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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Fund underperformed in Q2 2026 as AI infrastructure stocks rallied sharply while the portfolio's quality-focused positioning lagged. Samsung and Qualcomm contributed on memory cycle strength, while Munich Re and Martin Marietta detracted on cyclical concerns."
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.
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