Aristotle
Aristotle Small Cap Equity
Small-cap
Dec 2024 → Jun 2026
Our archive holds 4 letters from this strategy, behind 8 investment theses and positions in 15 companies. Every quote below is copied verbatim from the letter it came from.
4 letters in 3 years — follow all of Aristotle for every strategy.
What it bought and sold
• 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.
The position was liquidated due to deteriorating fundamentals.
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.
• 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.
- ExitedByline BancorpJun 2026
The position was sold as the stock appreciated and reached our valuation target, reducing the risk/reward opportunity.
Also held
Its investment theses
- IPG PhotonicsJun 2026IPG Photonics makes high-power fiber lasers and is supported by vertical integration, strong IP, and secular manufacturing-related growth trends.
- Envista HoldingsMar 2026Envista Holdings is a diversified dental products company positioned in a resilient, growing end market with margin recovery potential at an attractive valuation.
- WesBancoDec 2025WesBanco is a regional bank with a strong financial base and diversified services positioned to grow deposits, C&I lending, and pursue M&A-driven expansion.
- Primo BrandsDec 2025Primo Brands is a leading U.S. bottled water company with diversified distribution and secular tailwinds from health and quality concerns driving category growth.
- Cohen & SteersDec 2025Cohen & Steers is a real estate-focused asset manager poised for earnings growth as flows improve with lower rates and supported by strong cash for capital deployment.
- LKQ CorporationDec 2025LKQ Corporation is a leading alternative collision parts provider with scale, distribution, and technology/logistics advantages that reinforce its market position.
- Amentum HoldingsDec 2024Amentum Holdings (AMTM) is a well-positioned global engineering and technology solutions provider poised to benefit from increased government spending on digital modernization, cybersecurity, and next-generation technologies.
- HexcelDec 2024Hexcel (HXL) is positioned for improved financial performance due to company-specific initiatives and a recovering outlook for commercial aircraft build rates.