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/Saul Global Equity Fund returned 7.12% in Q2 2026, underperforming the MSCI ACWI Index's 14.93% return, primarily due to security selection and underweight positioning in information technology. Global equity markets rallied to record highs during the quarter, led by gains in Asia/Pacific ex-Japan and North America, with companies tied to AI infrastructure buildout among the strongest performers. Geopolitical volatility in the Middle East, particularly the U.S.-Iran conflict, affected energy markets and investor sentiment, while inflationary pressures led to interest rate increases by the European Central Bank. The Fund's largest contributors included Samsung Electronics, benefiting from sharp memory pricing increases driven by AI infrastructure demand, and Qualcomm, recovering as inventory adjustments progressed. Detractors included Munich Reinsurance, facing pricing pressure in portions of the reinsurance market, and Martin Marietta Materials, as investors focused on the pace of construction recovery. During the quarter, the Fund exited Danaher, Dolby Laboratories and Tokyo Century, redeploying proceeds into Techtronic Industries and Wal-Mart de México, both offering attractive valuations and clear catalysts. The manager continues to focus on owning high-quality businesses at attractive valuations rather than positioning around macro outcomes.
The Aristotle/Saul Global Equity Fund seeks to own high-quality businesses at attractive valuations with identifiable catalysts that will drive stock price appreciation over a three- to five-year investment horizon, focusing on companies with strong competitive positions, capable management teams, financial resilience and opportunities to improve profitability and free cash flow generation.
The global backdrop remains complex with geopolitical developments, central bank decisions and changes in investor risk appetite influencing returns over shorter periods. Rather than positioning the Fund around macro outcomes, the manager continues to focus on the businesses owned 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 two highly experienced portfolio managers with over 25 years of collaborative experience. Howard Gleicher, CFA, serves as CEO & Chief Investment Officer at Aristotle Capital Management since 2010, bringing over 35 years of industry experience including co-founding Metropolitan West Capital Management and earlier roles at PIMCO. Gregory Padilla, CFA, is a Managing Partner and Portfolio Manager who began his investment career in 2006, with previous roles at Vinik Asset Management and Tradewinds Global Investors. Both managers have average tenure near 13 years managing the fund and are described as having worked together for over twenty-five years since their initial collaboration in the 1990s.
The fund employs a quality-value investment approach, seeking to invest in what they believe to be high-quality companies in great and/or improving lines of business. The strategy utilizes a private equity approach to public markets to assess the value of a company, as if they were buying the entire business. Catalysts are actions/events currently underway that they believe will propel a company to meet its full potential over the next three to five years. The fund invests at least 40% of assets outside the U.S. across multiple countries including emerging markets, maintaining a concentrated portfolio of 45-55 stocks with low turnover ranging from 10-20% annually.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
The Fund holds 18 named positions with the top 10 representing 32.21% of assets, indicating moderate concentration. The manager provides detailed, multi-paragraph thesis summaries for new purchases (Techtronic, Walmex) with specific quality characteristics, valuation rationale, and catalysts. The letter includes explicit position sizing for the top holding (Samsung at 5.10%). The manager demonstrates willingness to hold through volatility (Martin Marietta 'remains a strong performer over the past 12 months' despite quarterly underperformance) and provides clear, falsifiable catalysts with timeframes ('three- to five-year investment horizon'). However, the exits of Danaher and Dolby due to 'fewer catalysts' and lack of 'visibility and timing' suggest the manager requires high conviction to maintain positions. The combination of moderate concentration, detailed thesis work, and disciplined exits supports a score in the high-moderate range.
Growth Outlook
The manager acknowledges elevated political and geopolitical uncertainty but frames current market conditions as creating opportunities for patient investors. They note the wide range of competing narratives but maintain constructive view that fundamentals ultimately determine outcomes.
Risk Appetite
The fund made selective portfolio changes including adding Chevron and trimming Cameco for risk management, indicating measured risk appetite. The overweight in energy and focus on high-quality businesses suggests moderate risk-on positioning.
Capital Deployment
The Fund sold three positions (Danaher, Dolby Laboratories, Tokyo Century) and purchased two (Techtronic Industries, Wal-Mart de México) during the quarter. This represents capital rotation rather than net deployment or de-risking, as proceeds from sales were redeployed into new names. No cash level changes are disclosed in the letter. The manager describes this activity as redeploying 'proceeds into what we view as more attractive opportunities,' confirming rotation rather than net cash movement. Per the rotation rule, this activity scores near 0.00 to +0.10, as there is no evidence of net new cash being put to work or net de-risking.
Forward Guidance
Management states their focus is unchanged and they continue to study businesses with long-term perspective. They view current environment as creating opportunities but don't indicate aggressive deployment plans, suggesting selective approach.
Language Signal
The letter contains balanced directional language. Bullish language includes 'rallied to record highs,' 'robust earnings,' 'strong operating results,' 'attractive valuations,' and 'compelling catalysts' for new purchases. Bearish language includes 'fragile global economic backdrop,' 'source of volatility,' 'pricing pressure,' 'weaker investment results,' 'stagflation concerns,' and 'complex' backdrop. Risk language is prominent throughout, particularly in the Market Review section. The manager also notes that 'fewer company-specific catalysts' led to exits. Overall, the language is more cautious than bullish, but not overwhelmingly negative, warranting a mildly positive score.
Perceived Risk
Manager identifies multiple specific risks including trade policy uncertainty from Supreme Court ruling, Middle East conflict disrupting energy supply, macroeconomic growth moderation with persistent inflation, and elevated political/geopolitical uncertainty. Risks are named and discussed with meaningful detail.
Opportunity Density
The manager identifies selective opportunities in defined areas, as evidenced by the addition of two new positions (Techtronic, Walmex) with detailed thesis work and 'compelling catalysts.' However, the manager also exited three positions due to 'fewer company-specific catalysts ahead' (Danaher) and catalysts that 'lack the visibility and timing we require' (Dolby), suggesting a more selective environment. The letter emphasizes that 'markets can move quickly from one theme to the next' and that the manager will focus on 'the businesses we own' rather than positioning around macro outcomes. This language suggests the manager sees opportunities but requires high conviction and clear catalysts, consistent with a selective rather than abundant opportunity set. The score reflects selective opportunities in defined areas rather than a broad or sparse opportunity set.
Time Horizon
The manager explicitly states a 'three- to five-year investment horizon' for new purchases (Techtronic, Walmex) and emphasizes that the investment process focuses on 'the actions management teams are taking to increase value over time' and 'owning high-quality businesses at attractive valuations remains the best way to create value for clients over the long term.' The manager held Danaher for a 'decade-long holding period' and Dolby for over four years (since Q1 2022), demonstrating willingness to hold through cycles. The letter describes catalysts in multi-year terms (e.g., 'over our investment horizon,' 'long-term diversification strategy,' 'long-term infrastructure investment'). However, the manager also demonstrates catalyst dependency, exiting positions when catalysts lack 'visibility and timing,' suggesting a multi-year but not indefinite horizon. The combination of explicit 3-5 year timeframes, decade-long holding periods, and catalyst-driven decision-making supports a score in the upper-moderate range.
Top Conviction Themes
Key Catalysts
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