Sources: CAPS CompositeHub^TM, Northern Trust, eVestment, FactSet, MSCI

MSCI ACWI (Net) was stated as the primary benchmark on June 1, 2024 and MSCI World (Net) became the secondary benchmark.

The Largest Holdings shown are based on total account of the model portfolio. The Region Weights and Sector Weights shown are based on the model portfolio and exclude cash. The Portfolio Risk/Return Statistics figures are based on the Aristotle Global Equity Composite (“Composite”). The representative account was chosen since, in our view, it is the account within the Composite that most closely reflects the portfolio management style of the strategy. Not every client’s account will have these exact characteristics. The actual characteristics with respect to any particular client account will vary based on a number of factors, including but not limited to: (i) the size of the account; (ii) investment restrictions applicable to the account, if any; and (iii) market exigencies at the time of investment. You should not assume that any of the securities transactions, sectors or holdings discussed in this report are or will be profitable, or that recommendations Aristotle Capital Management, LLC (Aristotle Capital) makes in the future will be profitable or equal the performance of the securities listed in this report. There is no assurance that any securities, sectors or industries discussed herein will be included in or excluded from an account’s portfolio. Aristotle Capital reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. This is not a recommendation to buy or sell a particular security. Recommendations made in the last 12 months are available upon request. Past performance is not indicative of future results. All investments carry a certain degree of risk, including the possible loss of principal. Investments are also subject to political, market, currency and regulatory risks or economic developments. International investments involve special risks that may in particular cause a loss in principal, including currency fluctuation, lower liquidity, different accounting methods and economic and political systems, and higher transaction costs. These risks typically are greater in emerging markets. Securities of small- and medium-sized companies tend to have a shorter history of operations, be more volatile and less liquid. Value stocks can perform differently from the market as a whole and other types of stocks. The material is provided for informational and/or educational purposes only and is not intended to be and should not be construed as investment, legal or tax advice and/or a legal opinion. Investors should consult their financial and tax adviser before making investments. The opinions referenced are as of the date of publication, may be modified due to changes in the market or economic conditions, and may not necessarily come to pass. Information and data presented has been developed internally and/or obtained from sources believed to be reliable. Aristotle Capital does not guarantee the accuracy, adequacy or completeness of such information.

The MSCI ACWI 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 captures large and mid cap representation across 23 Developed Markets (DM) and 24 Emerging Markets (EM) countries. With approximately 2,900 constituents, the index covers approximately 85% of the global investable equity opportunity set.  The MSCI World Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance in 23 developed markets countries. The MSCI World Index includes the following countries: 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. The volatility (beta) of the Composite may be greater or less than that of the benchmarks. It is not possible to invest directly in these indices. Active Share is a measure of the percentage of stock holdings in a manger’s portfolio that differ from the benchmark index. Turnover is the percentage of a portfolio’s securities that have changed over the course of five years: (lesser of purchases or sales)/average market value. The turnover is annualized. Weighted Average Market Cap is a dollar-value measurement of the size of companies in a portfolio or index. In such a weighting scheme, an average figure is derived from the market capitalizations of each company (their market prices multiplied by the number of shares outstanding) multiplied by their weights in the portfolio or index. Dividend Yield is the ratio of a firm’s dividends each year relative to its share price. Return on Equity (ROE) is the amount of net income returned as a percentage of shareholders’ equity. ROE measures a corporation’s profitability by revealing how much profit a company generates with the money shareholders have invested. The figure discards all calculations that are greater than 100 or less than -100. Price-to-Earnings (P/E) ratio measures a company’s share price relative to its earnings per share (EPS). Price-to-Book (P/B) Value ratio is calculated by dividing the company’s current stock price per share by its book value per share (BVPS). This calculation uses the weighted harmonic mean. Upside Market Capture is a measure of the performance in up markets relative to the market itself. Downside Market Capture is a measure of the performance in down markets relative to the market itself. Annualized Alpha is a measure of risk-adjusted excess return over the style index. Tracking Error is the annualized standard deviation of the differences between the portfolio and index returns. R-Squared is a measure of how closely related the variance of the manager returns and the variance of the benchmark returns are. Beta is the systematic risk of a security or portfolio compared to the market.  It is used to measure market risk. Standard Deviation is a measure of risk or variability of returns over time. Higher deviation represents higher volatility. Information Ratio is a measure of returns above the benchmark (usually an index) relative to the volatility of those returns. Sharpe Ratio is a measure of the excess return over the risk-free rate relative to standard deviation to determine the reward per unit of risk.

Aristotle Capital Management, LLC is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Aristotle Capital, including our investment strategies, fees and objectives, can be found in our Form ADV Part 2, which is available upon request. ACM-2503-105

Sources: CAPS CompositeHub^TM, Northern Trust, eVestment, FactSet, MSCI
The Largest Holdings shown are based on total account of the model portfolio. The Region Weights and Sector Weights shown are based on the equity composition of the model portfolio and exclude cash. The Portfolio Risk/Return Statistics figures are based on the Aristotle International Equity Composite (“Composite”). The representative account was chosen since, in our view, it is the account within the Composite that most closely reflects the portfolio management style of the strategy. Not every client’s account will have these exact characteristics. The actual characteristics with respect to any particular client account will vary based on a number of factors, including but not limited to: (i) the size of the account; (ii) investment restrictions applicable to the account, if any; and (iii) market exigencies at the time of investment. You should not assume that any of the securities transactions, sectors or holdings discussed in this report are or will be profitable, or that recommendations Aristotle Capital Management, LLC (Aristotle Capital) makes in the future will be profitable or equal the performance of the securities listed in this report. There is no assurance that any securities, sectors or industries discussed herein will be included in or excluded from an account’s portfolio. Aristotle Capital reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. This is not a recommendation to buy or sell a particular security. Recommendations made in the last 12 months are available upon request. Past performance is not indicative of future results. All investments carry a certain degree of risk, including the possible loss of principal. Investments are also subject to political, market, currency and regulatory risks or economic developments. International investments involve special risks that may in particular cause a loss in principal, including currency fluctuation, lower liquidity, different accounting methods and economic and political systems, and higher transaction costs. These risks typically are greater in emerging markets. Securities of small- and medium-sized companies tend to have a shorter history of operations, be more volatile and less liquid. Value stocks can perform differently from the market as a whole and other types of stocks. The material is provided for informational and/or educational purposes only and is not intended to be and should not be construed as investment, legal or tax advice and/or a legal opinion. Investors should consult their financial and tax adviser before making investments. The opinions referenced are as of the date of publication, may be modified due to changes in the market or economic conditions, and may not necessarily come to pass. Information and data presented has been developed internally and/or obtained from sources believed to be reliable. Aristotle Capital does not guarantee the accuracy, adequacy or completeness of such information.

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 markets 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 MSCI ACWI ex USA Index captures large and mid cap representation across 22 of 23 developed market countries (excluding the United States) and 24 emerging market countries. With over 2,200 constituents, the Index covers approximately 85% of the global equity opportunity set outside the United States. The volatility (beta) of the Composite may be greater or less than that of the benchmarks. It is not possible to invest directly in these indices. Active Share is a measure of the percentage of stock holdings in a manger’s portfolio that differ from the benchmark index. Turnover is the percentage of a portfolio’s securities that have changed over the course of five years: (lesser of purchases or sales)/average market value. The turnover is annualized. Weighted Average Market Cap is a dollar-value measurement of the size of companies in a portfolio or index. In such a weighting scheme, an average figure is derived from the market capitalizations of each company (their market prices multiplied by the number of shares outstanding) multiplied by their weights in the portfolio or index. Dividend Yield is the ratio of a firm’s dividends each year relative to its share price. Return on Equity (ROE) is the amount of net income returned as a percentage of shareholders’ equity. ROE measures a corporation’s profitability by revealing how much profit a company generates with the money shareholders have invested. The figure discards all calculations that are greater than 100 or less than -100. Price-to-Earnings (P/E) ratio measures a company’s share price relative to its earnings per share (EPS). Price-to-Book (P/B) Value ratio is calculated by dividing the company’s current stock price per share by its book value per share (BVPS). This calculation uses the weighted harmonic mean. Upside Market Capture is a measure of the performance in up markets relative to the market itself. Downside Market Capture is a measure of the performance in down markets relative to the market itself. Annualized Alpha is a measure of risk-adjusted excess return over the style index. Tracking Error is the annualized standard deviation of the differences between the portfolio and index returns. R-Squared is a measure of how closely related the variance of the manager returns and the variance of the benchmark returns are. Beta is the systematic risk of a security or portfolio compared to the market. It is used to measure market risk. Standard Deviation is a measure of risk or variability of returns over time. Higher deviation represents higher volatility. Information Ratio is a measure of returns above the benchmark (usually an index) relative to the volatility of those returns. Sharpe Ratio is a measure of the excess return over the risk-free rate relative to standard deviation to determine the reward per unit of risk.

Aristotle Capital Management, LLC is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Aristotle Capital, including our investment strategies, fees and objectives, can be found in our FormADV Part 2, which is available upon request. ACM-2503-110

Sources: CAPS CompositeHub^TM, Northern Trust, FactSet, eVestment, Russell Investments, Standard & Poor’s
The Largest Holdings shown are based on total account of the model portfolio. The Market Cap Breakdown shown is based on a representative account. The Sector Weights shown are based on equity composition of the model portfolio and exclude cash. The Portfolio Risk/Return Statistics figures are based on the Aristotle Value Equity Composite (“Composite”). The representative account was chosen since, in our view, it is the account within the Composite that most closely reflects the portfolio management style of the strategy. Not every client’s account will have these exact characteristics. The actual characteristics with respect to any particular client account will vary based on a number of factors, including but not limited to: (i) the size of the account; (ii) investment restrictions applicable to the account, if any; and (iii) market exigencies at the time of investment. You should not assume that any of the securities transactions, sectors or holdings discussed in this report are or will be profitable, or that recommendations Aristotle Capital Management, LLC (Aristotle Capital) makes in the future will be profitable or equal the performance of the securities listed in this report. There is no assurance that any securities, sectors or industries discussed herein will be included in or excluded from an account’s portfolio. Aristotle Capital reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. This is not a recommendation to buy or sell a particular security. Recommendations made in the last 12 months are available upon request. Past performance is not indicative of future results. All investments carry a certain degree of risk, including the possible loss of principal. Investments are also subject to political, market, currency and regulatory risks or economic developments. International investments involve special risks that may in particular cause a loss in principal, including currency fluctuation, lower liquidity, different accounting methods and economic and political systems, and higher transaction costs. These risks typically are greater in emerging markets. Securities of small- and medium-sized companies tend to have a shorter history of operations, be more volatile and less liquid. Value stocks can perform differently from the market as a whole and other types of stocks. The material is provided for informational and/or educational purposes only and is not intended to be and should not be construed as investment, legal or tax advice and/or a legal opinion. Investors should consult their financial and tax adviser before making investments. The opinions referenced are as of the date of publication, may be modified due to changes in the market or economic conditions, and may not necessarily come to pass. Information and data presented has been developed internally and/or obtained from sources believed to be reliable. Aristotle Capital does not guarantee the accuracy, adequacy or completeness of such information.

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 S&P 500® Index is the Standard & Poor’s Composite Index of 500 stocks and is a widely recognized, unmanaged index of common stock prices. The volatility (beta) of the Composite may be greater or less than that of the benchmarks. It is not possible to invest directly in these indices. Active Share is a measure of the percentage of stock holdings in a manger’s portfolio that differ from the benchmark index. Turnover is the percentage of a portfolio’s securities that have changed over the course of five years: (lesser of purchases or sales)/average market value. The turnover is annualized. Weighted Average Market Cap is a dollar-value measurement of the size of companies in a portfolio or index. In such a weighting scheme, an average figure is derived from the market capitalizations of each company (their market prices multiplied by the number of shares outstanding) multiplied by their weights in the portfolio or index. Dividend Yield is the ratio of a firm’s dividends each year relative to its share price. Return on Equity (ROE) is the amount of net income returned as a percentage of shareholders’ equity. ROE measures a corporation’s profitability by revealing how much profit a company generates with the money shareholders have invested. The figure discards all calculations that are greater than 100 or less than -100. Price-to-Earnings (P/E) ratio measures a company’s share price relative to its earnings per share (EPS). Price-to-Book (P/B) Value ratio is calculated by dividing the company’s current stock price per share by its book value per share (BVPS). This calculation uses the weighted harmonic mean. Upside Market Capture is a measure of the performance in up markets relative to the market itself. Downside Market Capture is a measure of the performance in down markets relative to the market itself. Annualized Alpha is a measure of risk-adjusted excess return over the style index. Tracking Error is the annualized standard deviation of the differences between the portfolio and index returns. R-Squared is a measure of how closely related the variance of the manager returns and the variance of the benchmark returns are. Beta is the systematic risk of a security or portfolio compared to the market. It is used to measure market risk. Standard Deviation is a measure of risk or variability of returns over time. Higher deviation represents higher volatility. Information Ratio is a measure of returns above the benchmark (usually an index) relative to the volatility of those returns. Sharpe Ratio is a measure of the excess return over the risk-free rate relative to standard deviation to determine the reward per unit of risk.

Aristotle Capital Management, LLC is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Aristotle Capital, including our investment strategies, fees and objectives, can be found in our FormADV Part 2, which is available upon request. ACM-2503-114

Sources: CAPS CompositeHub^TM, Northern Trust, eVestment, FactSet, Russell Investments
The Top Ten Holdings and Market Cap Breakdown shown are based on a representative portfolio within the Aristotle Small Cap Equity Composite. The Portfolio Risk/Return Statistics shown are based on the Aristotle Small Cap Equity Composite (Composite). The Sector Weights shown are based on the representative portfolio within the Aristotle Small Cap Equity Composite. The representative account was chosen since, in our view, it is the account within the Composite that most closely reflects the portfolio management style of the strategy. Not every client’s account will have these exact characteristics. The actual characteristics with respect to any particular client account will vary based on a number of factors, including but not limited to: (i) the size of the account; (ii) investment restrictions applicable to the account, if any; and (iii) market exigencies at the time of investment. You should not assume that any of the securities transactions, sectors or holdings discussed in this report are or will be profitable, or that recommendations Aristotle Capital Boston, LLC (Aristotle Boston) makes in the future will be profitable or equal the performance of the securities listed in this report. There is no assurance that any securities, sectors or industries discussed herein will be included in or excluded from an account’s portfolio. Aristotle Boston reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. This is not a recommendation to buy or sell a particular security. Recommendations made in the last 12 months are available upon request. Past performance is not indicative of future results. All investments carry a certain degree of risk, including the possible loss of principal. Investments are also subject to political, market, currency and regulatory risks or economic developments. International investments involve special risks that may in particular cause a loss in principal, including currency fluctuation, lower liquidity, different accounting methods and economic and political systems, and higher transaction costs. These risks typically are greater in emerging markets. Securities of small- and medium-sized companies tend to have a shorter history of operations, be more volatile and less liquid. Value stocks can perform differently from the market as a whole and other types of stocks. The material is provided for informational and/or educational purposes only and is not intended to be and should not be construed as investment, legal or tax advice and/or a legal opinion. Investors should consult their financial and tax adviser before making investments. The opinions referenced are as of the date of publication, may be modified due to changes in the market or economic conditions, and may not necessarily come to pass. Information and data presented has been developed internally and/or obtained from sources believed to be reliable. Aristotle Boston does not guarantee the accuracy, adequacy or completeness of such information.

The Russell 2000® Index measures the performance of the small cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000® Index, representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market capitalization and current index membership. The volatility (beta) of the composite may be greater or less than the benchmark. It is not possible to invest directly in this index. Active Share is a measure of the percentage of stock holdings in a manager’s portfolio that differ from the benchmark index. Turnover is the percentage of a portfolio’s securities that have changed over the course of one year: (lesser of purchases or sales)/average market value. Dividend Yield is the ratio of a firm’s dividends each year relative to its share price. Weighted Average Market Cap is a dollar-value measurement of the size of companies in a portfolio or index. In such a weighting scheme, an average figure is derived from the market capitalizations of each company (their market prices multiplied by the number of shares outstanding) multiplied by their weights in the portfolio or index. Price-to-Earnings (P/E) ratio measures a company’s share price relative to its earnings per share (EPS). Price-to-Book (P/B) Value ratio is calculated by dividing the company’s current stock price per share by its book value per share (BVPS). This calculation uses the weighted harmonic mean. Forward EPS Growth is the percentage increase or decrease in the next five years’ earnings estimates compared to current year’s earnings estimates. Return on Equity is the amount of net income returned as a percentage of shareholders’ equity. Return on equity measures a corporation’s profitability by revealing how much profit a company generates with the money shareholders have invested. Annualized Alpha is the measure of risk-adjusted excess return over the style index. Beta is used to measure market risk. It is defined as the average relationship, over time, of the portfolio’s rate of return to the style index. Standard Deviation is a measurement of risk or variability of returns over time. Higher deviation represents higher volatility. Information Ratio is a measurement of returns above the benchmark (usually an index) relative to the volatility of those returns. Sharpe Ratio is a measurement of the excess return over the risk-free rate relative to standard deviation to determine the reward per unit of risk. Tracking Error is the annualized standard deviation of the differences between the portfolio and index returns.

Aristotle Capital Boston, LLC is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Aristotle Boston, including our investment strategies, fees and objectives, can be found in our Form ADV Part 2, which is available upon request. ACB-2504-12