Aristotle
Aristotle Atlantic Partners Core Equity Strategy
Jun 2026 → Jun 2026
Our archive holds 1 letter from this strategy, behind 4 investment theses and positions in 9 companies. Every quote below is copied verbatim from the letter it came from.
1 letter in a year — follow all of Aristotle for every strategy.
What it bought and sold
Guardant Health contributed to performance in the second quarter following a string of positive developments, as several catalysts played out during the quarter.
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.
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.
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.
We view Exxon Mobil as a compelling investment thesis built on its strong balance sheet, flexible capital program and advantaged growth portfolio.
We sold Boston Scientific on concerns around continued pressure in its two growth engines: the Watchman device and Farapulse.
As a result, we exited the position.
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).
Also held
Its investment theses
- Micron TechnologyJun 2026Micron Technology benefits from a structurally stronger AI-driven memory upcycle, tight supply, rising HBM demand and improved margins from long-term supply agreements.
- Applied MaterialsJun 2026Applied Materials is positioned to benefit from multi-year AI and memory-related wafer fab equipment growth, with leading exposure to key end markets and strong customer capex plans.
- Advanced Micro DevicesJun 2026Advanced Micro Devices is a long-term AI and computing beneficiary gaining share in CPUs and accelerators, with a credible path to revenue, margin and earnings growth.
- Exxon MobilJun 2026Exxon Mobil offers resilience through its strong balance sheet, advantaged upstream assets, refining support and long-term growth options beyond the oil cycle.