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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| Q4 2025 | Dec 31, 2025 | Fortress – Fixed Income Fund | 0.6% | 5.5% | 005930.KS, 0700.HK, 1288.HK, 1585.HK, 1878.T, 2318.HK, 392.HK, 3968.HK, 6920.T, 8035.T, 916.HK, ACN, AMAT, AXP, BABA, BBDO, BNZL.L, BRK.B, BTI, CHTR, FMC, GMEXICOB.MX, GRMN, HSY, ITUB, IX, JNJ, LOGI, MC.PA, MRK, NTES, NVO, ORLY, PDD, PHM, ROG.SW, SBS, SNA, TSM, UNH, VALE, VRTX, WKL | AI, Bonds, emerging markets, healthcare, international, technology, Trade Policy, value | Artificial intelligence remained the primary focus for investors in U.S. markets, driving strength in technology names while masking moderation in other economic areas. The AI investment boom continued to power corporate capital expenditures and supply growth, though consumer confidence readings suggest potential underlying softness that could emerge if AI investment moderates. The manager sees excellent value opportunities globally, particularly in international and emerging markets despite strong recent performance. U.S. healthcare and consumer staples have been left behind by the AI frenzy and trade at appealing valuations. Portfolio companies show attractive price/earnings ratios with meaningful long-term return potential. Recent tariff policies continued to negatively impact U.S. consumers and companies throughout the year. However, international companies have been finding new trade arrangements and growth opportunities, benefiting from shifts in global trade patterns as the new U.S. administration alters terms of international cooperation. | View | |
| 2025 Q4 | Jan 18, 2026 | Ariel International Fund | 2.3% | 31.5% | 1024.HK, 3436.T, 4751.T, 6367.T, 6762.T, 6856.T, 6920.T, 7832.T, BARC.L, BIRG.L, BMPS.MI, BWG.VI, FME.DE, FORTUM.HE, LREN3.SA, SAN, WCH.DE | Banking, Europe, financials, international, Japan, semiconductors, technology, value | The fund initiated multiple new banking positions including Banca Monte dei Paschi di Siena, Banco Santander, and Bank of Ireland, while existing holdings like Barclays and BAWAG performed well. Banks are benefiting from improving market conditions, efficiency gains, and strategic positioning for profitability growth. Strong performance from Lasertec Corporation driven by solid earnings and management commentary about gaining momentum in deal activity. The company is positioned for a pivotal inflection point in process control intensity as it transitions toward high-volume manufacturing with new APMI tools. Fortum is positioned as a compelling opportunity to benefit from data center expansion, particularly through above-market power purchase agreements. The Nordic region offers advantages including low-cost power, cooler climates, and strong fiber infrastructure for rapid energy access. Multiple companies are positioned to benefit from AI adoption including TDK Corporation through higher density battery needs and Edge AI demand, and Kuaishou Technology through AI-driven video tools that enhance content recommendation and ad targeting capabilities. | WCH GR 6762 JP 1024 HK 6856 JP 6367 JP 4751 JP BIRG LN SAN SM 3436 JP FME GR 7832 JP BG AV BARC LN 6920 JP |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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. | ||||||||