Aristotle/Saul Global Equity Fund
(formerly Aristotle/Saul Global Opportunities Fund*)
| Ticker: | ARSOX |
| CUSIP: | 461 418 287 |
| Inception: | March 30, 2012 |
| Managers: | Howard Gleicher, CFA Gregory D. Padilla, CFA |
| Expense Ratio: | 0.95% (Gross) |
| 0.80% (Net) |
Prospectus | Summary Prospectus | SAI | Fact Sheet | Investor Presentation
Quarterly Commentaries
2017: Q1 | Q2 | Q3 | Q4
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Investment Objective
The investment objective of the Aristotle/Saul Global Equity Fund (the Fund) is to seek to maximize long-term capital appreciation and income.
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 equity securities. The Fund primarily invests its assets in equity securities that are listed on an exchange or that are otherwise publicly traded in the United States or in a foreign country. The Fund may also invest in exchange-traded funds (ETFs). ETFs are investment companies that invest in portfolios of securities designed to track particular market segments or indices, the shares of which are bought and sold on securities exchanges.
Under normal market conditions, the Fund invests in at least three different countries, including emerging market countries, with at least 40% of its net assets invested in securities of issuers located outside the United States. The Fund’s investments in foreign securities may include investments through American, European and Global Depository Receipts (ADRs, EDRs, and GDRs, respectively). Depository receipts represent interests in foreign securities held on deposit by banks.
The strategy seeks to maximize total return, which includes both long-term capital appreciation and income via equity dividends. In selecting investments for the Fund, Aristotle Capital Management, LLC (the Advisor), the Fund’s investment advisor, employs a fundamental, bottom-up approach. The Advisor focuses first on the quality of a company’s business and then considers whether the company’s securities are available at an attractive price relative to what the Advisor believes to be their fair value. The Advisor seeks to identify high-quality businesses by focusing on companies with all or most of the following attributes: attractive business fundamentals; experienced, motivated company management; pricing power; sustainable competitive advantages; financial strength; history of or prospects for paying dividends; and/or high or consistently improving market position, return on invested capital and operating margins. The Fund may invest in companies of any market capitalizations, but typically invests in companies with a market capitalization above $2 billion at initial investment.
The Fund generally seeks favorable performance relative to its benchmarks, the MSCI All Country World Index (net) and the MSCI World Index (net). However, the Advisor is not constrained by the composition of either index in selecting investments for the Fund.
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Performance*
1 The Fund has an inception date of March 30, 2012.
The MSCI ACWI Index (All Country World Index) is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI Index consists of 46 country indices comprising 23 developed markets, including Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States; and 23 emerging markets, including Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, the Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The volatility (beta) of the Fund may be more or less than the indices. It is not possible to invest directly in these indices.
The total annual operating expenses are 0.95%, 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.
*On May 1, 2020, the Fund’s name changed from Aristotle/Saul Global Opportunities Fund to Aristotle/Saul Global Equity Fund. Also, on May 1, 2020, the Fund’s Principal Investment Strategies changed and performance prior to May 1, 2020 represents a different fund strategy.
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Fund Holdings*
| Security | % of Fund |
|---|---|
| Microsoft | 4.6% |
| Lennar | 4.2% |
| Microchip Technology | 3.5% |
| Martin Marietta Materials | 3.2% |
| Adobe | 2.8% |
| Munich Reinsurance | 2.8% |
| Samsung Electronics | 2.7% |
| Sony Group | 2.7% |
| LVMH Moët Hennessy Louis Vuitton | 2.7% |
| TotalEnergies | 2.7% |
| Total | 31.9% |
* 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, emerging market risk, recent market events risk, small-cap, mid-cap and large-cap company risk, exchange-traded funds (ETFs) risk, sector focus risk, liquidity 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.