| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | 3.2% | 14.2% |
| 2025 |
|---|
| 14.2% |
Ariel Fund delivered a +3.22% return in Q4 2025, roughly in line with small-cap value benchmarks, capping a strong year with +14.15% annual returns that outperformed both the Russell 2500 Value and Russell 2000 Value indices. The fund benefited from strong performance in live entertainment holdings, particularly Sphere Entertainment and Madison Square Garden Entertainment, driven by robust consumer demand for concerts and live shows. Oil services company Core Laboratories also contributed positively with sequential revenue growth and improved financial positioning. However, headwinds in housing-related names like Mohawk Industries and automotive supplier Gentex weighed on returns. The managers added dental equipment manufacturer Dentsply Sirona during the quarter, viewing the dental market favorably despite near-term challenges. Looking ahead to 2026, the team maintains a measured and cautious view on U.S. equities, citing elevated market volatility and concentration in large-cap stocks as key risks. The fund remains positioned with a disciplined value approach, focusing on companies with strong balance sheets and durable fundamentals to navigate an uncertain environment.
Ariel Fund maintains a disciplined value approach focused on small- and mid-cap companies with robust balance sheets, durable fundamentals, and attractive valuations, positioning to capture upside as market leadership evolves beyond current large-cap concentration.
We enter 2026 with a measured and cautious view on U.S. equities. While moderating inflation and generally resilient corporate fundamentals offer areas of support, markets continue to experience elevated volatility and index performance remains heavily concentrated in a small number of large-cap stocks. Against this backdrop, we remain disciplined and long-term in our approach, grounding our decisions in bottom-up fundamentals rather than macro assumptions. On balance, we believe our portfolios are well-positioned to navigate this environment.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 18 2026 | 2025 Q4 | ATGE, CLB, GNTX, MHK, MSGE, SPHR, XRAY | Autos, Entertainment, healthcare, industrials, Oil Services, small caps, value |
CLB ATGE MHK GNTX XRAY |
Ariel Fund posted solid Q4 returns driven by entertainment and oil services holdings, finishing 2025 with strong 14.15% annual performance that outpaced small-cap value benchmarks. The managers maintain cautious optimism for 2026, emphasizing their disciplined value approach focused on robust balance sheets and durable fundamentals amid elevated market volatility and large-cap concentration concerns. |
| Oct 15 2025 | 2025 Q3 | MANU, MAT, PBH, PSKY, REZI, SPHR | consumer, Entertainment, healthcare, Media, small caps, technology, value | - | Ariel Fund delivered strong Q3 returns of +12.39% driven by entertainment and technology holdings. The fund sees compelling value in small-cap equities trading at steep discounts to large caps since the dot-com era. Management maintains pro-cyclical positioning based on bottom-up conviction in undervalued businesses, remaining patient to capitalize on long-term opportunities. |
| Jul 17 2025 | 2025 Q2 | ATGE, CLB, IPG, KMT, LESL, MAS, NTRS, SJM, SPHR | AI, Education, Entertainment, small caps, SMID Cap, tariffs, value |
SPHR ATGE NTRS CLB SJM LESL SPHR ATGE NTRS CLB SJM LESL |
Ariel Fund delivered 6.96% returns in Q2 2025 while maintaining conviction in undervalued small and mid-cap stocks trading at historic discounts to large caps. Strong performance from Sphere Entertainment and Adtalem Global Education offset weakness in Core Laboratories and J.M. Smucker. The manager expects market broadening beyond AI to benefit small caps as earnings growth accelerates. |
| Mar 31 2025 | 2025 Q1 | AAPL, AMZN, ATGE, BIO, GOOGL, LESL, META, MSFT, NCLH, NVDA, OSW, PARA, RCL, SJM, SPHR, TSLA | Media, Recovery, small caps, Travel, value, volatility |
PARA ATGE SJM LESL BIO SPHR NCLH OSW |
Ariel Fund fell 8% in Q1 as markets declined on tariff fears, but the managers are actively buying downtrodden quality companies trading at significant discounts to intrinsic value. Strong performance from Paramount, Adtalem, and Smucker offset weakness elsewhere. New positions in cruise operators Norwegian and OneSpaWorld capitalize on travel sector dislocation. |
| Dec 31 2024 | 2024 Q4 | ATGE, CG, LESL, MHK, MSGE, RCL | Capital markets, consumer, earnings, Entertainment, small caps, value |
RCL ATGE CG MHK LESL MSGE |
Ariel Fund delivered 11.80% annual returns despite a challenging Q4, driven by strong performance from cruise operator Royal Caribbean and education provider Adtalem. The manager expects broader market participation beyond mega-cap tech stocks as policy changes support smaller companies, maintaining conviction in their disciplined value approach focused on differentiated businesses with strong fundamentals. |
| Sep 30 2024 | 2024 Q3 | BIO, CLB, GNTX, JLL, LAZ, LESL, MHK, MIDD, SRCL | healthcare, industrials, real estate, small caps, SMID Cap, value |
MHK LAZ JLL LESL GNTX CLB BIO MIDD |
Ariel Fund posted strong Q3 returns of 12.08%, outperforming benchmarks as small caps and value stocks led a broadening market rally. The fund added Bio-Rad and Middleby while benefiting from real estate and industrial holdings. Management expects continued market broadening beyond mega-caps to reward their patient value approach in undervalued small to mid-cap companies. |
| Jul 31 2024 | 2024 Q2 | ADT, ATGE, LESL, LH, NVST, RCL, SPHR, SSD | consumer, earnings, Entertainment, healthcare, small caps, technology, value |
RCL ATGE ADT SPHR LESL NVST |
Ariel Fund fell 5.64% in Q2 as AI stocks dominated while small-caps declined. Royal Caribbean and Adtalem drove gains on strong earnings, while Leslie's and Envista disappointed. Despite market bifurcation and election uncertainty, management stays focused on quality small-mid cap businesses, expecting the valuation gap to narrow as rates fall. |
| Apr 15 2024 | 2024 Q1 | AMZN, ATGE, META, MHK, MSFT, MSGE, NVDA, NVST, PARA, SNA, SPHR | AI, Entertainment, fundamentals, private market value, small caps, value |
SPHR MHK MSGE PARA ATGE NVST |
Ariel Fund gained 6.41% in Q1 2024, led by entertainment holdings like Sphere Entertainment and Madison Square Garden Entertainment. The value-focused manager sees opportunities in small-mid cap stocks trading at discounts to private market value. Despite macro risks including geopolitical tensions and Fed policy uncertainty, the outlook remains cautiously optimistic as rate cuts should narrow valuation gaps with mega-cap stocks. |
| Jan 31 2024 | 2023 Q4 | ATGE, CLB, JLL, MAT, MSGE, RCL | consumer, earnings, energy, Entertainment, real estate, small caps, value |
ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO ATGE JLL CLB AMAT MSGE |
Ariel Fund gained 13.41% in Q4 2023, driven by strong performance from Royal Caribbean and Adtalem Global Education on solid earnings and improved fundamentals. The value-focused manager maintained all positions, expressing confidence that patient investing in quality businesses at attractive valuations will outperform as the gap between large and small-cap stocks narrows with declining rates. |
| Mar 10 2023 | 2023 Q3 | ATGE, GNRC, IPG, LESL, MAT, PBH, SPHR | consumer, Education, Entertainment, healthcare, small caps, value |
SPHR ATGE AMAT LESL IPG GNRC PBH |
Ariel Fund fell 7.15% in Q3 as macro headwinds pressured markets. Sphere Entertainment led gains on successful venue opening while education and toy holdings advanced on strong fundamentals. Pool care and marketing services detracted on cyclical pressures. Management maintains conviction in differentiated businesses with strong balance sheets, viewing volatility as long-term opportunity. |
| Jun 30 2023 | 2023 Q2 | CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV | contrarian, Cruises, mid cap, real estate, Recovery, small cap, value | - | Ariel Fund's contrarian value strategy paid off in Q2 2023 as previously scorned holdings like cruise lines led strong performance. The fund continues buying when others sell, finding opportunities in real estate amid rate concerns and adding to Leslie's after guidance cuts. Management focuses on long-term intrinsic value over market sentiment swings. |
| Mar 31 2023 | 2023 Q1 | ADTL, AMG, APA, BOKF, BWA, GS, IPG, JLL, LESL, LMT, MAT, MHK, MOS, MSGE, ORCL, PARA, PGR, RCL, SNAP, ZBRA | Banking, Commercial real estate, energy, interest rates, Mid Caps, Regional Banks, small caps, value | - | Ariel delivered solid Q1 performance despite banking sector stress from SVB collapse. Regional bank BOK Financial pressured but managers see value opportunity with portfolios trading at 30%+ discounts to intrinsic value. Forty-year declining rate headwind for value investing ending, creating more favorable environment ahead for patient capital approach in differentiated businesses. |
| May 3 2023 | 2022 Q4 | BOKF, CG, ZBRA | - | - | |
| Jul 12 2022 | 2022 Q3 | GCMG, GNRC, KEYS, MHK, PARA | - | - | |
| Mar 31 2022 | 2022 Q1 | CLB, LAZ, MAS, MHK, MSGE, PARA, TGNA | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
CryptoManager views crypto as entering a mature phase after the hype cycle, with structural headwinds including supply overhang and incentive misalignment. Expects consolidation similar to post-dot-com era with a few big winners emerging. Currently holds 40% cash and zero BTC/ETH exposure due to unfavorable risk-reward. |
Bitcoin Ethereum DeFi Blockchain Digital Assets |
AIAI stocks overtook crypto as the premier tech risk-on asset. Manager notes AI's role in the broader technology landscape but provides limited specific investment commentary on the sector. |
Artificial Intelligence Technology Risk Assets | |
GoldGold outperformed Bitcoin as a geopolitical hedge during 2025. Manager views this as evidence of Bitcoin's struggle to perform as a traditional safe-haven asset despite institutional adoption. |
Safe Haven Geopolitical Hedge Precious Metals | |
Prediction MarketsManager sees prediction markets hitting escape velocity, evolving from retail entertainment into vital tools for information discovery. Views them as providing real-time, money-backed signals in fragmented media landscape. |
Information Markets Polymarket Data Discovery | |
PrivacyOn-chain privacy moving from cypherpunk niche to necessary feature. Dual push from individuals seeking wealth protection and institutions requiring private operations. Next cycle expected to reward programmable privacy protocols. |
Blockchain Privacy Institutional Adoption Regulatory Compliance | |
| 2025 Q3 |
Small CapsThe fund sees compelling value in small-cap equities trading at historically attractive levels. Consensus earnings projections suggest the Russell 2000 Index may outpace the Russell 1000 Index over the next two years, with small caps currently trading at one of the steepest discounts to large caps since the dot-com era. |
Russell 2000 Valuation Discount Earnings |
ValueThe fund's positioning reflects bottom-up conviction in undervalued businesses rather than macroeconomic forecasts. They believe their positioning is well-aligned to capture upside as the performance gap between small and large caps narrows. |
Undervalued Bottom-up Performance Gap Conviction | |
EntertainmentSphere Entertainment advanced on strengthening business fundamentals and demand for The Wizard of Oz. The company is scaling concert residencies, launching the capital-light Sphere Network of smaller immersive venues domestically, and driving higher utilization across show types. |
Live Entertainment Venues Concerts Immersive | |
MediaParamount Skydance rose following completion of its merger with Skydance Media. Despite linear TV headwinds, the company is investing for growth through intellectual property, creators, and sports, with strategic moves including exclusive streaming rights for UFC and South Park. |
Streaming Content IP Sports | |
| 2025 Q2 |
ValueThe fund maintains a bottom-up conviction in undervalued businesses rather than macroeconomic prognostication. Small cap stocks are trading at their biggest discount to large cap shares since the dot-com boom, presenting attractive opportunities. |
Undervalued Discount Small Cap Valuation Bottom-up |
Small CapsConsensus earnings estimates suggest the Russell 2000 Index could significantly outpace the Russell 1000 Index over the next two years. The performance gap between mega-cap growth stocks and smaller company counterparts is expected to narrow. |
Russell 2000 Outperformance Earnings Performance Gap Mega-cap | |
AIReignited enthusiasm for artificial intelligence themed stocks drove U.S. indices to new all-time highs during the quarter. The broadening of the current market rally beyond the AI trade is expected to support smaller companies. |
Artificial Intelligence Market Rally Technology Growth Broadening | |
| 2025 Q1 |
ValueThe fund is actively leaning into volatility by acquiring downtrodden shares of quality companies whose value should be realized over the long term. Holdings are trading at a significant discount to their private market values, and dislocations of this magnitude have often served as a prelude to robust recoveries. |
Value Discount Intrinsic Recovery Dislocation |
MediaParamount Global showed strong momentum at Paramount+ with year-over-year engagement growth driven by original programming and sports offerings. The underlying value of the company's proprietary content and media assets is not reflected in its current share price despite the pending Skydance transaction. |
Streaming Content Entertainment Sports Programming | |
TravelThe fund initiated positions in Norwegian Cruise Line and OneSpaWorld Holdings as shares traded meaningfully lower on investor concerns around deteriorating consumer sentiment. Consumer demand and booking trends remain strong and both companies continue to deliver robust earnings growth. |
Cruises Leisure Consumer Bookings Recovery | |
| 2024 Q4 |
CruisesRoyal Caribbean Group delivered strong quarterly earnings with robust consumer demand, healthy onboard spending, and solid pricing. The company benefits from new megaships, expanded island destinations, and a growing addressable market including younger demographics new to cruising. |
Travel Consumer Leisure |
Capital MarketsCarlyle Group traded higher following the U.S. election, with investors expecting the incoming administration to emphasize deregulation and greater openness to business combinations. Management expressed positive commentary around increased capital market activity and fee-related earnings growth. |
Alternative Assets Private Equity Deregulation | |
EntertainmentMadison Square Garden Entertainment delivered strong earnings despite guidance reduction due to concert tour cancellations. The company owns marquee assets and is well positioned to capitalize on strong demand for live entertainment, with robust hospitality business activity. |
Live Events Venues Hospitality | |
| 2024 Q3 |
ValueThe fund focuses on investing in undervalued companies trading at discounts to private market value estimates. Management emphasizes patient investing in differentiated businesses with solid competitive positioning and robust balance sheets to generate superior returns over time. |
Discount Private Market Value Patient Capital Undervalued Long-term |
Small CapsThe fund invests in small to mid-cap companies, benefiting from the broadening market rally beyond mega-cap stocks. Management expects the performance gap between mega-cap stocks and small to mid-cap counterparts to narrow, rewarding their portfolios. |
SMID Cap Russell 2500 Broadening Rally Performance Gap Small-Mid Cap | |
| 2024 Q2 |
AIAI-themed stocks continue to dominate markets this year, driving a narrow momentum rally that helped the S&P 500 gain while Mid- and Small-Cap companies declined. The resulting bifurcation has been extreme, as non-AI companies in the S&P 500 Index lost 1.2%. |
Artificial Intelligence Technology Momentum Large Cap Market Leadership |
TravelRoyal Caribbean Group advanced on quarterly earnings beat and raised full-year guidance due to stronger consumer demand, healthy onboard spend, robust pricing and solid cost containment. The company benefits from new megaships, more island destinations and re-entry into the China market, with core cruise consumer resiliency supporting operational expertise. |
Cruises Consumer Demand Tourism Leisure Recovery | |
EntertainmentSphere Entertainment traded down on mixed earnings results despite robust residency demand and popular original content experience. The company is ramping up concert residencies, securing marquee sporting and corporate events, and creating more original content while pursuing international expansion opportunities. |
Live Entertainment Venues Content Sports Experiences | |
| 2024 Q1 |
EntertainmentThe fund holds multiple entertainment companies including Sphere Entertainment, Madison Square Garden Entertainment, and Paramount Global. SPHR delivered robust first quarter results with strong venue performance and U2 concerts. MSGE benefited from increased concerts and strong Christmas Spectacular demand. PARA faces streaming headwinds but management expects significant earnings growth in 2024. |
Live Entertainment Venues Streaming Content Sports |
AIInvestor enthusiasm around artificial intelligence drove broad-based market rallies in Q1. The manager notes that AI-themed mega-cap stocks may eventually prove excessive in their valuations, but acknowledges AI as a key driver of current market momentum and performance. |
Artificial Intelligence Technology Mega Cap Market Rally | |
ValueThe fund focuses on companies trading at discounts to private market value estimates. Holdings like Mohawk Industries, Madison Square Garden Entertainment, and Envista are described as trading at compelling discounts to the manager's private market value estimates, representing core value opportunities. |
Private Market Value Discount Undervalued Fundamentals | |
| 2023 Q4 |
TravelRoyal Caribbean Group advanced on quarterly earnings beat and raised full-year guidance driven by stronger consumer demand and solid cost containment. The company continues to experience solid momentum in onboard spend, while 2024 booking trends are significantly ahead of historical ranges at higher pricing. |
Cruises Consumer Pricing Bookings Recovery |
Commercial Real EstateJones Lang LaSalle traded higher on solid earnings despite slowdown in transaction and leasing activity due to higher long-term interest rates. The Property Management and Work Dynamics businesses delivered strong fee revenues and management highlighted positive revenue outlook for 2024. |
Property Management Transactions Leasing Rates Fees | |
EntertainmentMadison Square Garden Entertainment fell following an earnings miss with revenue declining year-over-year due to fewer concerts versus prior year. However, excluding rescheduled shows, the number of events were up mid-teens and revenue per concert continued to increase. |
Live Entertainment Concerts Venues Events Revenue | |
| 2023 Q3 |
EntertainmentSphere Entertainment's Las Vegas venue opened on track with costs in-line, delivering profitable results and planning 365-day operations including concerts, sporting events, and The Sphere Experience. The venue presents long-term opportunities through advertising, sponsorship, and VIP hospitality licensing. |
Live Entertainment Venues Immersive Experiential Advertising |
EducationAdtalem Global Education showed recovery in nursing school programs with double-digit enrollment growth at Walden, despite temporary headwinds in medical schools. The company benefits from healthcare worker shortages as the leading grantor of nursing degrees and largest producer of African-American medical professionals. |
Healthcare Education Nursing Medical Schools Enrollment Demographics | |
ToymakersMattel delivered solid earnings despite challenging retail environment, with Barbie movie generating over $125 million in gross billings from royalty payments. The company continues expanding entertainment offerings and executing strategy to grow market share across Barbie, Hot Wheels, Disney Princess, and Monster High brands. |
Toys Entertainment Franchises Consumer Products Licensing | |
| 2023 Q2 |
CruisesCruise lines were among the most derided areas during COVID but have become top performers as the vacation and leisure spaces boom in response to isolating lockdowns. Royal Caribbean and Norwegian Cruise Line are posting record revenues and bookings as cruising is seen as a high-value alternative to land travel. |
Travel Leisure Recovery Bookings Revenue |
Commercial Real EstateWidespread disdain for real estate and real estate related companies in a higher interest rate environment offers a bevy of investment opportunities. The sector represents today's bad neighborhood with good stocks, similar to past contrarian opportunities. |
Interest Rates Distressed Opportunities Contrarian Valuation | |
ValueThe fund emphasizes buying when others are selling, focusing on industry-leading companies considered cyclical that are trading at significant discounts to intrinsic worth. This contrarian approach has created opportunities in scorned holdings that have since rebounded strongly. |
Contrarian Cyclical Discounts Intrinsic Value Patience | |
| 2023 Q1 |
Regional BanksRegional banks face significant challenges from deposit flight and commercial real estate exposure following Silicon Valley Bank's collapse. BOK Financial declined 18% amid banking sector stress, though managers believe it remains well-positioned with strong underwriting standards and diversified business model. |
Banking Credit Deposits Regulation Risk |
Commercial Real EstateRegional banks hold 68% of commercial real estate loans with over $1.5 trillion in debt maturing in next three years at higher rates. Office vacancy rates reached 12.5% resembling Great Financial Crisis highs. Managers expect wave of defaults as property values fall. |
Real Estate Credit Defaults Banking Office | |
ValueValue stocks are dirt cheap relative to growth, more discounted than four-fifths of the time in US stock market history. Ariel Fund trades at 34.2% discount to private market value estimate. Managers believe actively patient investors owning differentiated businesses will achieve strong long-term returns. |
Valuation Discount Growth Opportunity | |
RatesForty-year period of consistently declining interest rates ending, which has been continuous headwind for value stocks. Managers believe this extraordinary period is over and rates cannot fall over next 40 years as they have in past four decades, creating more level playing field for value investing. |
Interest Rates Duration Monetary Policy | |
EnergyAPA Corporation declined 22% in quarter on recession fears and drop in natural gas prices, though OPEC production cuts sent WTI back above $80. Company trades for less than six times estimated next twelve-month earnings despite strong 2022 performance. |
Oil Gas OPEC Valuation |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 18, 2026 | Fund Letters | John W. Rogers | CLB | Core Laboratories Inc. | Energy | Oil & Gas Equipment & Services | Bull | New York Stock Exchange | Free cashflow, International, Margins, Oilservices, ROIC | Login |
| Jan 18, 2026 | Fund Letters | John W. Rogers | ATGE | Adtalem Global Education Inc. | Consumer Discretionary | Education Services | Bull | New York Stock Exchange | buybacks, Education, Enrollment, Execution, healthcare | Login |
| Jan 18, 2026 | Fund Letters | John W. Rogers | MHK | Mohawk Industries Inc. | Consumer Discretionary | Household Durables | Bull | New York Stock Exchange | buybacks, Cycles, Housing, Margins, restructuring | Login |
| Jan 18, 2026 | Fund Letters | John W. Rogers | GNTX | Gentex Corporation | Consumer Discretionary | Auto Parts & Equipment | Bull | NASDAQ | Adoption, automotive, Freecashflow, innovation, Margins | Login |
| Jan 18, 2026 | Fund Letters | John W. Rogers | XRAY | Dentsply Sirona Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | Dental, innovation, Margins, Secular, turnaround | Login |
| Jul 17, 2025 | Fund Letters | John W. Rogers | SPHR | Sphere Entertainment Co. | Communication Services | Movies & Entertainment | Bull | NYSE | Content, Immersive, leverage, operating leverage, Pricing power, restructuring, Sponsorship, Venue economics | Login |
| Jul 17, 2025 | Fund Letters | John W. Rogers | ATGE | Adtalem Global Education Inc. | Health Care | Education Services | Bull | NYSE | buybacks, Enrollment, Free Cash Flow, Healthcare education, Portfolio simplification, Pricing power, Regulatory risk, ROIC | Login |
| Jul 17, 2025 | Fund Letters | John W. Rogers | NTRS | Northern Trust Corporation | Financials | Asset Management & Custody Banks | Bull | NASDAQ | asset management, Capital strength, Custody, dividend, efficiency, Fee revenue, Re-rating, Technology investment | Login |
| Jul 17, 2025 | Fund Letters | John W. Rogers | CLB | Core Laboratories Inc. | Energy | Oil & Gas Equipment & Services | Bull | NYSE | asset-light, Cycle normalization, EBITDA margins, Free Cash Flow, high-ROIC, International, Offshore, Reservoir optimization | Login |
| Jul 17, 2025 | Fund Letters | John W. Rogers | SJM | The J.M. Smucker Co. | Consumer Staples | Packaged Foods & Meats | Bull | NYSE | Branded staples, Cost synergies, dividend, Free Cash Flow, Hostess, Integration, Margin recovery, Pet snacks | Login |
| Jul 17, 2025 | Fund Letters | John W. Rogers | LESL | Leslie's, Inc. | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | Consumables, Gross margin, Inventory, Loyalty, Omnichannel, Pool care, Specialty retail, turnaround | Login |
| Jun 30, 2025 | Fund Letters | Ariel Fund | CLB | Core Laboratories Inc. | Energy | Oil & Gas Equipment & Services | Neutral | NYSE | debt reduction, Energy Services, Free Cash Flow, international expansion, Oil Services, Production Enhancement, Reservoir Description | Login |
| Jun 30, 2025 | Fund Letters | Ariel Fund | SJM | The J.M. Smucker Company | Consumer Staples | Packaged Foods & Meats | Bull | NYSE | brand portfolio, Coffee, consumer staples, Food Manufacturing, Innovation Agenda, Sku-rationalization, Uncrustables | Login |
| Jun 30, 2025 | Fund Letters | Ariel Fund | NTRS | Northern Trust Corporation | Financials | Asset Management & Custody Banks | Bull | NASDAQ | asset management, Conservative Banking, Custody Banking, Defensive Financials, financial services, high barriers to entry, Institutional Services | Login |
| Jun 30, 2025 | Fund Letters | Ariel Fund | SPHR | Sphere Entertainment Co. | Communication Services | Entertainment | Bull | NYSE | Consumer Discretionary, entertainment, franchise model, Immersive Technology, live events, Media Technology, Venue Operations | Login |
| Jun 30, 2025 | Fund Letters | Ariel Fund | ATGE | Adtalem Global Education | Consumer Discretionary | Diversified Consumer Services | Bull | NYSE | Enrollment Growth, For-Profit Education, Healthcare education, Healthcare Worker Shortage, Medical Schools, Nursing Programs, Regulatory Beneficiary | Login |
| Jun 30, 2025 | Fund Letters | Ariel Fund | LESL | Leslie's Inc. | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | Customer loyalty, direct-to-consumer, Pool care, seasonal business, Specialty retail, turnaround, vertical integration | Login |
| Mar 31, 2025 | Fund Letters | Ariel Fund | BIO | Bio-Rad Laboratories Inc. | Health Care | Life Sciences Tools & Services | Bull | NYSE | Biotech, Laboratory Equipment, life sciences, Margins, NIH Funding, recurring revenue, research | Login |
| Mar 31, 2025 | Fund Letters | Ariel Fund | PARA | Paramount Global | Communication Services | Movies & Entertainment | Bull | NASDAQ | Content, entertainment, Linear TV, media, merger, Streaming, Value | Login |
| Mar 31, 2025 | Fund Letters | Ariel Fund | SJM | The J.M. Smucker Company | Consumer Staples | Packaged Foods & Meats | Bull | NYSE | brand portfolio, consumer staples, earnings beat, Food Products, innovation, Marketing, productivity | Login |
| Mar 31, 2025 | Fund Letters | Ariel Fund | NCLH | Norwegian Cruise Line Holdings Ltd. | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | NYSE | Booking Trends, Consumer Discretionary, cost optimization, Cruise, Leisure, Margins, Travel | Login |
| Mar 31, 2025 | Fund Letters | Ariel Fund | ATGE | Adtalem Global Education | Consumer Discretionary | Diversified Consumer Services | Bull | NYSE | Education, Enrollment Growth, Free Cash Flow, healthcare, Nursing, Regulatory, Workforce Shortage | Login |
| Mar 31, 2025 | Fund Letters | Ariel Fund | OSW | OneSpaWorld Holdings Ltd. | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | NASDAQ | balance sheet, capital returns, Cruise, debt reduction, Resort, Spa, Wellness | Login |
| Mar 31, 2025 | Fund Letters | Ariel Fund | SPHR | Sphere Entertainment Co. | Communication Services | Entertainment | Bull | NYSE | entertainment, Experiential, franchise, Immersive Technology, international expansion, sports, Venue | Login |
| Mar 31, 2025 | Fund Letters | Ariel Fund | LESL | Leslie's Inc. | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | Customer loyalty, Pool care, retail, supply chain, transformation, turnaround, valuation | Login |
| Dec 31, 2024 | Fund Letters | Ariel Fund | ATGE | Adtalem Global Education | Consumer Discretionary | Diversified Consumer Services | Bull | NYSE | Education, Enrollment Growth, For-Profit Education, healthcare, Healthcare Shortage, Medical Schools, Nursing | Login |
| Dec 31, 2024 | Fund Letters | Ariel Fund | CG | Carlyle Group Inc. | Financials | Capital Markets | Bull | NASDAQ | alternative assets, asset management, Capital markets, Deregulation, Discount Valuation, fee growth, private equity | Login |
| Dec 31, 2024 | Fund Letters | Ariel Fund | MHK | Mohawk Industries Inc. | Industrials | Building Products | Bull | NYSE | Building Products, Commercial Projects, Cost Restructuring, Cyclical Recovery, Flooring, Housing, residential construction | Login |
| Dec 31, 2024 | Fund Letters | Ariel Fund | LESL | Leslie's Inc. | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | Consumer Discretionary, direct-to-consumer, Operational Improvement, Pool care, Specialty retail, turnaround, vertical integration | Login |
| Dec 31, 2024 | Fund Letters | Ariel Fund | MSGE | Madison Square Garden Entertainment Corp. | Communication Services | Entertainment | Bull | NYSE | cash flow, Discount Valuation, entertainment, hospitality, live events, Sponsorship, Venues | Login |
| Dec 31, 2024 | Fund Letters | Ariel Fund | RCL | Royal Caribbean Group | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | NYSE | Consumer Discretionary, Cruise, fleet-expansion, hospitality, Leisure, Tourism, Travel | Login |
| Sep 30, 2024 | Fund Letters | Ariel Fund | GNTX | Gentex Corporation | Consumer Discretionary | Auto Parts & Equipment | Bull | NASDAQ | Auto parts, automotive, Cyclical, Free Cash Flow, Mirrors, Niche Franchise, technology innovation | Login |
| Sep 30, 2024 | Fund Letters | Ariel Fund | CLB | Core Laboratories Inc. | Energy | Oil & Gas Equipment & Services | Neutral | NYSE | capital allocation, debt reduction, Drilling Services, energy, Free Cash Flow, International Growth, Oil Services | Login |
| Sep 30, 2024 | Fund Letters | Ariel Fund | LESL | Leslie's Inc. | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | direct-to-consumer, New Leadership, Pool care, Spa Care, Specialty retail, turnaround, vertical integration | Login |
| Sep 30, 2024 | Fund Letters | Ariel Fund | JLL | Jones Lang LaSalle | Real Estate | Real Estate Services | Bull | NYSE | Capital markets, Fee revenue, operational efficiency, property management, Real Estate Services, Transaction Services, Work Dynamics | Login |
| Sep 30, 2024 | Fund Letters | Ariel Fund | BIO | Bio-Rad Laboratories Inc. | Health Care | Life Sciences Tools & Services | Bull | NYSE | diagnostics, global diversification, healthcare, Laboratory Equipment, life sciences, market leadership, recurring revenue | Login |
| Sep 30, 2024 | Fund Letters | Ariel Fund | MIDD | The Middleby Corporation | Industrials | Industrial Machinery | Bull | NASDAQ | Automation, Cyclical Recovery, Food Equipment, Food service, innovation, manufacturing, restaurant industry | Login |
| Sep 30, 2024 | Fund Letters | Ariel Fund | MHK | Mohawk Industries Inc. | Consumer Discretionary | Home Improvement Retail | Bull | NYSE | commercial real estate, Cyclical, Flooring, home construction, manufacturing, Residential Remodeling, Value | Login |
| Sep 30, 2024 | Fund Letters | Ariel Fund | LAZ | Lazard Inc. | Financials | Investment Banking & Brokerage | Bull | NYSE | Active Strategies, asset management, Discount Valuation, Financial advisory, investment banking, Value | Login |
| Jun 30, 2024 | Fund Letters | Ariel Fund | ATGE | Adtalem Global Education | Consumer Discretionary | Diversified Consumer Services | Bull | NYSE | Education, Enrollment Growth, For-Profit Education, healthcare, Healthcare Worker Shortage, Medical Schools, Nursing | Login |
| Jun 30, 2024 | Fund Letters | Ariel Fund | SPHR | Sphere Entertainment Co. | Communication Services | Entertainment | Bull | NYSE | Concert Residencies, entertainment, Experiential Venue, franchise, Immersive Technology, international expansion, Las Vegas, Sports Networks | Login |
| Jun 30, 2024 | Fund Letters | Ariel Fund | RCL | Royal Caribbean Group | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | NYSE | China, Consumer Discretionary, Cruise, Leisure, Megaships, Pricing power, Tourism, Travel | Login |
| Jun 30, 2024 | Fund Letters | Ariel Fund | ADT | ADT Inc. | Industrials | Commercial Services & Supplies | Bull | NYSE | Automation, Google partnership, margin expansion, Residential, Security, Smart home, State Farm, technology | Login |
| Jun 30, 2024 | Fund Letters | Ariel Fund | LESL | Leslie's Inc. | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | direct-to-consumer, Pool care, scale advantage, Specialty retail, turnaround, Value, vertical integration, Weather Dependent | Login |
| Jun 30, 2024 | Fund Letters | Ariel Fund | NVST | Envista Holdings Corp. | Health Care | Health Care Equipment & Supplies | Bull | NYSE | China, Dental, Facility Consolidation, Healthcare Equipment, IT Investments, manufacturing, R&D pipeline, Russia, turnaround, Value | Login |
| Mar 31, 2024 | Fund Letters | Ariel Fund | NVST | Envista Holdings Corp. | Health Care | Health Care Equipment & Supplies | Neutral | NYSE | China, Dental Equipment, Facility Consolidation, healthcare, leadership transition, manufacturing, R&D pipeline, Russia | Login |
| Mar 31, 2024 | Fund Letters | Ariel Fund | ATGE | Adtalem Global Education | Consumer Discretionary | Diversified Consumer Services | Bull | NYSE | federal funding, For-Profit Education, Healthcare education, Healthcare Worker Shortage, margin expansion, Nursing Degrees, Student Enrollment | Login |
| Mar 31, 2024 | Fund Letters | Ariel Fund | MSGE | Madison Square Garden Entertainment Corp. | Communication Services | Entertainment | Bull | NYSE | cash flow, Chicago, Concerts, deleveraging, Iconic Venues, Live entertainment, New York, Theater | Login |
| Mar 31, 2024 | Fund Letters | Ariel Fund | SPHR | Sphere Entertainment Co. | Communication Services | Entertainment | Bull | NYSE | entertainment, Experiential, Immersive Technology, Las Vegas, live events, media, Sports Networks, Venue Operations | Login |
| Mar 31, 2024 | Fund Letters | Ariel Fund | PARA | Paramount Global | Communication Services | Media | Bull | NASDAQ | Content, cost optimization, Free Cash Flow, governance concerns, Linear TV, media, Paramount+, Streaming | Login |
| Mar 31, 2024 | Fund Letters | Ariel Fund | MHK | Mohawk Industries Inc. | Consumer Discretionary | Home Furnishing Retail | Bull | NYSE | Commercial, construction, Cost management, Cyclical Recovery, Flooring, home improvement, manufacturing, Residential | Login |
| Dec 31, 2023 | Fund Letters | Ariel Fund | ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO | Royal Caribbean Group | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | NYSE | Consumer Discretionary, Cruise, Cyclical, Leisure, operational excellence, Pricing power, Travel | Login |
| Dec 31, 2023 | Fund Letters | Ariel Fund | MSGE | Madison Square Garden Entertainment Corp. | Communication Services | Entertainment | Bull | NYSE | Asset-based valuation, cash flow generation, entertainment, Live entertainment, Private Market Value, Real Estate, Venue Operations | Login |
| Dec 31, 2023 | Fund Letters | Ariel Fund | ATGE | Adtalem Global Education | Consumer Discretionary | Diversified Consumer Services | Bull | NYSE | demographic trends, Education, For-Profit Education, healthcare, market leadership, Medical Education, Nursing | Login |
| Dec 31, 2023 | Fund Letters | Ariel Fund | JLL | Jones Lang LaSalle | Real Estate | Real Estate Management & Development | Bull | NYSE | commercial real estate, Cyclical, Interest Rate Sensitive, professional services, property management, Real Estate Services | Login |
| Dec 31, 2023 | Fund Letters | Ariel Fund | CLB | Core Laboratories | Energy | Energy Equipment & Services | Bull | NYSE | capital return, Cyclical, energy, Free Cash Flow, geopolitical risk, oilfield services, operational excellence | Login |
| Dec 31, 2023 | Fund Letters | Ariel Fund | AMAT | Mattel | Consumer Discretionary | Leisure Products | Bull | NASDAQ | brand portfolio, Consumer Discretionary, Content Monetization, Cyclical Recovery, entertainment, market share gains, Toys | Login |
| Sep 30, 2023 | Fund Letters | Ariel Fund | SPHR | Sphere Entertainment Co. | Communication Services | Entertainment | Bull | NYSE | advertising, entertainment, hospitality, Immersive Technology, Las Vegas, live events, Media Networks, Venue Operations | Login |
| Sep 30, 2023 | Fund Letters | Ariel Fund | GNRC | Generac Holdings, Inc. | Industrials | Electrical Equipment | Bull | NYSE | backup power, climate change, Commercial Power, Free Cash Flow, Grid Instability, market penetration, Power generation, Residential Generators | Login |
| Sep 30, 2023 | Fund Letters | Ariel Fund | ATGE | Adtalem Global Education | Consumer Discretionary | Diversified Consumer Services | Bull | NYSE | Diversity, For-Profit Education, Healthcare education, Healthcare Worker Shortage, Medical Schools, Nursing Programs, online education | Login |
| Sep 30, 2023 | Fund Letters | Ariel Fund | PBH | Prestige Consumer Healthcare Inc. | Consumer Staples | Personal Products | Bull | NYSE | Consumer healthcare, COVID Recovery, debt reduction, margin expansion, multiple expansion, OTC Pharmaceuticals, product innovation | Login |
| Sep 30, 2023 | Fund Letters | Ariel Fund | AMAT | Mattel, Inc. | Consumer Discretionary | Leisure Products | Bull | NASDAQ | Brand Licensing, cash flow generation, Consumer products, Entertainment Content, franchise development, Movie Tie-ins, Toy Manufacturing | Login |
| Sep 30, 2023 | Fund Letters | Ariel Fund | LESL | Leslie's, Inc. | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | Cost management, Customer loyalty, direct-to-consumer, Pool care, seasonal business, Specialty retail, vertical integration | Login |
| Sep 30, 2023 | Fund Letters | Ariel Fund | IPG | Interpublic Group of Companies, Inc. | Communication Services | Advertising | Bull | NYSE | advertising, Business Model Resilience, Cyclical Recovery, Healthcare Marketing, Marketing Services, media, Variable Cost Structure | Login |
| TICKER | COMMENTARY |
|---|---|
| ATGE | Alternatively, global leader in for-profit education, Adtalem Global Education (ATGE) declined despite delivering a top- and bottom-line earnings beat. Total enrollment remained a bright spot, though growth slowed at Chamberlain due to execution challenges in marketing and conversion. Management reiterated that nursing education demand is strong and expects improvements in the coming few quarters. Meanwhile, fiscal 2026 guidance was reaffirmed, disappointing some investors and prompting profit-taking amid macro concerns. To underscore confidence in long-term growth, management accelerated its remaining share repurchase program and authorized a new buyback. We believe these actions, combined with strong fundamentals in healthcare education, position ATGE for durable growth once near-term execution issues are resolved. |
| CLB | Oil services company, Core Laboratories (CLB) also traded higher after reporting another quarter of sequential revenue growth, propelled by strong global demand for its proprietary services and products. Operating income, margins and EPS improved, while the Company enhanced its international presence through the acquisition of Brazil-based Solintec. CLB also strengthened its financial position by reducing leverage to a nine-year low and returning capital to shareholders through dividends and buybacks. With a strong balance sheet and a disciplined focus on free cash flow, debt reduction and improving return on invested capital, the company is positioning itself for long-term growth. In our view, CLB's global footprint and specialized services offer an attractive way to participate in future energy development cycles. |
| GNTX | Finally, leading supplier of automatic-dimming mirrors for the automotive industry, Gentex Corporation (GNTX) weighed on returns after missing earnings expectations, caused by a mix-shift towards lower end vehicle production, particularly driven by tariff impacts in Europe and China. However, guidance was largely in line and the company maintained its improved gross margin floor. A key positive was the Ford Bronco launch, marking an important milestone for Full Display Mirror (FDM), which remains Gentex's most reliable growth driver. Longer term, we think GNTX is a high-quality niche franchise with strong growth prospects as automakers increasingly adopt its advanced technologies, including next-generation FDM. With a proven track record of innovation, best-in-class margins, and robust free cash flow generation, we believe Gentex is well-positioned to deliver shareholder value over time. |
| MHK | Manufacturer and distributor of floorcovering products, Mohawk Industries, Inc. (MHK) also traded down during the period as housing market headwinds continued to pressure consumer demand, pricing and input costs. While earnings results were relatively in-line, management provided lower near-term guidance versus the Street expectations amid macro uncertainty. We believe MHK remains better positioned than peers, with domestically sourced products and ongoing cost restructuring. Meanwhile, new product momentum is driving mix and share gains in North America and the company increased its buyback authorization, reinforcing confidence in its long-term outlook. |
| MSGE | Madison Square Garden Entertainment was a positive contributor in the quarter. |
| SPHR | Live entertainment, media and technology company, Sphere Entertainment Co. (SPHR) was the top contributor over the period, supported by strengthening business fundamentals due to robust consumer demand for The Wizard of Oz. Financial results continue to ramp as Sphere scales its concert residencies, attracts greater interest in immersive original films and drives higher utilization across show types. We believe the success of The Wizard of Oz will help accelerate discussions with partners for future Spheres, both in the U.S. and internationally. In our view, Sphere's Las Vegas venue and its scalable franchise potential represent a compelling long-term opportunity for growth. |
| XRAY | Also during the quarter, we added Dentsply Sirona (XRAY), a leading global dental manufacturing company, to the portfolio. Since acquiring Sirona Dental in 2016, the company has faced challenges, particularly in its core capital equipment business, which has come under pressure from lower-cost technology alternatives. Despite these headwinds, we view the dental market favorably given its attractive dynamics: steady growth, lower reimbursement risk, and higher out-of-pocket spending compared to other healthcare segments. Management is executing a strategic reset focused on innovative product development and portfolio expansion, operational efficiencies, emerging market growth and bolt-on acquisitions to strengthen competitive positioning. With these initiatives underway, we believe XRAY is well-positioned to capitalize on secular growth trends, improve margins and drive long-term shareholder value. |
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