Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
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 manager exited Danaher and Dolby after thesis realization, redeploying into Techtronic Industries and Wal-Mart de México. The team remains focused on high-quality businesses at attractive valuations with identifiable catalysts rather than macro positioning.
Full Quick Take
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 manager exited Danaher and Dolby after thesis realization, redeploying into Techtronic Industries and Wal-Mart de México. The team remains focused on high-quality businesses at attractive valuations with identifiable catalysts rather than macro positioning.
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.
Full Quick Take
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.
