Aristotle International Equity Fund

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: 2.28% (Gross)
0.80% (Net)


Prospectus | Summary Prospectus | SAIFact Sheet

2018 Capital Gains Estimates

Quarterly Commentaries

2018: Q1 | Q2 Q3 Q4
2017: Q1 | Q2 | Q3 | Q4
2016: Q4

Investment Objective

The Aristotle International Equity Fund (the “Fund”) seeks to maximize 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.
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Principal Strategies

In pursuing its investment objective, the Fund seeks attractive risk-adjusted returns by investing in securities trading at significant discounts to their fair value. The Fund focuses on non-U.S. developed market businesses with market capitalizations typically in excess of $2 billion at initial investment. The Fund represents a diversified set of high-conviction holdings (typically 30-40) that we believe are trading at a discount to fair value. The Fund may have a maximum of 20% allocated to emerging markets and utilizes both ordinary shares and American Depository Receipts (ADRs).

In selecting investments for the Fund, the Fund’s investment advisor, Aristotle Capital Management, LLC (the “Advisor”) focuses first on the quality of companies’ businesses and then considers whether the companies’ securities are available at attractive prices. The Advisor considers predominantly international companies in the developed world. The Fund will generally hold its investments for the long term.

The Fund generally seeks favorable performance relative to its primary benchmark, the MSCI EAFE Index (Net), and its secondary benchmark, the MSCI ACWI ex USA Index (Net). However, the Advisor is not constrained by the composition of either index in selecting investments for the Fund.
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1 The Fund has an inception date of March 31, 2014.

The total annual operating expenses are 2.28%, 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 its fees and/or pay for operating expenses through April 30, 2020 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 for the Fund for waived fees and/or expenses paid for three 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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Top Ten Equity Holdings*

Security % of Portfolio
Accenture 3.8%
LVMH Moët Hennessy Louis Vuitton 3.7%
Experian 3.4%
Dassault Systèmes 3.3%
Compass Group 3.2%
Heineken 3.1%
Brookfield Asset Management 3.1%
Unilever 3.0%
Givaudan 3.0%
Coca-Cola European Partners 3.0%
Total 32.6%

View entire portfolio holdings here.

* Holdings as of December 31, 2018. Percentage weights are based on the total Fund and are subject to change.

Holdings are available within the last 12 months.

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, investing in foreign securities, emerging markets, small-capitalization and mid-capitalization companies. Read More…