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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Closely tracking its benchmark. The fund added defensive quality names like FactSet and RLI, while taking a cautious stance on broader market valuations heading into 2026."
For the quarter ended December 31, 2025, the Ariel Small Cap Value Tax-Exempt Composite gained +3.17% gross (+3.03% net), performing slightly behind the Russell 2000 Value Index (+3.26%) but ahead of the Russell 2000 Index (+2.19%). SPHR, AMG, and KMT were the top contributors, while REZI, GNRC, and NCLH detracted from performance. The fund purchased new/reinitiated holdings in FactSet (FDS), RLI Corp. (RLI), and Zebra Technologies (ZBRA) while exiting Paramount Skydance (PSKY) after strong price appreciation. Entering 2026, the manager maintains a cautious outlook on U.S. equities due to high index concentration and geopolitical uncertainty, but expresses confidence in the portfolio's disciplined positioning.
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