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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Ariel International Fund recorded a +2.26% return in Q3 2025, systematically shifting capital from fully valued positions into high-conviction international names poised to benefit from structural catalysts like Edge AI and regional infrastructure rollouts."
Ariel International Fund returned +2.26% in Q3 2025, trailing the MSCI EAFE (+4.77%) and MSCI ACWI ex-US (+6.89%) indices. The global market environment was defined by AI enthusiasm, U.S. interest rate cuts, and policy easing. The fund engaged in significant capital rotation during the quarter. It initiated eight new positions, including SUMCO Corporation, Murata Manufacturing, BT Group, Informa plc, Minth Group, Proximus, SEMCO, and Syensqo SA, citing attractive valuations and strong growth catalysts like Edge AI. Conversely, the fund exited positions in Daimler Truck, SK Hynix, Redeia, Infineon, Sanofi, Beazley, and Tecnicas Reunidas due to full valuations or to reallocation towards superior risk-adjusted opportunities. The management emphasizes that high concentration in U.S. equities represents an asymmetric risk, reinforcing the value of international active management.
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