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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 | 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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| 2024 Q1 | Apr 15, 2024 | Harding Loevner Global Small Companies | 7.8% | 4.1% | 6588.T, AAON, ALLE, ATKR, BWA, CYBR, ELAN, ENDV.L, ENS, FIVE, MBUU, MGPI, NEM.DE, OLLI, PFV.DE, RGA, RUB.PA, SWAV, XPEL, YOU.L | AI, cybersecurity, global, Japan, semiconductors, small caps, technology, value | Generative AI represents a powerful wave that has gained tremendous momentum since ChatGPT's launch. The world spent around $50B on AI-enabling chips in 2023, with forecasts ranging from $100B to over $400B in coming years. Smaller companies like Pfeiffer Vacuum occupy important niches in the AI supply chain through semiconductor manufacturing equipment. | CYBR PFEV.DE |
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| 2026 Q1 | Apr 1, 2026 | Church House Human Capital | -13.0% | -13.0% | NEM.DE, NGTG.T | AI, defense, global, growth, Japan, small caps, software | View | ||
| 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 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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| 2025 Q3 | Oct 20, 2025 | Baillie Gifford -International All Cap | 1.0% | 13.6% | 000333.SZ, 005930.KS, 0388.HK, 0700.HK, 1299.HK, 300750.SZ, 4519.T, 4612.T, 4911.T, 6098.T, 6273.T, 669.HK, 6861.T, 7733.T, 7741.T, 7980.T, 8035.T, 8113.T, ABI.BR, ADYEN.AS, AHT.L, AI.PA, ASML, ASSA-B.ST, ATCO-A.ST, AUTO.L, B3SA3.SA, BHP, BIM.PA, BNZL.L, CABK.MC, CFR.SW, DSV.CO, EPIROCK-A.ST, EXO.MI, EXPN.L, FEMSAUBD.MX, GAW.L, GRG.L, HDB, IMCD.AS, INVEB.ST, ITRK.L, JMT.LS, LONN.SW, MC.PA, MELI, NEM.DE, PRX.AS, RADL3.SA, RCO.PA, RMV.L, ROG.SW, RYA.L, SCT.L, SEB-A.ST, SIK.SW, SOI.PA, SPOT, SPX.L, TRN.L, TSM, TTE, UBS, UL, UOB.SI, WALMEX.MX, WEIR.L, WISE.L | AI, Asia, Europe, growth, healthcare, international, semiconductors, technology | Artificial Intelligence remained a dominant theme during the quarter, with several perceived beneficiaries rallying. Rising demand for AI-related chips is pressuring customers to push into more advanced nodes and adopt EUV technology. The rapid adoption of AI applications and high-performance computing is driving unprecedented orders for leading-edge technologies. | View | |
| 2025 Q3 | Oct 19, 2025 | Harding Loevner Global Small Companies | 0.9% | 8.1% | 4587.T, 4975.T, 6383.T, 6869.T, 9962.T, 9988.HK, ALFA.ST, ALGN, ALLE, AMBU.CO, APPF, ATE.PA, BCHN.SW, BCPC, BESI.AS, BRN.DE, CKN.L, COO, CPA, CRDA.L, DIA.MI, DPLM.L, ELAN, ENS, EPAM, EVO.DE, EXPO, FELE, FN, FPE.DE, GLOB, HPG.HM, KXS.TO, LEHN.SW, NBIX, NEM.DE, PEN, PFV.DE, RAT.DE, RPY.MI, RUB.PA, SNR.L, SPSC, TECN.SW, TOM.OL, VAISALA.HE, WTS, ZEU.DE | AI, global, healthcare, momentum, Quality, small caps, value | The portfolio targets durable sources of return through quality, growth, and value, emphasizing steady, lower-beta businesses with strong fundamentals over higher-beta momentum plays. Quality companies in the benchmark underperformed lowest quality by more than 1,200 basis points during the quarter. | View | |
| 2024 Q3 | Sep 30, 2024 | Aristotle International Equity Fund | 10.5% | 13.3% | 005930.KS, 3064.T, 4578.T, 6758.T, 7532.T, 9433.T, ACN, AHT.L, BN, CCO, DEO, GSK, HEIA.AS, NEM.DE, ROG.SW, RTO.L, SAF.PA, TTE | Asia, Diversified, Europe, international, Quality, value | MonotaRO operates a B2B e-commerce platform selling 20 million items to over 8 million customers, primarily in Japan. The company serves as a one-stop solution with transparent pricing and same-day shipment capabilities. Its unique profile with over 95% of sales online provides customers a distinct value proposition in the fragmented MRO market. | 3064.T DGE.L 9681.T RTO.L BN.TO |
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| 2023 Q4 | Feb 26, 2024 | Aristotle International Equity Fund | 10.5% | 13.3% | 6367.T, 6594.T, EXPN.L, NEM.DE, RTO.L | Energy Efficiency, international, Japan, Quality, software, value | Daikin Industries is positioned to benefit from global air conditioning adoption rates projected to triple by 2050, leveraging its leadership in energy-efficient inverters and heat pumps. The company's roots in Japan with limited natural resources and high energy costs shaped its focus on developing energy-efficient products. | 6367.T |
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| 2023 Q4 | Jan 31, 2024 | Harding Loevner International Small Companies Equity | 9.1% | 4.8% | 002891.SZ, 036570.KS, 0522.HK, 0696.HK, 1269.TW, 1882.HK, 2175.T, 2371.T, 2395.TW, 2815.T, 3588.HK, 3654.TW, 4536.T, 4694.T, 4975.T, 500790.BO, 5031.KL, 6147.TW, 6199.T, 7956.T, 9962.T, ATE.PA, BC8.DE, BCHN.SW, BELN.SW, BGEO.L, BKT.MC, BOSN.SW, CEVI.ST, CHR.CO, CKN.L, CPA, CWK.L, CYBR, DALOG.KL, DIA.MI, DPLM.L, EVT.DE, FPE.DE, G24.DE, GFTU.L, GLOB, HERDEZ.MX, HFG.DE, HPG.HM, KWS.DE, KXS.TO, LDA.MC, LEHN.SW, LOTB.BR, MABANEE.KW, MEGACPO.MX, MFSL.NS, NEM.DE, PDIA.JK, PDXIF, PFV.DE, RAT.L, RENT3.SA, REP.MI, RMV.L, ROBR.PS, RUI.PA, SAB1L.VS, SBS.DE, SMNIF, SNG.BU, SNR.L, SQUP.DH, SXT, TECN.SW, THULE.ST, TMV.DE, TOM.OL, VAISF, YOUGF | AI, growth, international, Japan, Quality, small caps, Style Headwinds, technology | Japan represents the single-largest country weight in the international small-cap benchmark but has been a source of style headwinds for quality growth stocks. The manager discusses Japan's economic reforms, corporate governance improvements, and new TSE mandates that may benefit lower-quality companies in the short term but could increase the number of high-quality companies over time. | View | |
| 2024 Q4 | Jan 30, 2025 | Aristotle International Equity Fund | -7.1% | 5.1% | 005930.KS, 3064.T, 7532.T, ACN, AHT.L, BN, CCJ, D05.SI, DSNKY, EBS.VI, ML.PA, NEM.DE, SAF.PA, SONY, SY1.DE | gaming, geopolitics, international, long-term, nuclear, Quality, value | Demand for nuclear energy remained robust driven by AI and clean energy focus. Major tech companies like Amazon, Google and Meta announced nuclear-power agreements. Cameco is uniquely positioned to benefit as industries and governments pursue clean, reliable and scalable energy sources. | DSM.AS AHT.L 6758.T CCO.TO |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Harding Loevner Global Small Companies | Nemetschek | Information Technology | Application Software | Bull | XETRA | 3D design software, BIM, Construction Technology, Germany, growth, SaaS, urbanization | 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. | ||||||||