Aristotle
Aristotle Small Mid Cap Equity
US Mid-cap
Dec 2024 → Jun 2026
Our archive holds 7 letters from this strategy, behind 22 investment theses and positions in 26 companies. Every quote below is copied verbatim from the letter it came from.
7 letters in 3 years — follow all of Aristotle for every strategy.
What it bought and sold
• 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.
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.
The position was liquidated due to deteriorating fundamentals.
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.
WesBanco (WSBC), is a regional bank with a diversified franchise spanning commercial banking, consumer banking, wealth management, and trust services.
Also held
Its investment theses
- UMB FinancialJun 2026UMB Financial is a diversified regional bank held for its fee-based revenue mix, disciplined underwriting, strong credit quality, and long-term earnings growth potential.
- Mercury SystemsJun 2026Mercury Systems provides mission-critical aerospace and defense electronics and is held for its operational turnaround, expanding margins, lower leverage, and attractive valuation.
- Jones Lang LaSalleJun 2026Jones 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.
- WesBancoJun 2026WesBanco is a diversified regional bank held for its attractive valuation, Premier Financial integration, improving efficiency, and loan growth.
- MACOM Technology SolutionsJun 2026MACOM Technology Solutions is a high-performance semiconductor company benefiting from accelerating demand in data center, industrial/defense, and telecom markets, supported by acquisitions and domestic manufacturing.
- Atlantic Union BanksharesDec 2025Atlantic Union Bankshares is a regional bank with diversification, growing market share, a solid balance sheet, and strong management creating an attractive opportunity amid DOGE-related overhang.
- CienaDec 2025Ciena is an optical networking leader poised to benefit from AI-driven bandwidth demand and continued innovation supporting strong results and value creation.
- MACOM Technology SolutionsDec 2025MACOM Technology Solutions is a high-performance semiconductor company with data center and 5G exposure, acquisitions, and domestic manufacturing expected to drive shareholder value.
- NovantaDec 2025Novanta is a photonics and precision motion supplier with abating headwinds and new design wins expected to drive above-average growth and margin improvement.
- ItronDec 2025Itron is a smart metering provider expected to benefit from grid modernization despite temporary regulatory delays.