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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 22, 2025 | Harbor Mid Cap Value Fund | 4.9% | 2.1% | ADT, BK, CNHI, FLEX, FOXA, HIG, HPQ, JAZZ, JBL, KR, MCK, NRG, ORI, PHM, SNX, STT, SYF, TAP, TXT, WDC | earnings, energy, financials, mid cap, technology, value | Value stocks were left behind in the market rally and continue to trade at significant discounts to their growth counterparts, enhancing the potential for outperformance if valuations between growth and value stocks revert to a more normal, historical average. The Fund trades at just over 10x forward earnings and 7x cash flow, which are significant discounts to the core and value benchmark. | MCK ADT |
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| 2025 Q1 | Mar 31, 2025 | Brandes Core Plus Fixed Income Fund | 2.6% | 2.6% | ADT, BAC, C, CCI, F, GS, JPM, NFLX, PBI, RIG, RRC, SCHW, TNL, USB | Corporate Bonds, credit spreads, duration, Fed policy, fixed income, tariffs, Treasuries | Trump administration introduced tariffs during the quarter that were more draconian than market expectations. The manager references historical context of Hawley-Smoot tariffs in 1930 and their negative economic impact. Tariff policy appears central to the current administration's approach and creates market uncertainty. | View | |
| 2022 Q3 | Oct 28, 2022 | Miller Value Partners Opportunity Equity | 9.8% | 9.8% | ADT, DXC, KRTX, MAT, SCPPF, SFIX, SI, UBER | - | View | ||
| 2025 Q4 | Jan 23, 2026 | Brandes Core Plus Fixed Income Fund | 0.9% | 6.7% | ADT, CNSL, COTY, F, GTN, KSS, OGN, SABR, SPR, USB, UVN | Corporate Bonds, credit, duration, Fed policy, fixed income, inflation, Treasuries, Yield Spreads | Consumer Price Index is approximately 25% higher since COVID pandemic, the highest rise in nearly forty years. Inflation has outpaced wage growth, creating affordability issues. The manager believes inflation will trend higher rather than moving toward the Fed's 2% target. Early warning signs of credit stress in private credit markets with collapses of subprime issuers and private debt markdowns. Goldman Sachs reports 15% of private credit borrowers cannot cover interest costs. The manager questions whether these are isolated events or signs of broader trouble ahead. Fed cut rates by 1.75% since September 2024 with third consecutive reduction in December. The manager believes the market may be underestimating the ultimate neutral fed funds rate and that the last 18 years of unconventional monetary policy may have skewed perceptions of normal rates. | View | |
| 2024 Q2 | Jul 31, 2024 | Ariel Fund | 12.1% | 0.0% | ADT, ATGE, LESL, LH, NVST, RCL, SPHR, SSD | consumer, earnings, Entertainment, healthcare, small caps, technology, value | AI-themed stocks continue to dominate markets this year, driving a narrow momentum rally that helped the S&P 500 gain while Mid- and Small-Cap companies declined. The resulting bifurcation has been extreme, as non-AI companies in the S&P 500 Index lost 1.2%. | NVST LESL SPHR ADT ATGE RCL |
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| 2025 Q1 | Mar 31, 2025 | Ariel Appreciation Fund | -6.9% | -6.9% | AAPL, ADT, AMZN, BIO, GOOGL, GS, KN, MAT, META, MIDD, MSFT, MTN, NCLH, NOV, NVDA, OSW, SLB, TSLA, WBA | Buybacks, mid cap, Recession, Recovery, value, volatility | Fund actively acquiring downtrodden shares of quality companies trading at significant discounts to private market values. Holdings are statistically cheap and trading at meaningful discounts to intrinsic worth. Past dislocations of this magnitude have often served as prelude to robust recoveries. | SLB OSW NCLH KN BIO ADT MIDD MAT |
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| 2025 Q1 | Mar 31, 2025 | Ariel Small Cap Value Strategy | -10.7% | -10.7% | AAPL, ADT, AMZN, BIO, FAF, GOOGL, LESL, LIND, META, MIDD, MSFT, NCLH, NVDA, TSLA | discount, Quality, Recession, small caps, value, volatility | The fund focuses on acquiring downtrodden shares of quality companies whose value should be realized over the long term. Holdings are trading at a significant discount to their private market values, creating opportunities for patient investors during market dislocations. | BIO LIND LESL NCLH FAF ADT MIDD |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Ariel Appreciation Fund | ADT, Inc. | Industrials | Security & Alarm Services | Bull | NYSE | customer retention, debt reduction, Home automation, security services, Smart home, Strategic Partnerships, subscription model | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Small Cap Value Strategy | ADT Inc. | Technology | Electronic Equipment, Instruments & Components | Bull | NYSE | Automation, debt reduction, Free Cash Flow, security solutions, Smart home, Strategic Partnerships, subscription services | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Fund | ADT Inc. | Industrials | Commercial Services & Supplies | Bull | NYSE | Automation, Google partnership, margin expansion, Residential, Security, Smart home, State Farm, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Harbor Mid Cap Value Fund | ADT Inc | Consumer Discretionary | Household Durables | Bull | NYSE | Consumer Discretionary, dividend, Quantitative Screening, Residential Services, security services, Smart home, Value | View Pitch |
| Feb 2, 2026 | Seeking Alpha | Seeking Alpha | ADT Inc. | Industrials | Security & Alarm Services | Bull | New York Stock Exchange | automated security, brand strength, Customer Engagement, Free Cash Flow, innovation, recurring revenue, security solutions, Smart home, Strategic Partnerships | View Pitch |
| Feb 2, 2026 | Seeking Alpha | Seeking Alpha | ADT Inc. | Industrials | Security & Protection Services | Bull | New York Stock Exchange | brand strength, competitive moat, Distribution, innovation, recurring revenue, security solutions, Smart home, Strategic Partnerships | View Pitch |
| Jan 20, 2026 | Fund Letters | Charles K. Bobrinskoy | ADT Inc. | Industrials | Security & Alarm Services | Bull | New York Stock Exchange | brand strength, Free Cash Flow, home security, recurring revenue, Smart home | View Pitch |
| Oct 11, 2025 | Seeking Alpha | Seeking Alpha | ADT Inc. | Security & Protection Services | Bull | ADT, AI technology, customer churn, Google partnership, home security, profitability, recurring revenue, Revenue Growth, undervalued, Verisure comparison | View Pitch | ||
| Sep 23, 2025 | Seeking Alpha | Seeking Alpha | ADT Inc. | Security & Protection Services | Bull | ADT Inc., cash flow, Consumer Discretionary, dividend yield, earnings, security services, Smart home, top 5% ranking, U.S. market, valuation | 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 |
|---|---|---|---|---|---|---|---|---|
| Marc Rowan | Apollo Global Management | $10.6B | $823.1M | 7.74% | 102,000,366 | -81,650,000 | -44.46% | 12.8684% |
| Ray Dalio | Bridgewater Associates | $27.4B | $14.6M | 0.05% | 1,803,829 | +423,155 | +30.65% | 0.2276% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $1.0M | 0.00% | 127,483 | +12,234 | +10.62% | 0.0161% |
| Israel Englander | Millennium Management LLC | $233.2B | $900,612 | 0.00% | 111,600 | -100,000 | -47.26% | 0.0141% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $37.2M | 0.06% | 4,607,461 | -875,582 | -15.97% | 0.5813% |
| Cliff Asness | AQR Capital Management | $190.6B | $361.3M | 0.19% | 44,938,803 | +8,778,704 | +24.28% | 5.6484% |
| John Rogers | Ariel Investment | $9.3B | $174.0M | 1.88% | 21,558,300 | -510,642 | -2.31% | 2.7198% |
| Rich Handler | Jefferies | $19.3B | $1.7M | 0.01% | 214,536 | +10,004 | +4.89% | 0.0271% |