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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Ariel Small Cap Value returned 17.04% net in Q2 2026, matching its benchmark as equities rebounded sharply. Travel and entertainment holdings led gains while oil services lagged."
Ariel Small Cap Value returned 17.04% net in Q2 2026, matching the Russell 2000 Value Index as U.S. equities rebounded sharply with their strongest quarterly gains since 2020. The portfolio benefited from strong performance in travel, entertainment and medical devices holdings. Lindblad Expeditions led gains with robust demand, record occupancy and sustained pricing strength in luxury adventure travel. Sphere Entertainment advanced on solid earnings and improving operating fundamentals as demand for immersive experiences drove margin expansion. The manager initiated positions in Haemonetics Corporation, a medical devices company positioned to benefit from favorable demographics and rising demand for plasma-based therapies, and Masco Corporation, the largest U.S. plumbing fixtures manufacturer with strong brands and margin expansion potential. Detractors included Core Laboratories, pressured by geopolitical tensions and softer drilling activity, and Prestige Consumer Healthcare, impacted by supply constraints. The manager maintains a measured outlook for the second half, acknowledging modest global growth, geopolitical tensions and concentrated market leadership, while remaining focused on long-term value creation through disciplined bottom-up research and valuation discipline as market leadership broadens.
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