Market Overview - U.S. equity markets reached new all-time highs in Q4 2025, with the S&P 500 Index rising 2.66% and the Bloomberg U.S. Aggregate Bond Index increasing by 1.10% [1] - The U.S. economy showed resilience, although consumer confidence deteriorated toward year-end, raising concerns about future spending and the labor market [1] - The Federal Reserve adopted a cautious approach due to mixed economic signals and uncertainty around data [1] - Artificial intelligence remained a significant theme in the market [1] Fund Performance - The Aristotle Core Equity Fund (Class I-2) returned 3.15% in Q4 2025, outperforming the S&P 500 Index's return of 2.66% [1] - Both allocation effects and security selection contributed to the Fund's outperformance in the quarter [1] Company Spotlight: APi Group Corporation - APi Group Corporation (NYSE:APG) is a business services provider focusing on safety and specialty services, with a market capitalization of $19.457 billion [2] - The stock closed at $45.13 per share on February 26, 2026, with a one-month return of 8.56% and a 52-week gain of 72.38% [2] - APi Group operates through two main segments: Safety Services, which accounts for the majority of revenue and profit, and Specialty Services, which delivers critical infrastructure and industrial plant services [3] - The company employs 29,000 people across over 500 locations in 20 countries, serving diverse end markets such as commercial, healthcare, industrial, utilities, and government agencies [3] - APi Group generates substantial recurring revenue through statutory and contracted services [3]