Aristotle International Equity Fund
| Ticker: | ARSFX |
| CUSIP: | 461 41P 297 |
| Inception: | March 31, 2014 |
| Managers: | Sean M. Thorpe Geoffrey S. Stewart, CFA Howard Gleicher, CFA |
| Expense Ratio: | 0.94% (Gross) |
| 0.80% (Net) |
Prospectus | Summary Prospectus | SAI | Fact Sheet
Report of Organizational Actions
Aristotle International Equity Fund – Form 8937 – 2021
Quarterly Commentaries
2017: Q1 | Q2 | Q3 | Q4
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Investment Objective
The investment objective of the Aristotle International Equity Fund (the Fund) is to seek long-term capital appreciation.
The Fund’s investment objective is not fundamental and may be changed by the Board of Trustees without shareholder approval, upon at least 60 days’ prior written notice to shareholders. There is no assurance that the Fund will achieve its investment objective. The Fund’s investment strategies and policies may be changed from time to time without shareholder approval or prior written notice, unless specifically stated otherwise in the Prospectus or the Statement of Additional Information (SAI).
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Principal Strategies
Under normal circumstances, the Fund invests at least 80% of its net assets (including amounts borrowed for investment purposes) in publicly traded equity securities or depository receipts of companies organized, headquartered or doing a substantial amount of business outside of the United States. The Fund’s investment advisor, Aristotle Capital Management, LLC (the Advisor), considers a company that has at least 50% of its assets located outside the United States or derives at least 50% of its revenue from business outside the United States as doing a substantial amount of business outside the United States. The Fund generally invests in securities of companies located in different regions and in at least three different countries. The Fund intends to invest no more than 20% of its total assets in companies organized, headquartered or doing a substantial amount of business in emerging market countries under normal market conditions.
The Fund’s investments in equity securities may include common stocks, preferred stocks, warrants and rights. The Fund’s investments in depository receipts may include American, European and Global Depository Receipts (ADRs, EDRs, and GDRs, respectively). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. EDRs and GDRs have the same qualities as ADRs, except that they may be traded in several international trading markets. The Fund may invest in companies of any market capitalization.
In pursuing the Fund’s investment objective, the Advisor employs a fundamental, bottom-up research driven approach to identify companies for investments by the Fund. The Advisor focuses on those companies that it believes have high-quality businesses that are undervalued by the market relative to what the Advisor believes to be their fair value. The Advisor seeks to identify high-quality companies by focusing on the following attributes: attractive business fundamentals, strong financials, experienced, motivated company management, and high and/or consistently improving market position, return on invested capital or operating margins.
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Performance
1 The Fund has an inception date of March 31, 2014.
The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. The MSCI EAFE Index consists of the following 21 developed market countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The volatility (beta) of the Fund may be more or less than the index. It is not possible to invest directly in this index.
The total annual operating expenses are 0.94%, and net operating expenses are 0.80%.
Returns for performance under one year are cumulative, not annualized. Short-term performance, in particular, is not a good indication of the Fund’s future performance, and an investment should not be made based solely on returns. Because of ongoing volatility, fund performance may be subject to substantial short-term changes.
Performance data quoted here represent past performance. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call (844) 274-7868.
The Fund’s advisor has contractually agreed to waive certain fees and/or absorb expenses through April 30, 2024 to the extent that the total annual operating expenses do not exceed 0.80% of the Fund’s average daily net assets. The Fund’s advisor may seek reimbursement from the Fund for waived fees and/or expenses paid for three fiscal years from the date of the waiver or payment. A redemption fee of 1.00% will be imposed on redemptions of shares within 30 days of purchase.
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Fund Holdings*
| Top Ten Holdings | % of Fund |
|---|---|
| Accenture | 4.7% |
| Ashtead Group | 3.9% |
| Munich Reinsurance | 3.9% |
| Sony Group | 3.8% |
| LVMH Moët Hennessy Louis Vuitton | 3.8% |
| Brookfield | 3.6% |
| Dassault Systèmes | 3.5% |
| Alcon | 3.1% |
| Rentokil Initial | 3.0% |
| Coca-Cola Europacific Partners | 2.9% |
| Total | 36.2% |
* Top Ten Holdings as of June 30, 2023. Percentage weights are based on the total Fund excluding cash and cash equivalents and are subject to change. For a full list of all holdings, click here.
Quarterly Fund Holdings for the last fiscal year are available via the Annual Report, Semi-Annual Report and Schedule of Investments and can be found here.
Portfolio composition will change due to ongoing management of the Fund. References to specific securities or sectors should not be construed as recommendations by the Fund, its Advisor or Distributor.
An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. The principal risks of investing in the Fund include, but are not limited to, market risk, equity risk, foreign investment risk, currency risk, geographic risk related to Europe, small-cap, mid-cap and large-cap company risk, sector focus risk, value-oriented investment strategies risk, emerging markets risk, recent market events risk, management and strategy risk and cybersecurity risk.
Market Turbulence Resulting from COVID-19 – The outbreak of COVID-19 has negatively affected the worldwide economy, individual countries, individual companies and the market in general. The future impact of COVID-19 is currently unknown, and it may exacerbate other risks that apply to the Fund. To learn more about the Principal Risks of Investing in the Fund, please reference the prospectus.