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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2026 Q1 | Apr 13, 2026 | Distillate Capital Small/Mid Cap Quality & Value | 5.9% | 5.9% | APA, BTU, CF, CHRD, CSL, DINO, EPAM, FBIN, HRB, ICLR, MATX, OVV, PTEN, SNX, TNET, UAN, VYX | energy, fundamentals, Quality, rebalancing, small caps, 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 | |
| 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 | |
| 2023 Q1 | Mar 31, 2023 | Bernzott Capital Advisors – US Small Cap | 8.5% | 8.5% | ATSG, BV, GVA, HALO, HCI, HLMN, PTEN, SRCL, TA, TCBI, WSC | Banking, Commercial real estate, Quality, small caps, value | Manager emphasizes commitment to investment philosophy focused on high quality businesses with attractive cash flow and strong balance sheets. Attention to valuation should support investment returns as current interest rate regime inhibits valuation expansion. Small cap valuations look attractive relative to large caps. | PTEN HLMN |
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| 2023 Q4 | Jan 30, 2024 | Bernzott Capital Advisors – US Small Cap | 8.5% | 8.5% | ADTN, APG, ECPG, GVA, HALO, HCI, JRVR, NNN, PTEN, SP, SRC | energy, financials, infrastructure, Quality, real estate, small caps, value | Small caps led the market rally in Q4 with 14.0% returns, outperforming large caps. Despite the rally, small caps trade at over a 3-turn discount to large caps, which the manager believes should narrow over time. The broadening out of market returns should benefit small caps, as historically when large cap returns broaden, small caps tend to outperform. | NNN COO|CW|DKNG|FSS|HALO|ZD PTEN GVA AFM CN|B4B GR|BLU SJ|COH SJ|HCI|KO|KSPI|MGROS TI|MTN SJ|NE|NPK SJ|OCE SJ|PPI|PRX NA|SAHOL TI|SES|WINE LN |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Bernzott Capital Advisors - US Small Cap | Patterson-UTI Energy | Energy | Oil, Gas & Consumable Fuels | Bull | NASDAQ | cash flow generation, Cost Reduction, Cyclical Recovery, Drilling Services, energy equipment, Merger Synergies, oilfield services | View Pitch |
| Apr 27, 2026 | Fund Letters | Bernzott Capital Advisors - US Small Cap | Patterson-UTI Energy | Energy | Oil, Gas & Consumable Fuels | Bull | NASDAQ | capital discipline, Contract Drilling, Cyclical, Energy Services, High-Spec Rigs, Oil & Gas, Pressure Pumping, Return of Capital | 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. | ||||||||