Aristotle Value Equity Fund

Aristotle Value Equity Fund

Ticker: ARSQX
CUSIP: 461 41Q 634
Inception: August 31, 2016
Manager: Howard Gleicher, CFA
Gregory D. Padilla, CFA
Expense Ratio: 0.71% (Gross)
0.69% (Net)

Prospectus | Summary Prospectus | SAI | Fact Sheet

2022 Capital Gains Estimates

Quarterly Commentaries

2023: Q1 | Q2 |

2022: Q1 | Q2 | Q3Q4

2021: Q1 | Q2 | Q3 | Q4

2020: Q1 | Q2 | Q3 | Q4

2019: Q1 | Q2 | Q3 | Q4

2018: Q1 | Q2 | Q3 | Q4

2017: Q1 | Q2 | Q3 | Q4
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Investment Objective

The investment objective of the Aristotle Value Equity Fund (the Fund) is to maximize long-term capital appreciation.

The Fund’s investment objective is not fundamental and may be changed by the Board of Trustees without shareholders 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 market conditions, the Fund invests at least 80% of its net assets (including amounts borrowed for investment purposes) in equity securities. The Fund’s investments in equity securities may include common stocks, depository receipts, and exchange-traded funds (ETFs) that invest primarily in equity securities. Depository receipts represent interests in foreign securities held on deposit by banks. 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.

The Fund seeks to meet its investment objective by investing primarily in equity securities of domestic and foreign issuers that are listed on a U.S. exchange or that are otherwise publicly traded in the United States but may invest up to 20% of its total assets in American Depository Receipts and Global Depository Receipts (ADRs and GDRs, respectively. ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. GDRs have the same qualities as ADRs, except that they may be traded in several international trading markets.

In selecting investments for the Fund, the Fund’s investment advisor, Aristotle Capital Management, LLC (the Advisor) employs a fundamental, bottom-up approach. 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 and have a minimum market capitalization of $2 billion. The Advisor seeks to identify high-quality businesses by focusing on companies with the following attributes: attractive business fundamentals; experienced, motivated company management; pricing power; sustainable competitive advantages; financial strength; and/or high or consistently improving market position, return on invested capital and operating margins.

The Fund generally seeks favorable performance relative to its primary benchmark, the Russell 1000® Value Index. However, the Advisor is not constrained by the composition of the Russell 1000 Value Index in selecting investments for the Fund.
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1 The Fund has an inception date of August 31, 2016.

The Russell 1000® Value Index measures the performance of the large cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values. 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 0.71% and net operating expenses are 0.69%.

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 0.69% 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
Microsoft 4.5%
Corteva 3.6%
Parker-Hannifin 3.5%
Adobe 3.4%
Martin Marietta Materials 3.4%
Lennar 3.3%
Microchip Technology 3.2%
ANSYS 3.0%
Ameriprise Financial 2.9%
Merck & Co. 2.8%
Total 33.6%

* 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, value-oriented investment strategies risk, small-cap, mid-cap and large-cap company risk, foreign investment risk, recent market events risk, real estate investment trusts (REITs) risk, management and strategy risk, exchange-traded funds (ETFs) 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.