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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Aristotle/Saul Global Equity Fund 2026 Q1 Investor Letter | Buyside Digest

Back to Fund Profile (Aristotle/Saul Global Equity Fund)

Primary Source Intelligence • Q1 2026 Letter Analysis

Aristotle/Saul Global Equity Fund Quarterly Analysis

Buyside Digest is not affiliated with, and does not endorse, Aristotle/Saul Global Equity Fund. This analysis is provided for institutional research purposes only and is not investment advice.

Fund Returns

QTD-2%

YTD-2%

Annualized+7.45%

Positioning StanceNEUTRAL

Market CapLarge Cap

GeographyUS

Digest Analysis

Quick Take

"Aristotle/Saul Global Equity outperformed in Q1 2026 (-2.35% vs MSCI ACWI -3.20%) driven by energy allocation benefits. TotalEnergies and Otsuka Holdings led contributors while MonotaRO and Qualcomm detracted."

Executive Summary

Aristotle/Saul Global Equity outperformed in Q1 2026 (-2.35% vs MSCI ACWI -3.20%) driven by energy allocation benefits. TotalEnergies and Otsuka Holdings led contributors while MonotaRO and Qualcomm detracted. Added Chevron as attractively valued integrated energy play. Management emphasizes long-term fundamentals over short-term volatility, viewing current uncertainty as creating opportunities for patient capital.

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Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

Market Conviction

72%

CautiousHigh

High Conviction (72%)

The fund demonstrates high conviction through concentrated top 10 holdings representing 31.72% of portfolio, detailed individual position analysis with specific catalysts and timeframes, and clear investment thesis for new addition Chevron. Named positions with sizing and explicit three-to-five-year investment horizons indicate strong conviction in selected holdings.

Growth Outlook

25%

BearishBullish

Bearish (25%)

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

40%

DefensiveAggressive

Defensive (40%)

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

15%

De-riskingDeploying

De-risking (15%)

Limited net deployment activity with one new purchase (Chevron) offset by one sale (Sony Financial) and one trim (Cameco). This represents portfolio rotation rather than significant new capital deployment, indicating measured activity.

Forward Guidance

30%

CautiousExpansionary

Cautious (30%)

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

35%

BearishBullish

Bearish (35%)

Language includes positive terms like 'opportunities,' 'attractive,' and 'compelling catalysts' balanced against risk language around 'uncertainty,' 'volatility,' and 'headwinds.' Net positive but measured tone throughout.

Perceived Risk

65%

Low RiskElevated

Elevated Risk (65%)

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

60%

ScarceAbundant

Selective (60%)

Manager sees selective opportunities, evidenced by adding Chevron and maintaining focus on individual business fundamentals. They believe current market conditions create opportunities for patient investors, suggesting moderate opportunity density in their investment universe.

Time Horizon

75%

Short-TermLong-Term

Decade+ (75%)

Explicit three-to-five-year investment horizon mentioned multiple times, emphasis on long-term fundamentals over short-term dynamics, and patient capital approach. Catalysts discussed have multi-year timeframes, indicating longer-term investment perspective.