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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Jul 10, 2024 | Aristotle International Equity Fund | 10.5% | 13.3% | 1299.HK, 6367.T, 7532.T, ACN, CCO, D05.SI, MGA, MUV2.DE, NEM.DE, NVS, ROG.SW, SAF.PA, SONY | fundamentals, international, long-term, Pharmaceuticals, Quality, value | The fund made a significant portfolio change by selling Novartis and purchasing Roche, viewing Roche as a more optimal investment. Roche is positioned as a pioneer in personalized healthcare with its unique structure combining pharmaceuticals and diagnostics, offering compelling catalysts including market share gains in oncology and increased penetration of key drugs. | ROG.SW |
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| 2024 Q1 | May 9, 2024 | Polaris International Equity | 5.8% | 10.1% | 000270.KS, 000660.KS, 005930.KS, 007700.KS, 055550.KS, 066570.KS, 2338.HK, 4502.T, 6758.T, 8002.T, ANTO.L, BPOP, DTG.DE, GNC.L, HNR1.DE, LUMI.TO, MEOH, MNDI.L, MUV2.DE, NOMD.L, NXT.L, OTEX, PUB.PA, SKG.L, TEP.PA, YAR.OL | Asia, cyclicals, Europe, international, materials, technology, value | The electrification of everything and resurgent Chinese economy drove demand, while supply constraints from declining production rates at productive mines and political disruptions created tight market conditions. This benefited pure copper players like Lundin Mining and Antofagasta PLC, both jumping over 20% for the quarter. | View | |
| 2024 Q1 | May 9, 2024 | Polaris Global Equity | 6.9% | 12.7% | 000660.KS, 005930.KS, 066570.KS, ALSN, ANTO.L, CG, CROX, DCOM, DTG.DE, HNR1.DE, LUN.TO, MKSI, MSFT, MUV2.DE, NXT.L, OTEX, PUB.PA, SKG.L, SONY, TEP.PA | AI, Copper, financials, global, industrials, rates, technology, value | AI was a driving force behind divergent results for portfolio holdings. Publicis Groupe advanced after announcing a strategy to become the industry's first AI-powered Intelligent System. Teleperformance declined on concerns that generative AI will disrupt their call center business. Microsoft continues to benefit from AI demand despite no longer being the cheapest stock in the portfolio. | View | |
| 2024 Q1 | Apr 15, 2024 | Tweedy, Browne International Value II | 2.4% | 8.3% | 6302.T, AALB.AS, BA.L, BRK-A, ENVS, FMC, FRE.DE, HEIA.AS, MUV2.DE, NA.TO, NESN.SW, NOVN.SW, RHM.DE, RMS.PA, ROG.SW, SAF.PA, SCR.PA, SOL.MI, TEP.PA, TREL-B.ST, WPK.TO | defense, Diversified, global, industrials, international, value | Defense companies led industrial returns with strong performance from BAE Systems, Safran, and Rheinmetall AG. The aerospace and defense sector was among the leading industries during the quarter. | View | |
| 2024 Q1 | Apr 15, 2024 | Tweedy, Browne Worldwide High Dividend | 6.4% | 9.8% | 6302.T, AALB.AS, BA.L, BRK-A, FMC, FRE.DE, HEIA.AS, MUV2.DE, NA.TO, NESN.SW, NOVN.SW, NVTA, RHM.DE, RMS.PA, ROG.SW, SAF.PA, SCR.PA, SOL.MI, TEP.PA, TREL-B.ST, WPK.TO | defense, dividends, global, High Dividend, value | Aerospace & defense businesses led results during the quarter, driven primarily by BAE Systems, Safran, and Rheinmetall AG. Defense companies were among the top contributors to fund performance. | View | |
| 2024 Q1 | Apr 15, 2024 | Ariel Global Fund | 6.9% | 0.0% | 033780.KS, 7270.T, 7832.T, ADM.L, APTV, BIDU, COF, CVS, DOX, DTG.DE, DVA, ELE.MC, INTC, JD, MUV2.DE, NESN.SW, PM, SIE.DE, SRG.MI, STLA, TDC | Automotive, global, healthcare, long-term, technology, undervalued, value | Artificial intelligence is driving investor enthusiasm and market performance. Companies like Baidu are investing heavily in AI with their Ernie Bot launch, while Capital One is rated as a leading bank in AI implementation. | View | |
| 2024 Q1 | Apr 15, 2024 | Aristotle International Equity Fund | 10.5% | 13.3% | 1299.HK, 6326.T, 7532.T, ACN, AHT.L, BN, CCO, MC.PA, MGA, MUV2.DE, NEM.DE, ROG.SW, SAF.PA, SONY | aerospace, Asia, Europe, gaming, international, Reinsurance, value | Safran benefited from increased narrow-body air traffic above 2019 levels and aging fleet demand for service. The company's LEAP engines reduce fuel consumption and CO2 emissions, with deliveries increasing 38% in 2023. Airlines are upgrading fleets to be more efficient and environmentally friendly. | MUV2.DE SAF.PA 1299.HK 6758.T |
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| 2025 Q1 | Mar 31, 2025 | Aristotle International Equity Fund | 3.8% | 3.8% | 3064.T, 7532.T, 9983.T, ACN, AZN.L, BN.TO, CCO.TO, D05.SI, DEO, MG.TO, MUV2.DE, NEM.DE, ROG.SW, SAF.PA, SONY | AI, gaming, international, nuclear, Quality, Reinsurance, Trade Policy, value | President Trump announced new tariffs on imports from Canada, Mexico and China, with additional warnings to the EU over imbalanced trade arrangements. The targeted industries included autos, steel and aluminum, reflecting a focus on reshoring and industrial policy. This renewed trade uncertainty prompted central banks to lower growth forecasts and adopt more cautious tones on future rate moves. | 9983.T ACN CCO.TO 6758.T MUV2.DE |
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| 2025 Q1 | Mar 31, 2025 | Aristotle/Saul Global Equity Fund | 1.2% | 1.2% | 3064.T, 6367.T, 6758.T, ADBE, AMGN, CCJ, D05.SI, GOOGL, HON, LEN, MCHP, MLM, MSFT, MUV2.DE, NCLH, TTE | AI, energy, global, Quality, Reinsurance, technology, Trade Policy, value | The artificial intelligence theme continued to influence market narratives during the quarter. Chinese startup DeepSeek gained international attention after launching a low-cost rival to leading generative AI models, challenging assumptions around infrastructure demands and potentially reducing the need for GPUs and energy-intensive data centers. This development raised new questions about the durability and configuration of global AI supply chains. | 6367.T GOOGL ADBE CCO SONY MUV2.DE |
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| 2025 Q4 | Feb 4, 2026 | Aristotle International Equity Fund | 5.5% | 22.5% | 005930.KS, 5401.T, 6594.T, 6758.T, 6954.T, 7532.T, ALL.AX, BAP, BN, CCO, D05.SI, EBS.VI, EXPN.L, MUV2.DE, ROG.SW, SAF.PA | Asia, Automation, Banking, Europe, gaming, international, Quality, value | FANUC Corporation demonstrates leadership in factory automation and industrial robotics, with operating margins expanding to 21% and strong robot sales growth in China exceeding 80% year-over-year. The company maintains dominant positions in CNC systems and continues deepening competitive advantages through collaboration with NVIDIA on AI-driven robotics and digital twin capabilities. Aristocrat Leisure represents a compelling investment in the global gaming market with over 70% recurring revenue from slot machines and digital platforms. The company benefits from an oligopolistic industry structure and strong market positions across North American commercial and tribal gaming markets, supported by proprietary content franchises. Erste Group Bank delivered strong operating performance driven by healthy loan growth, resilient net interest income, and solid fee income across Central and Eastern European markets. The bank's diversified retail-oriented model and leading market positions support continued growth as regional economies develop and demand for financial services expands. The U.S.-China trade relationship showed improvement with a one-year trade truce reached at the APEC summit, reducing China's effective tariff rate to 47% and deferring export controls on rare earth materials. However, new tensions emerged with Japan over Taiwan, highlighting ongoing geopolitical complexities affecting global trade flows. | View | |
| 2024 Q4 | Dec 31, 2024 | Ariel International Fund | -5.1% | 5.4% | 000660.KS, 005930.KS, 6460.T, BARC.L, BEZ.L, BMPS.MI, DLG.L, EMAAR.DU, FMS.DE, HO.PA, JD, ML.PA, MUV2.DE, ORA.PA, REE.MC, SAF.PA, SNY, VEA | AI, Asia, Banking, Europe, international, semiconductors, value | Markets worldwide were led by artificial intelligence themed stocks, with U.S. mega-cap technology companies dominating performance. The narrow ascent of AI themed stocks have driven market returns in recent years, though opportunities should broaden to companies utilizing AI to create real-world efficiencies. | 6460.T 000660.KS REE.MC ORA.PA BEZ.L BARC.L JD SNY ML.PA EMAAR.DU BMPS.MI FME.DE |
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| 2025 Q3 | Nov 4, 2025 | Aristotle/Saul Global Equity Fund | 5.1% | 16.0% | 005930.KS, 3064.T, BN, CCJ, D05.SI, FCFS, GOOGL, HTGPF, LEN, MLM, MSFT, MUV2.DE, NEM.DE, NVDA, SONY, TSLA | AI, global, Memory, semiconductors, technology, Trade Policy, value | Samsung secured Nvidia's approval for its high-bandwidth memory product (HBM3E) during the quarter, positioning the company to compete in next-generation HBM4. The company demonstrated industry-leading data transfer speeds and is engaging in supply discussions with major AI chipmakers. Samsung also announced a strategic partnership with OpenAI potentially generating demand of up to 900,000 DRAM wafers per month. | NEM GR 4385 JP FCFS 005930 KS NEM GR 4385 JP FCFS 005930 KS |
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| 2025 Q3 | Nov 4, 2025 | Aristotle International Equity Fund | 1.1% | 15.9% | 005930.KS, 3064.T, 7532.T, ACN, ALC, BAP, BN, CCJ, D05.SI, EBS.VI, HLN.L, MUV2.DE, NEM.DE, SAF.PA, SONY, WMMVY | AI, Banking, E-Commerce, international, semiconductors, technology, Trade Policy | Global trade developments dominated the quarter with the EU-US agreement eliminating tariffs on industrial goods and expanding agricultural access, while the US imposed 15% tariffs on EU imports. Mixed developments in Asia included potential renegotiation of Japan's trade agreement and deteriorating US-India relations with additional 25% tariffs on Indian imports over Russian oil purchases. | WMMVY 9830 JP BAP 005930 KS WMMVY 9830 JP BAP 005930 KS |
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| 2024 Q3 | Sep 30, 2024 | Polaris International Equity | 5.8% | 10.1% | 000270.KS, 000660.KS, 005930.KS, 055550.KS, 3132.T, 8002.T, 8591.T, 9433.T, AD.AS, ANTO.L, BARN.SW, BPOP, BWY.L, CTC.TO, DTE.DE, GNC.L, HNR1.DE, LIN, LOOM.ST, LUN.TO, MEOH, MUV2.DE, NXT.L, YAR.OL | cyclicals, financials, international, rates, semiconductors, value | Interest rates finally peaked with most central banks globally initiating easing cycles. The manager expects rates to remain higher than previous cycles at neutral levels of 1.2% to 1.4%. This normalized rate environment should benefit value stocks and global economic recovery. | View | |
| 2024 Q2 | Jun 30, 2024 | Polaris Global Equity | 6.9% | 12.7% | 000270.KS, 000660.KS, 066570.KS, 2338.HK, 8001.T, 8002.T, ALSN, ANTO.L, BARN.SW, CG, CVS, DG.PA, DTG.DE, ELV, FTK.DE, GNC.L, JAZZ, LKQ, LUN.TO, MEOH, MG, MPC, MSFT, MUV2.DE, NEE, NVS, OTEX, SRBANK.OL, SVEG.OL, TEP.PA, TSN, U11.SI, UNH, UTHR, WBS, WMB | AI, Copper, Energy Transition, financials, global, healthcare, value | Copper prices increased over 20% from mid-February to late May due to tight supply and high demand from energy transition applications like electric vehicles and AI automation. Lundin Mining and Antofagasta benefited from this copper price momentum. | View | |
| 2024 Q2 | Jun 30, 2024 | Polaris International Equity | 5.8% | 10.1% | 000270.KS, 000660.KS, 005380.KS, 055550.KS, 066570.KS, 2338.HK, 8001.T, 8002.T, ANTO.L, BARN.SW, DG.PA, DNB.OL, DTG.DE, FTK.DE, GNC.L, IPS.PA, JAZZ, LUN.TO, MEOH, MG, MUV2.DE, NOVN.SW, OTEX, PUB.PA, SVEG.OL, TEP.PA, U11.SI, YAR.OL | AI, Asia, Copper, Europe, international, materials, technology | Copper prices increased over 20% from mid-February to late May due to tight supply and high demand from energy transition applications such as electric vehicles, as well as artificial intelligence and automation. Lundin Mining and Antofagasta PLC benefited from these copper trends. | View | |
| 2025 Q1 | Mar 31, 2025 | Polaris Global Equity | 4.1% | 4.1% | 000660.KS, 005930.KS, 066570.KS, ABBV, ALSN, ARW, CFR, CG, CVS, DCOM, DG.PA, DNB.OL, DTE.DE, EBC, ENI.MI, FTK.DE, GILD, HNR1.DE, IAG.L, INCH.L, IPG, LOOM.ST, MEOH.TO, MGA.TO, MKSI, MPC, MSFT, MTB, MUV2.DE, NTRS, NXT.L, OTEX.TO, PFS, PUB.PA, SBH, SDZ, SW, TTE, UTHR, VIPS, WBS, WMB, WSBC | AI, energy, Europe, financials, global, tariffs, technology, Trade | The Trump Administration has initiated far-reaching changes to reset decades of global trade agreements. Tariffs came to the forefront of every discussion in global markets, with broader-than-expected tariffs causing market volatility. By disrupting natural trade flows, tariffs can lead to reduced economic efficiency and slower global growth. | View | |
| 2025 Q1 | Mar 31, 2025 | Polaris International Equity | 5.7% | 5.7% | 000660.KS, 005930.KS, 066570.KS, 6758.T, DG.PA, DNB.OL, DTE.DE, DUNI.ST, ENI.MI, FTK.DE, HNR1.DE, IAG.L, INCH.L, LOOM.ST, MEOH.TO, MG.TO, MUV2.DE, NXT.L, OTEX.TO, PUB.PA, SDZ.SW, SPOG.OL, SW, TTE.PA, VIPS | AI, energy, Europe, financials, international, semiconductors, tariffs, Trade Policy | The Trump Administration initiated far-reaching changes to reset decades of global trade agreements. Tariffs came to the forefront of every discussion in global markets, disrupting natural flow of trade and comparative advantage, leading to reduced economic efficiency and slower global growth. | View | |
| 2023 Q4 | Jan 18, 2024 | Polaris Global Equity | 6.9% | 12.7% | 000270.KS, 000338.SZ, 000660.KS, 005930.KS, 6758.T, 7267.T, AD.AS, ALSN, AMC, BERY, BPOP, BWY.L, COF, ENI.MI, GD, HNR1.DE, IBOC, IPS.PA, JAZZ, KGX.DE, MSFT, MUV2.DE, NOV, NOVN.SW, NXT.L, PUB.PA, SBH, SDZ.SW, SKG.L, SLM, TW.L, WBS, YAR.OL | AI, Banking, financials, global, interest rates, value | Banking sector outperformed after Fed shifted narrative from rate increases to possible declines in 2024. Thirteen financial holdings recorded gains exceeding 15%, including U.S. banks and German reinsurers benefiting from hard market pricing and better investment returns. | View | |
| 2023 Q4 | Jan 18, 2024 | Polaris International Equity | 5.8% | 10.1% | 000270.KS, 000660.KS, 005930.KS, 2338.HK, 6758.T, 7267.T, 8001.T, AD.AS, AMC.L, ANTO.L, BPOP, BWY.L, DG.PA, DTG.DE, ENI.MI, FTK.DE, HNR1.DE, IPS.PA, JAZZ, KGX.DE, LUN.TO, MEOH, MUV2.DE, NVS, NXT.L, PUB.PA, SDZ.SW, SKF-B.ST, SKG.L, TEP.PA, TW.L, YAR.OL | AI, consumer discretionary, industrials, international, rates, value | Manager emphasizes purchasing cash-flow generative companies at excellent values, noting that more appropriately priced cost of capital is particularly beneficial for value stocks. The gale force headwind of growth over value stocks for the past decade is shifting, especially in international markets. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Aristotle International Equity Fund | Munich Reinsurance | Financials | Reinsurance | Bull | XETRA | Artificial Intelligence, Asia, capital allocation, cybersecurity, Dividend Growth, innovation, Reinsurance, risk management, Share Buyback | View Pitch |
| Apr 13, 2026 | Fund Letters | Aristotle/Saul Global Equity Fund | Munich Reinsurance | Financials | Reinsurance | Bull | XETRA | AI innovation, Asian markets, capital return, Catastrophe Insurance, cybersecurity, Reinsurance, risk management | View Pitch |
| Apr 13, 2026 | Fund Letters | Aristotle International Equity Fund | Munich Re | Financials | Reinsurance | Bull | XETRA | Asia, cybersecurity, Germany, global scale, Insurance, Reinsurance, specialty insurance, underwriting | View Pitch |
| 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||