Aristotle
Aristotle International Equity
International Large-cap
Dec 2024 → Jun 2026
Our archive holds 13 letters from this strategy, behind 16 investment theses and positions in 15 companies. Every quote below is copied verbatim from the letter it came from.
13 letters in 3 years — follow all of Aristotle for every strategy.
What it bought and sold
During the quarter, we sold our position in Unilever and invested in Magnum Ice Cream.
During the quarter, we sold our position in Unilever and invested in Magnum Ice Cream.
During the quarter, we sold our position in Unilever and invested in Magnum Ice Cream.
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.
Also held
- Accenture
- Pan Pacific International Holdings
- Fast Retailing
- Samsung Electronics
Its investment theses
- The Magnum Ice Cream Company N.V.Jun 2026The Magnum Ice Cream Company is a global ice cream leader with premium brands, a hard-to-replicate cold-chain network, and attractive valuation.
- Techtronic IndustriesJun 2026Techtronic Industries is building a sticky power-tool ecosystem led by Milwaukee and Ryobi with expanding professional end-markets.
- AccentureJun 2026Accenture is a scaled enterprise transformation partner with broad AI, cybersecurity, and mid-market growth opportunities.
- Fast RetailingJun 2026Fast Retailing is the owner of UNIQLO, with scale, brand strength, and global expansion catalysts underpinning its long-term growth and returns profile.
- UnileverJun 2026Unilever is a global consumer staples company with strong brands and scale, but the manager exited it in favor of the more focused ice cream business.
- Magnum Ice Cream Company N.V.Jun 2026Magnum Ice Cream is the world’s largest dedicated ice cream manufacturer, with leading brands, premium pricing, and a hard-to-replicate distribution network.
- UnileverJun 2026Unilever 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.
- Magnum Ice Cream Company N.V.Jun 2026Magnum Ice Cream offers market leadership, premium brands, strong ROIC, and catalysts from dedicated focus, supply-chain optimization, and premiumization.
- Samsung ElectronicsJun 2026Samsung Electronics is a global semiconductor and electronics leader benefiting from AI-driven memory demand, better product mix and improved competitive positioning.
- FANUC CorporationDec 2025FANUC Corporation is a Japanese factory automation leader with a dominant CNC base, expanding software ecosystem and NVIDIA collaboration, positioned to benefit from accelerating global automation with strong margins.