**Aristotle International Equity ADR WM Q3 2025 Commentary**
*Aristotle Capital Management*
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**Q3 2025 Performance Summary**
For the third quarter of 2025, Aristotle Capital’s International Equity ADR WM Composite posted a total return of 2.48% pure gross of fees and 1.98% net of fees.
Global growth projections improved during the quarter, supported by fiscal expansion in major economies and a trade environment that has shown signs of stabilization. Notably, Europe and the U.S. reached an important agreement in which the EU committed to eliminating tariffs on all U.S. industrial goods.
During this period, we also made an investment in Wal-Mart de Mexico.
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**Markets Review**
Global equity markets continued their strong momentum, with the MSCI ACWI Index returning 7.62% for the third quarter. In parallel, global fixed income markets experienced modest gains, as the Bloomberg Global Aggregate Bond Index increased by 0.60%.
Despite this positive environment, value stocks underperformed relative to other segments during the quarter.
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**About Aristotle Capital Management**
Aristotle Capital Management is an independent, employee-owned investment management organization specializing in equity and fixed income portfolio management for institutional and advisory clients worldwide.
For inquiries or to get in touch, please use Aristotle Capital Management’s official communication channels.
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