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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Ariel Fund returned 13.59% in Q2 2026, underperforming benchmarks despite strong market gains. The fund added entertainment positions MSGE and SPHR on resilient demand and venue expansion opportunities, initiated healthcare and insurance positions HAE and RLI, while Core Laboratories and Carlyle Group detracted on energy headwinds and private credit concerns."
Ariel Fund returned 13.59% in Q2 2026, trailing the Russell 2500 Value and Russell 2000 Value indices as U.S. equities rebounded sharply with their strongest quarterly gains since 2020. The fund's core thesis centers on owning high-quality businesses at attractive valuations through rigorous fundamental research. Key contributors included Madison Square Garden Entertainment, which advanced on strong concert demand and iconic venue ownership with pricing power, and Sphere Entertainment, which traded higher on solid earnings and expanding global development opportunities. Leslie's improved on operational progress while new positions were initiated in Haemonetics Corporation and specialty insurer RLI Corp. Detractors included Core Laboratories, pressured by geopolitical tensions and softer drilling activity, Prestige Consumer Healthcare facing supply constraints, and Carlyle Group impacted by private credit concerns. The manager maintains a measured outlook for the second half, acknowledging modest global growth and geopolitical risks while remaining focused on long-term value creation as market leadership broadens and company-specific fundamentals drive returns.
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