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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 17, 2025 | Ariel Global Fund | 7.4% | - | 000660.KS, 1590.TW, 2319.HK, 6361.T, 6920.T, BBVA, DIS, FSLR, JD, LTO.MI, SAN, TSCO.L, ZBH | AI, Banking, energy, global, healthcare, semiconductors, value | Strong AI-driven demand for high bandwidth memory products drove performance at SK Hynix. The company gained market share in high-content server-grade DRAM modules with entire 2025 HBM supply sold out and Nvidia as a key customer. AI power demands are expected to benefit First Solar as the only US-based solar module manufacturer of scale. | ZBH DIS LOTTO.MI FSLR 6361.T BBVA 1590.TW SNY 2319.HK JD 6920.T 000660.KS TSCO.L BBVA SM 6920 JP |
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| 2025 Q2 | Jul 17, 2025 | Ariel International Fund | 12.6% | - | 000660.KS, 1590.TW, 2319.HK, 6361.T, 6920.T, BBVA, CHKP, JD, LTO.MI, SNY, TSCO.L | AI, Asia, Europe, international, semiconductors, technology, value | Investor enthusiasm for artificial intelligence themed stocks drove global indices to new all-time highs. Strong AI driven demand for high bandwidth memory products was a key highlight for SK Hynix, with the company gaining market share in AI memory market and having its entire 2025 HBM supply sold out with Nvidia as a key customer. | CHKP 6920 JP |
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| 2024 Q1 | Apr 15, 2024 | Baron Emerging Markets Fund | 9.0% | 16.2% | 0027.HK, 005930.KS, 006400.KS, 0700.HK, 105560.KS, 2313.HK, 2319.HK, 300760.SZ, BABA, BHARTIARTL.NS, HDFCBANK.NS, INDIGO.NS, NU, PDD, RELIANCE.NS, RENT3.SA, SUZB3.SA, TME, TSM, XP, ZLAB | China, Digitization, emerging markets, Fed policy, Fintech, India, Rate Cuts, semiconductors | Taiwan Semiconductor Manufacturing Company Limited contributed significantly due to investor expectations for continued strong cyclical recovery in semiconductors and significant incremental demand for AI chips. The company's technological leadership, pricing power, and exposure to secular growth markets including high-performance computing, automotive, 5G, and IoT will allow sustained strong double-digit earnings growth. Many EM companies including Taiwan Semiconductor, Samsung Electronics, and SK hynix are increasingly recognized as key beneficiaries of the AI phenomenon. | View | |
| 2025 Q4 | Jan 18, 2026 | Distillate Capital International | 0.0% | 41.5% | 005930.KS, 066570.KS, 1024.HK, 2319.HK, 2618.HK, 267270.KS, 601600.SS, 6594.T, 9618.HK, AEM, AUTO.L, BATS.L, CX, FMX, GIB.TO, MC.PA, RHHBY, RIO.AX | cash flow, fundamentals, international, Quality, valuation, value | U.S. equities are historically expensive by any measure and at a valuation level that has typically been associated with much more subdued future returns. The S&P 500 is near record multiples and trading at concerningly rich valuations primarily due to a short list of very large and expensive stocks. International stocks look very appealing even after significant outperformance in 2025. International stocks significantly outperformed their domestic counterparts in 2025, and the less expensive portions of the market did particularly well. International companies offer an important counterbalance to the richness of the broader U.S. market when selectively chosen and are beneficial from a diversification perspective. The strategy systematically filters out highly levered or fundamentally less stable companies and focuses on cash flow stability and low indebtedness thresholds. Quality metrics include fundamental stability scores and leverage ratios that differentiate the portfolio from broader market benchmarks. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Ariel Global Fund | China Mengniu Dairy Company, Ltd. | Consumer Staples | Food Products | Bull | Hong Kong Stock Exchange | China, Cost management, Cyclical Recovery, Dairy Products, market share, supply chain | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||