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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
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Ariel Appreciation Fund returned 13.71% in Q2 2026, outpacing the Russell Midcap Value Index but slightly trailing the Russell Midcap Index. U.S. equities rebounded sharply as easing geopolitical tensions, lower oil prices, and resilient corporate earnings supported the advance, with leadership returning to growth-oriented sectors. Top contributors included Knowles Corporation, which exceeded revenue and profit expectations with strong execution across segments, and Generac Holdings, which raised full-year guidance driven by data center demand and a global hyperscaler supply agreement. Madison Square Garden Entertainment advanced on concert strength and sponsorship growth. Detractors included Core Laboratories and SLB Limited, pressured by geopolitical tensions and softer drilling activity, and Prestige Consumer Healthcare, impacted by supply constraints. The fund initiated positions in Haemonetics, Houlihan Lokey, Masco, Progressive, and Royal Caribbean, while exiting Stanley Black & Decker, ADT, and Molson Coors to redeploy capital into higher conviction opportunities. The fund enters the second half with a measured outlook, focused on long-term value creation through bottom-up research emphasizing durable business models, strong balance sheets, and sustainable competitive advantages despite near-term macro uncertainty.
Ariel Appreciation Fund seeks to own high-quality mid-cap businesses at attractive valuations with durable competitive advantages, strong balance sheets, and capable management teams, focusing on long-term value creation through rigorous bottom-up fundamental research and valuation discipline.
The fund enters the second half of 2026 with a measured outlook, acknowledging modest and uneven global growth, ongoing geopolitical tensions, and concentrated market leadership in large-cap technology. Despite near-term macro uncertainty, the fund remains focused on long-term value creation through rigorous bottom-up research, emphasizing durable business models, strong balance sheets, capable management teams, and sustainable competitive advantages. The fund seeks to navigate near-term uncertainty while capitalizing on opportunities as market leadership broadens and company-specific fundamentals become increasingly important drivers of returns.
As of Jul 17, 2026
Ariel Investments was founded in 1983 by John W. Rogers, Jr., whose passion for investing began at age 12 when his father bought him stocks as gifts. Rogers graduated from Princeton University with a BA in economics and was captain of the Ivy League co-champion basketball team. He founded Ariel to focus on patient, value investing within small- and medium-sized companies, building the firm into one of the most established minority-owned investment management companies in the United States. Today, Ariel manages approximately $14.1 billion in assets with 123 team members across offices in Chicago, New York, San Francisco, and Sydney. The firm has been SEC-registered since April 15, 1983, and has built a reputation for independent thinking and contrarian investment approaches. Rogers has been recognized alongside legendary investors Warren Buffett, Sir John Templeton, and Ben Graham in distinguished investment literature.
The Ariel Appreciation Fund employs a contrarian investment strategy built on Active Patience®, Independent Thinking, Focused Expertise, and Bold Teamwork. The fund seeks value among small- and medium-sized companies that are widely misunderstood, ignored and/or underfollowed by the broader market. The investment approach results from meticulous, fundamental bottom-up research through a systematic process of idea generation, initial review, due diligence, and committee deliberation. The fund maintains a concentrated portfolio with high active share, reflecting management's conviction in their research process. The strategy emphasizes patient, long-term value investing while actively seeking opportunities for clients. Portfolio managers make final investment decisions based on comprehensive fundamental analysis of undervalued opportunities in the mid-cap space.
Lead Portfolio Manager & CIO
Moderate Conviction Bullish
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