Summary

• For the first quarter of 2026, Aristotle Capital's Value Equity WM Composite posted a total return of -1.93% pure gross of fees (-2.42% net of fees).
• The portfolio's underperformance relative to the Russell 1000 Value Index in the first quarter can be attributed to security selection, while allocation effects contributed.
• Microsoft, the global leader in software and enterprise services, was the biggest detractor for the quarter, driven by a broad-based sell-off across software companies.
• Qualcomm guided to lower near-term results due to memory-related supply constraints, which are constraining smartphone production despite otherwise healthy underlying demand.
• Verizon has raised its 2026 guidance, authorized a $25 billion share buyback program over the next three years, and recommitted to its 20 consecutive years of dividend increases.

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