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Aristotle

Dec 2024 → Jun 2026 · Publishes quarterly · 19 funds

Our archive holds 63 letters from Aristotle, behind 120 investment theses and positions in 53 companies. Every quote below is copied verbatim from the letter it came from.

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Aristotle’s own letters page
63
Letters
53
Companies
33
Moves
120
Theses

19 strategies

Aristotle publishes a letter per strategy. Each one has its own page — what it holds, what it bought, what it wrote.

What they bought and sold · 33 moves

  • ExitedVerra Mobility
    June 2026
    “We exited the position after the loss of a significant customer contract materially changed our investment thesis, reducing confidence in the company's long term earnings and growth outlook.”
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  • New positionUMB Financial
    June 2026
    “UMB Financial (UMBF), is a regional bank with a diversified business model spanning commercial banking, institutional asset servicing, private wealth management, healthcare payments, and specialty financial services.”
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  • New positionWesBanco
    June 2026
    “WesBanco (WSBC), is a regional bank with a diversified franchise spanning commercial banking, consumer banking, wealth management, and trust services.”
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  • New positionJones Lang LaSalle
    June 2026
    “Jones Lang LaSalle (JLL), is a leading global commercial real estate services firm positioned to benefit from a recovery in leasing, capital markets, and investment activity as commercial real estate fundamentals improve.”
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  • ExitedAmericold Realty Trust
    June 2026
    “The position was liquidated due to deteriorating fundamentals.”
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  • New positionAutodesk
    June 2026
    “During the quarter, we sold our positions in Atmos Energy and Danaher and purchased Autodesk and Edwards Lifesciences.”
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  • New positionEdwards Lifesciences
    June 2026
    “During the quarter, we sold our positions in Atmos Energy and Danaher and purchased Autodesk and Edwards Lifesciences.”
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  • ExitedAtmos Energy
    June 2026
    “During the quarter, we sold our positions in Atmos Energy and Danaher and purchased Autodesk and Edwards Lifesciences.”
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  • ExitedDanaher
    June 2026
    “During the quarter, we sold our positions in Atmos Energy and Danaher and purchased Autodesk and Edwards Lifesciences.”
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  • ExitedUnilever
    June 2026
    “During the quarter, we sold our position in Unilever and invested in Magnum Ice Cream.”
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  • New positionTechtronic Industries
    June 2026
    “We initiated our investment in the first quarter of 2026, attracted to the company’s Milwaukee and Ryobi brands, culture of product innovation, and battery ecosystems that create loyalty and repeat purchases across hundreds of compatible tools.”
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  • New positionMagnum Ice Cream Company N.V.
    June 2026
    “During the quarter, we sold our position in Unilever and invested in Magnum Ice Cream.”
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  • ExitedTokyo Century
    June 2026
    “Given this overlap and the clearer catalysts we see in these opportunities, we elected to exit Tokyo Century and redeploy the proceeds.”
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  • New positionWal-Mart de Mexico
    June 2026
    “During the quarter, we sold our positions in Danaher, Dolby Laboratories, and Tokyo Century and purchased Techtronic Industries and Wal-Mart de Mexico.”
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  • ExitedUnilever
    June 2026
    “During the quarter, we sold our position in Unilever and invested in Magnum Ice Cream.”
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  • ExitedAntero Resources
    June 2026
    “We sold Antero Resources, using the proceeds to increase our sector weighting in Information Technology.”
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  • New positionSandisk Corporation
    June 2026
    “We initiated Sandisk as a complementary picks-and-shovels investment opportunity tied to the AI memory bottleneck,”
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  • New positionCoherent Corp.
    June 2026
    “Coherent is a vertically integrated manufacturing company that develops, manufactures and markets lasers, transceivers, and other optical and optoelectronic devices, modules, and systems, as well as engineered materials, for use in the communications, industrial, instrumentation and electronics markets.”
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  • New positionWestern Digital Corporation
    June 2026
    “We initiated Western Digital because we view the company as providing picks-and-shovels exposure to the AI memory bottleneck,”
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  • ExitedHubSpot, Inc.
    June 2026
    “We sold HubSpot because its core value proposition—an easy-to-use, all-in-one go-to-market platform—is becoming increasingly replicable by AI-native agents”
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  • AddedMicron Technology
    June 2026
    “We initiated Micron Technology on the view that the memory industry has entered a structurally longer and stronger upcycle than the historical two- to three-year pattern, with signs pointing to a four- to five-year duration.”
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  • AddedGuardant Health
    June 2026
    “Guardant Health contributed to performance in the second quarter following a string of positive developments, as several catalysts played out during the quarter.”
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  • AddedApplied Materials
    June 2026
    “Applied Materials contributed to performance in the second quarter following strong quarterly results and significant customer announcements that reinforced the multi-year growth demand outlook from AI compute and infrastructure, particularly the memory upcycle leveraged to AI and high-bandwidth memory (HBM).”
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  • New positionAdvanced Micro Devices
    June 2026
    “We initiated Advanced Micro Devices, as the company's roadmap and rack-scale system capability now position it as a credible second source in data center central processing unit (CPU) and accelerated compute, a structural shift in markets that have historically operated as single-vendor franchises, with corresponding implications for pricing power and customer allocation.”
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  • New positionExxon Mobil
    June 2026
    “We view Exxon Mobil as a compelling investment thesis built on its strong balance sheet, flexible capital program and advantaged growth portfolio.”
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  • ExitedBoston Scientific
    June 2026
    “We sold Boston Scientific on concerns around continued pressure in its two growth engines: the Watchman device and Farapulse.”
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  • ExitedSynopsys
    June 2026
    “We sold Synopsys and see its core electronic design automation (EDA) software business growth decelerating, with the business ex-Ansys growing only high single digits, and fiscal year 2026 remains a “transition year” that could slow into the low single digits.”
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  • ExitedByline Bancorp
    June 2026
    “The position was sold as the stock appreciated and reached our valuation target, reducing the risk/reward opportunity.”
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  • New positionIPG Photonics
    June 2026
    “• IPG Photonics (IPGP), is a global leader in high power fiber laser technology, providing mission critical laser systems used in industrial manufacturing, semiconductor fabrication, electric vehicle production, and medical applications.”
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  • New positionAmphenol Corporation
    June 2026
    “Amphenol is one of the world’s largest designers, manufacturers and marketers of electrical, electronic and fiber optic connectors and interconnect systems; antennas; sensors and sensor-based products; and coaxial, high-speed and specialty cable.”
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Showing the 30 most recent of 33 recorded moves.

Companies held · 53

Every company Aristotle has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 120

  • Wal-Mart de Mexico SAB de CV
    June 2026

    Wal-Mart de Mexico benefits from scale, strong ROIC, omnichannel growth, and attractive valuation tied to store expansion and margins.

    Read the full thesis
  • Wal-Mart de Mexico SAB de CV
    June 2026

    Wal-Mart de Mexico combines dominant scale, omnichannel growth, strong ROIC, and valuation upside from store expansion and margin gains.

    Read the full thesis
  • Jones Lang LaSalle
    June 2026

    Jones Lang LaSalle provides global commercial real estate services and is held for a recovery in transaction activity, recurring revenues, scale advantages, and long-term earnings growth.

    Read the full thesis
  • Danaher
    June 2026

    Danaher is a disciplined healthcare platform with recurring revenue, strong capital allocation, and a culture that supports margin expansion and free cash flow.

    Read the full thesis
  • Sandisk
    June 2026

    Sandisk is a picks-and-shovels play on the AI memory bottleneck, with constrained supply, pricing power, and customer contracts supporting upside.

    Read the full thesis
  • Tokyo Century
    June 2026

    Tokyo Century was owned for its diversified leasing and specialty finance platform, strong balance sheet, and aviation leasing catalysts.

    Read the full thesis
  • Exxon Mobil
    June 2026

    Exxon Mobil offers resilience through its strong balance sheet, advantaged upstream assets, refining support and long-term growth options beyond the oil cycle.

    Read the full thesis
  • Dolby Laboratories
    June 2026

    Dolby Laboratories was valued for its asset-light licensing model, intellectual property, and exposure to immersive media demand.

    Read the full thesis
  • Unilever
    June 2026

    Unilever was valued for its global scale, leading brands, and exposure to higher-margin everyday-use categories, though the managers preferred the spun-off ice cream opportunity.

    Read the full thesis
  • Qualcomm
    June 2026

    Qualcomm is diversifying beyond handsets into connected computing, with automotive, IoT and edge AI growth supporting long-term free cash flow.

    Read the full thesis
  • Autodesk
    June 2026

    Autodesk appears attractively valued, with expected double-digit growth, strong margins, pricing power and catalysts from BIM adoption and monetization initiatives.

    Read the full thesis
  • KLA Corporation
    June 2026

    KLA Corporation benefits from the AI-driven semiconductor equipment upcycle and its dominant process control market share.

    Read the full thesis

Showing the 48 most recent of 120 theses. Browse them by company to see the rest.

Letter archive · 63

2026

2025

2024

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