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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Aristotle Core Equity Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"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 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.
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