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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Ariel Global Fund surged +27.91% in Q2 2026, crushing benchmarks as AI investment broadened beyond U.S. tech to semiconductors and infrastructure across Asia. Intel, Murata and MediaTek drove outperformance on AI infrastructure demand."
Ariel Global Fund returned +27.91% in Q2 2026, significantly outperforming the MSCI ACWI Index (+14.93%) and MSCI ACWI Value Index (+10.57%). Global equities rebounded strongly, supported by easing geopolitical tensions, resilient earnings and sustained AI investment. While U.S. technology companies remained market leaders, investor focus broadened to semiconductor, memory and infrastructure companies enabling the next phase of AI deployment. Regional performance reflected this dynamic, with Taiwan and South Korea leading returns on robust demand for advanced semiconductors and AI-related hardware. Top contributors included Intel, Murata Manufacturing and MediaTek, benefiting from AI infrastructure buildout and improving fundamentals. Detractors included AT&T, BT Group and Disney, facing competitive pressures and near-term uncertainty. The fund initiated thirteen new positions during the quarter, including Capital One Financial, Dynatrace, Merck KGaA, Orsted, PPL Corporation and several Chinese companies positioned for structural growth. The manager believes the opportunity set is becoming increasingly attractive as market leadership broadens and company-specific fundamentals become more important than macro narratives.
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