Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
In October 2025, the fund returned -1.6%, underperforming its small-cap benchmark by 3.0% as speculative interest in loss-making companies and AI momentum overshadowed fundamentally strong value businesses.
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In October 2025, the fund returned -1.6%, underperforming its small-cap benchmark by 3.0% as speculative interest in loss-making companies and AI momentum overshadowed fundamentally strong value businesses.
Harding Loevner lagged the benchmark in Q3 due to extreme market concentration in AI momentum stocks, but they remain steadfastly committed to valuation discipline and are heavily overweighting discounted quality healthcare names.
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Harding Loevner lagged the benchmark in Q3 due to extreme market concentration in AI momentum stocks, but they remain steadfastly committed to valuation discipline and are heavily overweighting discounted quality healthcare names.
Ariel Focus Fund surged +20.76% in Q3 2025, heavily outperforming key indices, while actively repositioning the portfolio through three new initiations and three total liquidations.
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Ariel Focus Fund surged +20.76% in Q3 2025, heavily outperforming key indices, while actively repositioning the portfolio through three new initiations and three total liquidations.
