Annual Letter

2020 in Hindsight

To say that 2020 was a year unlike any other would be putting it mildly. From adapting to virtual learning for our children, to revising how we work and navigate the once routine activities like shopping for food. It was a year that tested us beyond every measure, as the entire world suffered in one way or another and as global economies were brought to an abrupt halt in late spring.

In global markets, the velocity of the pandemic-induced selloff in the first quarter was only surpassed by that of the recovery through the end of the year. Despite the outsized moves in both directions for many segments of the market, it was another year that rewarded investors who saw through the short-term volatility and remained steadfast in their approach.

As 2020 comes to a close, attention turns to what life may look like after COVID-19. It remains to be seen how exactly a return to some sense of normalcy will occur but, from a markets perspective, plenty of attention will be paid to the new administration in Washington D.C. and to the extraordinary monetary and fiscal policy measures around the globe. The challenges and opportunities that arose over the past year may lead to fundamental shifts in the investing landscape for years to come. However, just as there was no way for us to predict 2020’s volatility, we at Aristotle1 will not attempt to predict such specific outcomes in the new year. What we can predict is that we will remain focused, patient and highly disciplined in our individual investment processes just as we have in years past, remaining loyal to the same fundamental principles that have brought us to this point while seeking to continue to deliver value to our investors regardless of how the investing landscape evolves.

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1The term Aristotle refers to Aristotle Capital and its affiliates. Aristotle Capital Management, LLC, Aristotle Capital Boston, LLC, Aristotle Atlantic Partners, LLC and Aristotle Credit Partners, LLC are affiliated organizations. Each is an independent investment adviser separately registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about each adviser, including the investment strategies, fees and objectives, can be found in their Form ADV Part 2, which is available upon request.