HURN

HURN

HURN

Market Cap: $2.31B

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 22, 2025	Aristotle Small Cap Equity Fund	3.3%	-	ACIW, AEIS, ALIT, BHLB, CHE, CMCO, DY, FLS, GRDN, HURN, IPAR, ITRI, JBGS, LQDT, MMSI, MNRO, MTSI, SMG, TKO, VRRM	growth, healthcare, industrials, small caps, technology, Telecommunications, value	Valuations remain compelling relative to large caps, with the Russell 2000 Index trading near multi-decade lows on a relative basis. Potential tailwinds include deregulation, lower corporate tax rate, increased M&A activity, continued reshoring of U.S. manufacturing, and infrastructure-related spending.	VRRM SMG IPAR GRDN FLS ALIT ACIW CHE MTSI DY CHE	View
2026 Q1	May 1, 2026	Aristotle Small/Mid Cap Equity	2.3%	2.3%	AEIS, ALIT, CIEN, CWST, HURN, NVST	AI, domestic, energy, Manufacturing, semiconductors, small caps, technology, value		NVST CWST HURN CIEN AEIS	View
2026 Q1	May 1, 2026	Aristotle Small Cap Equity Fund	1.5%	1.5%	AEIS, HAE, HURN, MTSI, NVTA	AI, domestic, energy, semiconductors, small caps, technology, value		NVST HAE MTSI AEIS	View
2024 Q1	Apr 15, 2024	Aristotle Small Cap Equity Fund	7.3%	9.4%	ACHC, AER, ASC, ASGN, ATNI, AZEK, CPLP, DY, HURN, ITRI, MATW, MCRB, MMSI, MODV, MTSI, PWSC, QDEL, SP	Construction, healthcare, industrials, small caps, technology, value	Manager remains optimistic about long-term potential for small cap segment despite strong recent performance. Valuations of small versus large cap equities remain near multi-decade lows with 16.0x P/E for Russell 2000 versus 21.8x for Russell 1000. Small caps are better positioned to benefit from reshoring of U.S. manufacturing, CHIPS Act, and infrastructure projects.	PWSC QDEL MODV ITRI AZEK	View
2026 Q1	Apr 12, 2026	FMI All Cap Equity	-	-	BKNG, CARR, FBHS, FERG, FLR.MC, HAYW, HURN, HWDN.L, IMCD.AS, LPX, MAS	AI, Cyclical, defense, energy, Geopolitical, Housing, Quality, value		IMCD.AS BKNG HURN	View
2026 Q1	Apr 12, 2026	FMI International Equity	-	-	BKNG, CARR, FBHS, FERG, FLU.MC, HAYW, HURN, HWDN.L, LPX, MAS	AI, Consulting, defense, energy, Geopolitical, Housing, Quality, value		IMCD.AS BKNG HURN	View
2026 Q1	Apr 12, 2026	FMI Large Cap Equity	-	-	BKNG, CARR, FBHS, FERG, FLR.MC, HAYW, HURN, HWDN.L, IMCD.AS, LPX, MAS	AI, Building Materials, defense, energy, Geopolitical, Quality, Travel, value		IMCD.AS BKNG HURN	View
2026 Q1	Apr 12, 2026	FMI Small Cap Equity	-	-	BKNG, CARR, FBHS, FERG, FLR.PA, HAYW, HURN, HWDN.L, IMCD.AS, LPX, MAS	AI, contrarian, defense, energy, Geopolitical, Housing, Quality, value			View
2025 Q1	Mar 31, 2025	Aristotle Small Cap Equity Fund	-7.6%	-7.6%	ADC, AER, AGI, ASGN, B, CDMO, CHE, CHH, CMCO, DBI, FFIC, HURN, MMSI, MODV, MTSI, ONB, SUM, VECO, VVV, WWE	gold, healthcare, industrials, REITs, semiconductors, small cap, technology, value	Fund focuses on small-cap segment with compelling valuations relative to large caps, trading near multi-decade lows on a relative basis. Potential tailwinds include deregulation, lower corporate tax rates, increased M&A activity, and continued reshoring of U.S. manufacturing.		View
2025 Q1	Mar 31, 2025	Aristotle Small/Mid Cap Equity	-6.2%	-6.2%	ACIW, ADC, AER, AGI, ASGN, BDC, CHE, CIEN, CII, DBI, DY, HURN, ITRI, MMSI, MTSI, NDAQ, ONB, RRC, VVV, WWW	Consulting, gold, healthcare, Regional Banks, semiconductors, small caps, technology, value	The fund maintains exposure to semiconductor companies like MACOM Technology Solutions despite sector weakness during the quarter. The manager believes in meaningful exposure to growing demand from data center and 5G end-market applications, with recent acquisitions expected to drive additional shareholder value.		View
2025 Q4	Feb 4, 2026	Aristotle Small Cap Equity Fund	1.9%	0.2%	ACHC, AEIS, AER, ATR, AUB, CCRN, CNS, EHTH, GTLS, HAE, HURN, IDA, ITRI, LKQ, MTSI, NUS, PRGO, PTEN, TITN, WWW	Deregulation, Energy Transition, healthcare, M&A, Regional Banks, semiconductors, small caps, value	The fund focuses exclusively on small-cap equities with valuations remaining compelling relative to large caps, with the Russell 2000 Index trading near multi-decade lows on a relative basis. Potential tailwinds include deregulation, lower corporate tax rates, increased M&A activity, continued reshoring of U.S. manufacturing and infrastructure-related spending. Value stocks outperformed growth counterparts during the quarter as the Russell 2000 Value Index returned 3.26% compared to 1.22% for growth. Lower-quality companies outperformed higher-quality companies with factors like high bankruptcy risk, low sales growth, and low price to earnings having the strongest payoffs. MACOM Technology Solutions, a designer and manufacturer of high-performance semiconductor products, was a top contributor with strong quarterly results. The company has meaningful exposure to growing demand from Data Center and 5G end market applications along with domestic manufacturing footprint. Healthcare was the best-performing sector at +18.54% during the quarter. The fund holds positions in companies like Haemonetics in blood management and Acadia Healthcare in behavioral health services, though maintains an underweight allocation as it avoids biotechnology companies due to binary risk. The fund added positions in regional banks including Atlantic Union Bankshares and WesBanco, viewing DOGE-related concerns as creating attractive opportunities. These banks benefit from diversified customer bases, growing market share, and solid balance sheets positioned for trust and deposit opportunities. The fund holds positions in companies supporting power grid modernization through Itron's smart metering solutions and IDACORP's transmission opportunities. These companies are positioned to benefit from critical regional transmission opportunities and grid monitoring solutions.		View
2025 Q4	Feb 4, 2026	Aristotle Small/Mid Cap Equity	2.3%	3.0%	AEIS, AER, AGI, AHCO, AUB, BJ, BKU, CIEN, DY, EHC, HASI, HMN, HQY, HURN, IDA, ITRI, MTSI, NOVT, PRGO, PWP, UGI, WWW	Banking, healthcare, industrials, small cap, technology, Utilities, value	AI-related demand is driving strong performance for optical networking equipment manufacturers like Ciena, which is dominating market share for scale across data center projects in 2026. The quarter began with concerns about a potential AI capital expenditures bubble affecting market sentiment. Power grid modernization efforts are driving demand for smart metering and grid monitoring solutions. Companies like Itron are well-positioned to benefit from these infrastructure investments despite some regulatory approval delays. Continued reshoring of U.S. manufacturing is identified as a potential tailwind for small/mid-cap stocks. This trend supports domestic manufacturing capabilities and creates opportunities for industrial companies.		View
2024 Q3	Sep 30, 2024	Aristotle Small Cap Equity Fund	7.3%	9.4%	ACHC, ACIW, AER, ASC, BDC, BWIN, CHCT, DY, FIBK, HURN, ITRI, LUMN, MDVL, MMSI, MRCY, MTSI, NVRI, PETQ, PTEN	financials, healthcare, rates, small caps, technology, value	The fund focuses exclusively on small-cap investments with valuations remaining attractive relative to large caps. Small caps trade at 16.7x P/E versus 25.8x for large caps, near multi-decade lows. The manager believes small caps are better positioned to benefit from reshoring, M&A activity, and infrastructure spending.		View
2022 Q2	Jun 30, 2022	Aristotle Small Cap Equity Fund	7.3%	9.4%	AZPN, CUBI, HURN, STAR, SUM, UTL, WWW	-			View
2024 Q4	Jan 23, 2025	Aristotle Small Cap Equity Fund	-0.5%	9.4%	ACHC, AMTM, ASC, AXTA, AZPN, COLD, DY, EMR, GTLS, HASI, HURN, HXL, INFN, J, KBH, LQDT, MTSI, NOK, SUM, TROX	healthcare, industrials, M&A, materials, small caps, technology, value	Manager remains optimistic about long-term potential for small-cap segment. Valuations within small-cap segment remain compelling relative to large caps, with Russell 2000 Index trading near multi-decade lows on a relative basis. Potential tailwinds include deregulation, increased M&A activity, continued decline in interest rates, continued reshoring of U.S. manufacturing, and infrastructure-related spending.	TROX HXL AXTA COLD AMTM ASC ACHC GTLS	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
May 4, 2026	Fund Letters	Aristotle Small/Mid Cap Equity	Huron Consulting Group	Consulting Services	Professional Services	Bull	NASDAQ	consulting services, Data Analytics, Education, healthcare, regulatory compliance, Technology Solutions	View Pitch
Apr 13, 2026	Fund Letters	FMI Small Cap Equity	Huron Consulting Group Inc.	Consulting Services	Research & Consulting Services	Bull	NASDAQ	AI, Consulting, Education, healthcare, M&A, margin expansion, recurring revenue, Share Buybacks	View Pitch
Apr 13, 2026	Fund Letters	FMI Large Cap Equity	Huron Consulting Group Inc.	Consulting Services	Research & Consulting Services	Bull	NASDAQ	AI, Consulting, healthcare, Higher Education, M&A, margin expansion, recurring revenue, share repurchases	View Pitch
Apr 13, 2026	Fund Letters	FMI International Equity	Huron Consulting Group Inc.	Consulting Services	Research & Consulting Services	Bull	NASDAQ	AI, Consulting, Education, healthcare, M&A, margin expansion, recurring revenue, share repurchases	View Pitch
Apr 13, 2026	Fund Letters	FMI All Cap Equity	Huron Consulting Group Inc.	Consulting Services	Research & Consulting Services	Bull	NASDAQ	AI, Consulting, Education, growth, healthcare, professional services, recurring revenue, Value	View Pitch
Aug 13, 2025	Seeking Alpha	Hong Chew Eu	Huron Consulting Group Inc.	Industrials	Consulting Services	Neutral	NASDAQ	—	View Pitch

BSD Shareholders of HURN

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
Israel Englander	Millennium Management LLC	$233.2B	$456,655	0.00%	2,641	-4,783	-64.43%	0.0198%
David Siegel & John Overdeck	Two Sigma Investments	$67.5B	$3.1M	0.00%	17,896	-46,779	-72.33%	0.1341%
Cliff Asness	AQR Capital Management	$190.6B	$2.2M	0.00%	12,707	+1,869	+17.24%	0.0952%
Bruce Kovner	Caxton Associates	$3.2B	$294,372	0.01%	2,369	-1,143	-32.55%	0.0128%
Rich Handler	Jefferies	$19.3B	$247,088	0.00%	1,429	-28,061	-95.15%	0.0107%

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