The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 15, 2026
Ariel Global Fund posted a net return of -1.98% for the third quarter of 2026, underperforming both the MSCI ACWI Index's +1.60% advance and the MSCI ACWI Value Index's +3.75% gain. Performance across sectors was led by positive stock selection within Consumer Discretionary, Consumer Staples, and Health Care. Conversely, relative weakness in Information Technology and Industrials, alongside an overweight stance in Utilities, served as the primary performance detractors during the period. The fund closed the quarter with zero exposure to Energy and Real Estate. The global macroeconomic environment was characterized by pronounced regional dispersion against a backdrop of renewed Middle East geopolitical tensions, higher-for-longer interest rates, and elevated energy-driven inflation pressures. Japan managed shifting rate expectations, Europe coped with persistent consumer caution, and China registered an uneven economic recovery. In technology, enthusiasm surrounding artificial intelligence narrowed, prompting capital concentration in select mega-cap winners while creating valuation mispricings across out-of-favor cyclical franchises with durable earnings power. Portfolio turnover was pronounced as the team initiated eight new equity positions—including Akzo Nobel N.V., Ebara Corporation, Komatsu Ltd., NatWest Group plc, Qualcomm Inc., Reckitt Benckiser Group plc, Standard Chartered PLC, and United Parcel Service, Inc.—while taking profits and completely liquidating six positions on valuation grounds, including AirTAC International, Bank of Ireland, Bridgestone, FedEx, Murata Manufacturing, and Wacker Chemie.
Exploit market dispersion by acquiring undervalued, misunderstood, and out-of-favor global franchises trading at meaningful discounts to their durable competitive advantages and normalized earnings power.
Looking ahead, the manager expects the dispersion that characterized the third quarter to widen as financial markets become increasingly discerning. As capital costs remain high and the monetization of massive artificial intelligence investments develops unevenly, companies possessing durable cash flows and verifiable earnings power will separate from speculative businesses sustained purely by narrative optimism. The firm anticipates that improving economic conditions outside the largest technology platforms will broaden market leadership across overlooked industries and geographies, creating rich opportunities for active, valuation-disciplined investors.
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