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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Ariel Focus Fund returned 2.14% in Q2 2026, underperforming broad indices despite strong contributions from Affiliated Managers Group, Madison Square Garden Entertainment and PHINIA. The concentrated value portfolio emphasizes high-quality businesses at attractive valuations through rigorous fundamental research."
Ariel Focus Fund returned 2.14% in Q2 2026, underperforming the Russell 1000 Value and S&P 500 as U.S. equities rebounded sharply with their strongest quarterly gains since 2020. The fund maintains a concentrated portfolio of high-quality businesses at attractive valuations, with notable contributors including Affiliated Managers Group, which benefited from strong momentum in alternatives and record assets under management; Madison Square Garden Entertainment, supported by resilient live entertainment demand and iconic venue assets; and PHINIA, which delivered solid results across alternative fuels, aerospace and aftermarket segments. Detractors included APA Corporation, pressured by weaker commodity prices despite solid fundamentals, and Prestige Consumer Healthcare, facing temporary supply constraints. The manager added Dentsply Sirona, a turnaround opportunity in dental equipment, while exiting J.M. Smucker. Looking ahead, the manager acknowledges modest global growth and concentrated market leadership but remains focused on long-term value creation through disciplined bottom-up research, emphasizing durable competitive advantages and strong balance sheets as market leadership potentially broadens and company-specific fundamentals drive returns.
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