Aristotle Funds, an investment advisor, released its “Core Equity Fund” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. 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%. Within the Russell 1000 Growth Index, healthcare, communication services, and financials were the top performing sectors, while utilities, real estate, and materials lagged. The U.S. economy showed ...

Financial Performance & Strategy - APi Group's net revenues for 2024 were $7018 million, with Safety Services contributing 68% and Specialty Services 32%[9, 10] - Adjusted EBITDA for 2024 reached $893 million, with Safety Services accounting for 75% and Specialty Services 25%[11, 12] - The company aims for a long-term target of 60% of net revenues from inspection, service, and monitoring activities[21] - APi Group targets an Adjusted EBITDA margin of 16%+ and $3 billion+ cumulative adjusted free cash flow through 2028[158] - The company anticipates approximately 5% organic growth and $250 million annual spending on bolt-on M&A, targeting 7%+ reported CAGR through 2028[146] Safety Services - Safety Services: North America holds the 1 market share in North American fire protection[45] - Safety Services: North America has achieved 19 consecutive quarters of double-digit organic growth in inspection revenues[48] - Safety Services: International is on track to deliver $100+ million in value capture opportunities and achieve a 15%+ adjusted segment earnings margin by 2025[70, 72] Specialty Services - Specialty Services reported a gross margin increase from 15.9% in 2022 to 19.7% in 2024[109] - Specialty Services backlog shows organic growth, reaching 7% in Q1 2025[112] M&A Strategy - APi Group has a proven acquisition strategy with nearly 150 transactions in the last 20 years[121] - Bolt-on acquisitions have been completed at an average adjusted EBITDA multiple of less than 6x each year[121]