support profitability amid elevated volatility. |
Munich Re Risk Management Catastrophe Losses Pricing Capital Returns | |
GamingSony reported record-high 129 million monthly active users, 20% year-over-year increase in PlayStation Plus revenue and expanding user base with 40% of new PS5 console buyers being new to the platform. The company's ability to integrate gaming, music, anime and film while leveraging IP across platforms positions it well for long-term value creation. |
PlayStation Monthly Active Users Content IP Platform Integration Sony | |
| 2024 Q4 |
NuclearDemand for nuclear energy remained robust driven by AI and clean energy focus. Major tech companies like Amazon, Google and Meta announced nuclear-power agreements. Cameco is uniquely positioned to benefit as industries and governments pursue clean, reliable and scalable energy sources. |
Uranium Clean Energy AI Power Generation Energy Security |
GamingSony reported strong results driven by third-party gaming revenue and record PlayStation 5 console profitability despite lower console sales. PlayStation's network effects with 116 million monthly active users make it attractive for game developers and allow users to play advanced games at lower costs than PCs. |
Console Gaming Network Effects Digital Revenue Gaming Platform Entertainment | |
| 2024 Q3 |
E-commerceMonotaRO operates a B2B e-commerce platform selling 20 million items to over 8 million customers, primarily in Japan. The company serves as a one-stop solution with transparent pricing and same-day shipment capabilities. Its unique profile with over 95% of sales online provides customers a distinct value proposition in the fragmented MRO market. |
B2B Platform Digital MRO Japan |
Energy TransitionBrookfield advanced its energy transition strategy through renewable power and infrastructure businesses. The company agreed to acquire a majority stake in Neoen, a leading global renewables platform operating in Australia, France and the Nordics. Neoen specializes in solar, wind and energy storage projects, sectors critical to the global shift toward clean energy. |
Renewables Solar Wind Storage Infrastructure | |
AlcoholDiageo is a global leader in alcoholic beverages with over 200 premium spirits brands sold in nearly 180 countries. The company is well positioned to benefit from the global consumer mix shift toward premium alcoholic beverages and continued market share gains in Scotch whiskey and tequila given its scale advantage. |
Spirits Premium Scotch Tequila Global | |
| 2024 Q2 |
PharmaceuticalsThe fund made a significant portfolio change by selling Novartis and purchasing Roche, viewing Roche as a more optimal investment. Roche is positioned as a pioneer in personalized healthcare with its unique structure combining pharmaceuticals and diagnostics, offering compelling catalysts including market share gains in oncology and increased penetration of key drugs. |
Biotechnology Oncology Diagnostics Personalized Healthcare Drug Development |
NuclearCameco was highlighted as a top contributor, benefiting from increased government support for nuclear energy as countries seek energy security and environmental goals. The company's production increased over 25% year-over-year with expanding long-term supply contracts, positioning it to benefit from higher uranium demand globally. |
Uranium Energy Security Nuclear Power Energy Transition | |
ConsultingAccenture faced headwinds as the consulting industry experienced softening demand due to higher interest rates and macroeconomic uncertainty. Despite revenue declining 1% year-over-year, the fund believes the pressure is overdone given strong bookings and generative AI sales surpassing $2 billion. |
IT Services Digital Transformation Generative AI Corporate Spending | |
| 2024 Q1 |
AerospaceSafran benefited from increased narrow-body air traffic above 2019 levels and aging fleet demand for service. The company's LEAP engines reduce fuel consumption and CO2 emissions, with deliveries increasing 38% in 2023. Airlines are upgrading fleets to be more efficient and environmentally friendly. |
Aerospace Airlines Engines Efficiency Environmental |
ReinsuranceMunich Re demonstrated strength through global crises including wars and natural disasters exceeding $100 billion. The company showcased prudent risk-taking and global diversification while benefiting from industrywide price increases. Market share gains expected in cybersecurity, specialty insurance, and fast-growing Asian economies. |
Reinsurance Risk Management Global Diversification Asia | |
GamingSony cut PlayStation 5 guidance from 25 million to 21 million units but emphasized boosting profitability through increased engagement with record 123 million monthly active users. Management implementing structural reforms in Game & Network Services segment to improve development and control costs. |
Gaming PlayStation Engagement Profitability Reform | |
| 2023 Q4 |
Energy EfficiencyDaikin Industries is positioned to benefit from global air conditioning adoption rates projected to triple by 2050, leveraging its leadership in energy-efficient inverters and heat pumps. The company's roots in Japan with limited natural resources and high energy costs shaped its focus on developing energy-efficient products. |
Heat Pumps Inverters HVAC Energy Transition |
SoftwareNemetschek's transition from license to subscription SaaS model is driving higher recurring revenues, now at 75% versus 65% last year. The company's cloud-based dTwin platform and operational efficiency improvements position it for market share gains as building complexity increases. |
SaaS Enterprise Software Cloud Subscription |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Aug 8, 2026 | Fund Letters | Aristotle International Equity Fund | 005930.KS | Samsung Electronics Co., Ltd. | Other | Technology Hardware, Storage & Peripherals | Bull | - | AI infrastructure, consumer electronics, data centers, DRAM, HBM4, memory chips, semiconductors, Smartphones, South Korea, technology hardware | Login |
| Aug 8, 2026 | Fund Letters | Aristotle International Equity Fund | 669.HK | Techtronic Industries Company Limited | Other | Household Appliances | Bull | - | Battery Ecosystem, data centers, DIY, Hong Kong, infrastructure, Milwaukee, Power Tools, product innovation, Professional Tools, Ryobi | Login |
| Aug 8, 2026 | Fund Letters | Aristotle International Equity Fund | 7532.T | Pan Pacific International Holdings Corporation | Other | Broadline Retail | Bull | - | discount retail, Don Quijote, Japan, M&A, Private-label, Retail Formats, supermarkets, turnaround, Value retail | Login |
| Aug 8, 2026 | Fund Letters | Aristotle International Equity Fund | ACN | Accenture plc | Other | IT Consulting & Other Services | Bull | - | Artificial Intelligence, cloud, cybersecurity, Enterprise transformation, It consulting, Managed services, Mid-market, software platform, Technology Services | Login |
| Aug 8, 2026 | Fund Letters | Aristotle International Equity Fund | - | The Magnum Ice Cream Company N.V. | Other | Packaged Foods & Meats | Bull | - | brand portfolio, Cold Chain, consumer staples, distribution network, Emerging markets, ice cream, India, market leader, Netherlands, premium brands, premiumization, spinoff, supply chain optimization | Login |
| May 1, 2026 | Fund Letters | Aristotle International Equity Fund | TTE | TotalEnergies | Oil & Gas Integrated | Integrated Oil & Gas | Bull | Euronext Stock Exchange | cash flow generation, Diversified Energy, Downstream, Energy security, Integrated Oil & Gas, LNG, renewables, Solar, Upstream, Wind | Login |
| May 1, 2026 | Fund Letters | Aristotle International Equity Fund | 4578.T | Otsuka Holdings | Drug Manufacturers - General | Pharmaceuticals | Bull | New York Stock Exchange | Depression, innovation, Japan, Mental health, Oncology, pharmaceuticals, pipeline, PTSD, Schizophrenia, Share Buyback | Login |
| May 1, 2026 | Fund Letters | Aristotle International Equity Fund | 3064.T | MonotaRO | Internet Retail | Internet & Direct Marketing Retail | Bull | New York Stock Exchange | B2B e-commerce, construction, enterprise, Japan, manufacturing, market share, MRO, Procurement, Share Buyback, SME | Login |
| May 1, 2026 | Fund Letters | Aristotle International Equity Fund | BN | Brookfield Corporation | Asset Management | Asset Management & Custody Banks | Bull | New York Stock Exchange | Alternative Asset Manager, asset sales, capital deployment, Diversified, infrastructure, Insurance Platform, Real assets, Real Estate, Renewable Power, scale | Login |
| May 1, 2026 | Fund Letters | Aristotle International Equity Fund | 0669.HK | Techtronic Industries | Tools & Accessories | Household Appliances | Bull | New York Stock Exchange | Battery Ecosystem, DIY, Free Cash Flow, Geographic Expansion, Home Depot, innovation, Milwaukee, Power Tools, Professional Tools, Ryobi | Login |
| Nov 4, 2025 | Fund Letters | Sean M. Thorpe | 005930 KS | Samsung Electronics Co., Ltd. | Information Technology | Semiconductors | Bull | NYSE | AI, data centers, DRAM, Foundry, growth, innovation, Memory, Partnerships, Pricing, semiconductors | Login |
| Nov 4, 2025 | Fund Letters | Sean M. Thorpe | BAP | Credicorp Ltd. | Financials | Diversified Banks | Bull | NYSE | asset quality, banking, Digital, diversification, Emerging markets, Finance, loan growth, ROE, valuation | Login |
| Nov 4, 2025 | Fund Letters | Sean M. Thorpe | 9830 JP | MonotaRO Co., Ltd. | Industrials | Industrial Distribution | Bull | NYSE | B2b, e-commerce, growth, Industrials, innovation, Japan, Margins, platform, Procurement, Scalability | Login |
| Nov 4, 2025 | Fund Letters | Sean M. Thorpe | WMMVY | Wal-Mart de México S.A.B. de C.V. | Consumer Discretionary | Food & Staples Retailing | Bull | Dubai Financial Market | Brand, consumer, Digital, e-commerce, growth, Margins, Mexico, Payments, retail, scale | Login |
| Nov 4, 2025 | Fund Letters | Sean M. Thorpe | 005930 KS | Samsung Electronics Co., Ltd. | Information Technology | Semiconductors | Bull | NYSE | AI, data centers, DRAM, Foundry, growth, innovation, Memory, Partnerships, Pricing, semiconductors | Login |
| Nov 4, 2025 | Fund Letters | Sean M. Thorpe | BAP | Credicorp Ltd. | Financials | Diversified Banks | Bull | NYSE | asset quality, banking, Digital, diversification, Emerging markets, Finance, loan growth, ROE, valuation | Login |
| Nov 4, 2025 | Fund Letters | Sean M. Thorpe | 9830 JP | MonotaRO Co., Ltd. | Industrials | Industrial Distribution | Bull | NYSE | B2b, e-commerce, growth, Industrials, innovation, Japan, Margins, platform, Procurement, Scalability | Login |
| Nov 4, 2025 | Fund Letters | Sean M. Thorpe | WMMVY | Wal-Mart de México S.A.B. de C.V. | Consumer Discretionary | Food & Staples Retailing | Bull | Dubai Financial Market | Brand, consumer, Digital, e-commerce, growth, Margins, Mexico, Payments, retail, scale | Login |
| Jul 22, 2025 | Fund Letters | Sean M. Thorpe | ALC SW | Alcon Inc. | Health Care | Health Care Equipment | Bull | Swiss Exchange | Cataract, Demographics, Emerging markets, lenses, Ophthalmology | Login |
| Jul 22, 2025 | Fund Letters | Sean M. Thorpe | MC FP | LVMH Moët Hennessy Louis Vuitton SE | Financials | Textiles, Apparel & Luxury Goods | Bull | Euronext Stock Exchange | Branding, China, consumer, Luxury, Margins | Login |
| Jul 22, 2025 | Fund Letters | Sean M. Thorpe | SAF FP | Safran SA | Industrials | Aerospace & Defense | Bull | Euronext Stock Exchange | Aerospace, Defense, Engines, Maintenance, Modernization | Login |
| Jun 30, 2025 | Fund Letters | Aristotle International Equity Fund | ALC | Alcon Inc. | Health Care | Health Care Equipment & Supplies | Bull | NYSE | Aging Population, Emerging markets, Eye Care, innovation, Medical devices, oligopoly, recurring revenue, spinoff | Login |
| Jun 30, 2025 | Fund Letters | Aristotle International Equity Fund | MC.PA | LVMH Moët Hennessy Louis Vuitton SE | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | Euronext Paris | Asian markets, brand portfolio, cash generation, Creative Leadership, Cyclical, Luxury goods, vertical integration | Login |
| Jun 30, 2025 | Fund Letters | Aristotle International Equity Fund | CCO.TO | Cameco Corporation | Energy | Oil, Gas & Consumable Fuels | Bull | Toronto Stock Exchange | Decarbonization, Energy security, long-term contracts, nuclear energy, operational resilience, uranium, vertical integration | Login |
| Jun 30, 2025 | Fund Letters | Aristotle International Equity Fund | SAF.PA | Safran SA | Industrials | Aerospace & Defense | Bull | Euronext Paris | Aerospace, Aftermarket revenue, Aircraft engines, Asia Recovery, Defense, Fleet Modernization, Fuel efficiency, market dominance | Login |
| Mar 31, 2025 | Fund Letters | Aristotle International Equity Fund | MUV2.DE | Munich Reinsurance | Financials | Reinsurance | Bull | XETRA | Artificial Intelligence, Asia, capital allocation, cybersecurity, Dividend Growth, innovation, Reinsurance, risk management, Share Buyback | Login |
| Mar 31, 2025 | Fund Letters | Aristotle International Equity Fund | 6758.T | Sony | Communication Services | Interactive Media & Services | Bull | Tokyo Stock Exchange | Content IP, entertainment, Gaming, Japan, Music, Platform Owner, PlayStation, semiconductors, Streaming | Login |
| Mar 31, 2025 | Fund Letters | Aristotle International Equity Fund | CCO.TO | Cameco | Energy | Uranium | Bull | Toronto Stock Exchange | Canada, clean energy, commodity, Energy security, long-term contracts, Mining, Nuclear Power, uranium | Login |
| Mar 31, 2025 | Fund Letters | Aristotle International Equity Fund | ACN | Accenture | Information Technology | IT Consulting & Other Services | Bull | New York Stock Exchange | Consulting, Digital transformation, enterprise solutions, generative AI, government contracts, IT services, technology implementation | Login |
| Mar 31, 2025 | Fund Letters | Aristotle International Equity Fund | 9983.T | Fast Retailing | Consumer Discretionary | Apparel Retail | Bull | Tokyo Stock Exchange | Apparel Retail, brand recognition, China, Functional Apparel, international expansion, Japan, LifeWear, supply chain, technology innovation | Login |
| Dec 31, 2024 | Fund Letters | Aristotle International Equity Fund | CCO.TO | Cameco Corporation | Energy | Uranium | Bull | Toronto Stock Exchange | AI infrastructure, Canada, clean energy, Commodity Producer, Kazakhstan, long-term contracts, Mining, nuclear energy, uranium | Login |
| Dec 31, 2024 | Fund Letters | Aristotle International Equity Fund | 6758.T | Sony Group Corporation | Communication Services | Interactive Media & Services | Bull | Tokyo Stock Exchange | Anime, autonomous driving, entertainment, Gaming, Image-sensors, Japan, network effects, PlayStation, semiconductors, Smartphone Technology | Login |
| Dec 31, 2024 | Fund Letters | Aristotle International Equity Fund | AHT.L | Ashtead Group plc | Industrials | Trading Companies & Distributors | Bull | London Stock Exchange | capital allocation, construction, Equipment Rental, HVAC, industry consolidation, market share gains, Scaffolding, Share Buybacks, UK, US Markets | Login |
| Dec 31, 2024 | Fund Letters | Aristotle International Equity Fund | DSM.AS | DSM-Firmenich AG | Materials | Specialty Chemicals | Bull | Euronext Amsterdam | Beauty, bioscience, innovation, Merger Integration, Netherlands, Nutrition, Perfumery, portfolio optimization, specialty chemicals, Switzerland | Login |
| Sep 30, 2024 | Fund Letters | Aristotle International Equity Fund | BN.TO | Brookfield Corporation | Financials | Asset Management & Custody Banks | Bull | Toronto Stock Exchange | Alternative Asset Manager, capital allocation, energy transition, infrastructure, Private markets, Real Estate, renewable energy, Share Buybacks | Login |
| Sep 30, 2024 | Fund Letters | Aristotle International Equity Fund | RTO.L | Rentokil Initial | Industrials | Commercial Services & Supplies | Bull | London Stock Exchange | customer retention, Hygiene Services, M&A Integration, market consolidation, operational synergies, pest control, technology, Terminix | Login |
| Sep 30, 2024 | Fund Letters | Aristotle International Equity Fund | 9681.T | KDDI Corporation | Communication Services | Wireless Telecommunication Services | Neutral | Tokyo Stock Exchange | ARPU growth, capital allocation, Japanese Telecom, Market Saturation, Rational Oligopoly, retail banking, Smartphone Penetration, Spectrum Ownership | Login |
| Sep 30, 2024 | Fund Letters | Aristotle International Equity Fund | DGE.L | Diageo plc | Consumer Staples | Distillers & Vintners | Bull | London Stock Exchange | brand portfolio, Dividend Growth, Emerging markets, Global distribution, premium spirits, premiumization, Scotch Whiskey, tequila | Login |
| Sep 30, 2024 | Fund Letters | Aristotle International Equity Fund | 3064.T | MonotaRO Co., Ltd. | Industrials | Trading Companies & Distributors | Bull | Tokyo Stock Exchange | B2B e-commerce, Data Analytics, Digital transformation, enterprise customers, Japanese market, market share gains, MRO Distribution, Private-label | Login |
| Jun 30, 2024 | Fund Letters | Aristotle International Equity Fund | ROG.SW | Roche Holding AG | Health Care | Biotechnology | Bull | SIX Swiss Exchange | biotechnology, Companion Diagnostics, diagnostics, dividend, Oncology, Personalized healthcare, pharmaceuticals, Switzerland, targeted therapies, Value | Login |
| Mar 31, 2024 | Fund Letters | Aristotle International Equity Fund | 6758.T | Sony Group Corporation | Communication Services | Interactive Media & Services | Bull | Tokyo Stock Exchange | Consoles, entertainment, Gaming, Japan, media, PlayStation, restructuring, spinoff, technology | Login |
| Mar 31, 2024 | Fund Letters | Aristotle International Equity Fund | 1299.HK | AIA Group Limited | Financials | Life & Health Insurance | Bull | Hong Kong Stock Exchange | Asean, Asia, China, Digital transformation, financial services, Hong Kong, Insurance, life insurance | Login |
| Mar 31, 2024 | Fund Letters | Aristotle International Equity Fund | SAF.PA | Safran SA | Industrials | Aerospace & Defense | Bull | Euronext Paris | Aerospace, aftermarket services, Aircraft engines, Aviation, Environmental, france, LEAP Engines, Narrow-body | Login |
| Mar 31, 2024 | Fund Letters | Aristotle International Equity Fund | MUV2.DE | Munich Re | Financials | Reinsurance | Bull | XETRA | Asia, cybersecurity, Germany, global scale, Insurance, Reinsurance, specialty insurance, underwriting | Login |
| Dec 31, 2023 | Fund Letters | Aristotle International Equity Fund | 6367.T | Daikin Industries | Industrials | Building Products | Bull | Tokyo Stock Exchange | Air Conditioning, Commercial, energy efficiency, Global distribution, heat pumps, HVAC, Japan, market leader, Residential, technology innovation | Login |
| TICKER | COMMENTARY |
|---|---|
| 005930.KS | Samsung Electronics (Samsung), the South Korean technology conglomerate, was the largest contributor. Shares advanced as memory pricing continued to ramp sharply, driven by tight supply and accelerating demand from data centers and AI infrastructure. While Samsung is often viewed through the lens of smartphones and consumer electronics, the company's earnings power is increasingly tied to memory, particularly dynamic random access memory (DRAM), where Samsung remains one of the global leaders and where we have long identified memory and smartphones as the two core profit drivers. Importantly, the current strength in the share price seems to reflect more than simply higher spot pricing. Samsung is shifting its portfolio toward higher-value products such as high-bandwidth memory 4 (HBM4), server double data rate 5 (DDR5) and enterprise solid-state drives (SSDs), while longer-term supply agreements should provide better visibility through the cycle. After trailing peers in earlier generations of high-bandwidth memory, the company has improved its competitive position, supported by renewed investment focus, DRAM line conversion and HBM4 progress. Beyond memory, Samsung continues to benefit from its scale and manufacturing expertise across displays, image sensors, smartphones, consumer electronics and custom semiconductor manufacturing. We remain mindful of memory cyclicality, Chinese competition and the capital intensity required to remain at the leading edge. However, Samsung's improving product mix, disciplined capacity allocation and broader component opportunities should support higher normalized earnings and FREE cash flow over our investment horizon. |
| TTI | Techtronic Industries (Techtronic), the Hong Kong-based manufacturer of power tools, was a primary contributor during the period. We initiated our investment in the first quarter of 2026, attracted to the company's Milwaukee and Ryobi brands, culture of product innovation, and battery ecosystems that create loyalty and repeat purchases across hundreds of compatible tools. Recent results highlight the company's progress, with Milwaukee driving revenue growth through deeper penetration of professional trades, new product introductions and expansion into additional geographies, while Ryobi remains a leading DIY platform with opportunities to expand beyond its core markets. The company has also improved the quality of its earnings base by shifting further toward Milwaukee, exiting lower-return areas such as HART and rationalizing underperforming product lines. Importantly, the business is increasingly broader than residential repair and remodel demand. Milwaukee is becoming embedded in the workflows of mechanical, electrical and plumbing contractors working on data centers, grid infrastructure and other complex non-residential projects, where productivity, safety and uptime are critical. This is a natural extension of Techtronic's strategy: expand the Milwaukee ecosystem around the jobsite, then deepen customer loyalty through batteries, accessories, personal protective equipment, storage and service support that can make the platform more valuable over time. |
| 7532.T | Pan Pacific International Holdings (Pan Pacific), the Japanese discount retailer, was the largest detractor during the period. Shares declined as investors weighed the company's acquisition of Tokyo metropolitan supermarket chain Olympic Group, the potential upfront costs associated with its new Robin Hood format, and broader concerns about gross margin sustainability in a competitive retail environment. Management also announced leadership changes at Gelson's, its California-based premium grocery subsidiary, as the business works to improve operating performance amid a more challenging consumer backdrop. Nevertheless, we believe Pan Pacific's long-term investment case remains intact. The company continues to benefit from differentiated store formats, decentralized merchandising, strong value positioning, and management's experience improving acquired retail assets. Same-store sales in the discount store business remain strong, while private-label expansion, UNY margin improvement, and new concepts such as Robin Hood and Rail-side Donki extend the company's domestic growth runway. We remain confident that Pan Pacific's distinctive retail culture and disciplined execution position it well for long-term growth. |
| ACN | Accenture, the global provider of information technology (IT) consulting and technology services, was a primary detractor during the quarter. Shares declined as investors reacted to weaker bookings, a lower revenue outlook, continued pressure on discretionary IT spending and disruptions tied to the conflict in the Middle East, while also debating whether generative AI could reduce demand for traditional consulting services. Despite these near-term headwinds, Accenture remains a premier enterprise transformation partner, with advantages rooted in scale, deep industry expertise, broad technology partnerships and long-standing client relationships. Management continued to highlight growing demand for large-scale AI reinvention programs as clients move from experimentation to production, with AI increasingly embedded in broader managed-services contracts. The company also expanded its capabilities through the acquisitions of Dragos, runZero and NetRise, building a leading operational technology cybersecurity platform with more software- and platform-oriented revenue streams. In addition, Accenture Edge, supported by Microsoft and Avanade, extends the company's reach into the underpenetrated mid-market. We believe these initiatives reinforce Accenture's ability to adapt to technology shifts and sustain its long-term competitive position. |
| UL | We first invested in Unilever, the global consumer staples company, in the second quarter of 2013. We have long been attracted to the company's broad portfolio of leading personal care and food brands (such as Dove, Knorr and Axe), global scale, significant emerging markets exposure and strong position across everyday use categories. Over our more than decade-long holding period, Unilever strengthened and simplified its portfolio, divesting lower-growth food assets, improving efficiency, increasing focus behind its largest brands and shifting the business toward faster-growing, higher-margin beauty, wellbeing, personal care and home care categories. More recently, the separation of the ice cream business and continued reshaping of the food portfolio have further narrowed Unilever's strategic focus. While we continue to view the remaining Unilever franchise as high quality, we believe the more compelling opportunity now resides in the independent ice cream business, where dedicated management and a category-specific strategy should provide a clearer path to value creation. We therefore elected to exit Unilever and redeploy the proceeds into Magnum Ice Cream, discussed in greater detail below. |
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