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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Ariel Appreciation Fund returned 13.71% in Q2 2026, driven by strong performance from Knowles, Generac, and Madison Square Garden Entertainment. The fund added five new positions including Haemonetics, Houlihan Lokey, Masco, Progressive, and Royal Caribbean, while exiting three names to redeploy capital."
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.
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