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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 17, 2025 | Ariel Fund | 7.0% | - | ATGE, CLB, IPG, KMT, LESL, MAS, NTRS, SJM, SPHR | AI, Education, Entertainment, small caps, SMID Cap, tariffs, value | The fund maintains a bottom-up conviction in undervalued businesses rather than macroeconomic prognostication. Small cap stocks are trading at their biggest discount to large cap shares since the dot-com boom, presenting attractive opportunities. | LESL SJM CLB NTRS ATGE SPHR LESL SJM CLB NTRS ATGE SPHR |
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| 2024 Q1 | Apr 15, 2024 | Ariel Fund | 12.1% | 0.0% | AMZN, ATGE, META, MHK, MSFT, MSGE, NVDA, NVST, PARA, SNA, SPHR | AI, Entertainment, fundamentals, private market value, small caps, value | The fund holds multiple entertainment companies including Sphere Entertainment, Madison Square Garden Entertainment, and Paramount Global. SPHR delivered robust first quarter results with strong venue performance and U2 concerts. MSGE benefited from increased concerts and strong Christmas Spectacular demand. PARA faces streaming headwinds but management expects significant earnings growth in 2024. | NVST ATGE PARA MSGE MHK SPHR |
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| 2024 Q4 | Dec 31, 2024 | Ariel Fund | -0.7% | 11.8% | ATGE, CG, LESL, MHK, MSGE, RCL | Capital markets, consumer, earnings, Entertainment, small caps, value | Royal Caribbean Group delivered strong quarterly earnings with robust consumer demand, healthy onboard spending, and solid pricing. The company benefits from new megaships, expanded island destinations, and a growing addressable market including younger demographics new to cruising. | MSGE LESL MHK CG ATGE RCL |
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| 2023 Q4 | Dec 31, 2023 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | 6.2% | 0.0% | ASND, ATGE, ATRC, AZEK, BJ, ESAB, FLYW, FORM, FROG, HLNE, ICFI, PRA, RAPT, SWAV, VC, WING, WK, WNS, ZWS | Automation, cybersecurity, financials, growth, healthcare, industrials, small cap, technology | Cybersecurity remains a top priority for companies, propelled by recent well-publicized cyberattacks at MGM Resorts, Caesars Entertainment, and Clorox. New SEC disclosure rules on cyber risks took effect in December 2023. Channel checks indicate that IT budgets will continue growing, with cybersecurity becoming an increasing percentage. | View | |
| 2017 Q4 | Dec 31, 2017 | Aquamarine | - | 34.9% | ATGE, BRK/A, COGN3 BZ, COST, FCAU, GM, RACE IM, SCHW, TSLA | - | View | ||
| 2015 Q4 | Dec 31, 2015 | Aquamarine | - | -16.0% | ATGE, BRK/A, CHK, MSFT, NESN SW, RLS SP | - | View | ||
| 2025 Q3 | Nov 4, 2025 | Thornburg Small/Mid Cap Core Fund | 2.4% | 0.1% | AIT, ATGE, BJ, CLH, COHR, CWST, ITT, LPLA, PNFP, PSTG, SMPL, STKL, SXT, TLN, VRT, WAL | AI, Defensive, industrials, Quality, rates, small caps, technology, valuation | Semiconductor and software companies were supported by increased spending on data centers and power infrastructure tied to AI adoption during the quarter. | View | |
| 2025 Q4 | Jan 18, 2026 | Ariel Fund | 3.2% | 14.2% | ATGE, CLB, GNTX, MHK, MSGE, SPHR, XRAY | Autos, Entertainment, healthcare, industrials, Oil Services, small caps, value | Live entertainment companies like Sphere Entertainment and Madison Square Garden Entertainment showed strong performance driven by robust consumer demand for concerts and live shows. The success of The Wizard of Oz at Sphere demonstrates the venue's potential for scalable franchise opportunities both domestically and internationally. Core Laboratories delivered sequential revenue growth propelled by strong global demand for its proprietary services and products. The company strengthened its financial position by reducing leverage to a nine-year low while expanding internationally through acquisitions, positioning for long-term growth in energy development cycles. Gentex Corporation faced headwinds from mix-shift towards lower-end vehicle production due to tariff impacts in Europe and China. However, the Ford Bronco launch marked an important milestone for Full Display Mirror technology, which remains the company's most reliable growth driver as automakers increasingly adopt advanced technologies. The fund maintains a disciplined value approach, focusing on companies with robust balance sheets, durable fundamentals, and valuation discipline. This positioning aims to capture attractive upside as market leadership evolves and opportunities broaden beyond the current concentration in large-cap stocks. | XRAY GNTX MHK ATGE CLB |
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| 2024 Q3 | Sep 30, 2024 | Invesco Small Cap Value Fund | 6.5% | 19.5% | ATGE, BECN, COHR, EWBC, EXPE, GL, GTLS, HSIC, IART, LITE, MKSI, MTZ, MXL, NFE, NRG, QDEL, RMBS, SPB, VRT, VST, WAL, WBS | AI, healthcare, industrials, Intrinsic Value, Regional Banks, semiconductors, small cap, value | The fund uses an intrinsic value approach to select investments, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market price and estimated intrinsic value of holdings was very attractive according to their estimation. Following outperformance of large-cap over small-cap in recent years, they see greater long-term upside to intrinsic value in many small-cap stocks compared to large-cap stocks. | QDEL RMBS BECN |
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| 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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| 2024 Q2 | Jun 30, 2024 | Invesco Small Cap Value Fund | 6.5% | 19.5% | ATGE, AVTR, COHR, CRS, ENDV.L, EPAM, EXPE, GL, LITE, MOH, MTZ, MXL, NFE, NRG, SEM, SIMO, VRT, VST, WAL, WBS | Intrinsic Value, materials, small cap, technology, Utilities, value | The fund benefits from AI growth through holdings like Coherent, which develops optical transceivers that are key enablers for networking of AI servers. Vistra shares rose due to better outlook for long-term demand driven by the build out of energy-intensive AI data centers. | EPAM DAVA GL |
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| 2025 Q1 | Mar 31, 2025 | Ariel Fund | -8.0% | -8.0% | AAPL, AMZN, ATGE, BIO, GOOGL, LESL, META, MSFT, NCLH, NVDA, OSW, PARA, RCL, SJM, SPHR, TSLA | Media, Recovery, small caps, Travel, value, volatility | The fund is actively leaning into volatility by 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, and dislocations of this magnitude have often served as a prelude to robust recoveries. | OSW NCLH SPHR BIO LESL SJM ATGE PARA |
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| 2023 Q3 | Mar 10, 2023 | Ariel Fund | 12.1% | 0.0% | ATGE, GNRC, IPG, LESL, MAT, PBH, SPHR | consumer, Education, Entertainment, healthcare, small caps, value | Sphere Entertainment's Las Vegas venue opened on track with costs in-line, delivering profitable results and planning 365-day operations including concerts, sporting events, and The Sphere Experience. The venue presents long-term opportunities through advertising, sponsorship, and VIP hospitality licensing. | PBH GNRC IPG LESL AMAT ATGE SPHR |
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| 2023 Q4 | Jan 31, 2024 | Ariel Fund | 12.1% | 0.0% | ATGE, CLB, JLL, MAT, MSGE, RCL | consumer, earnings, energy, Entertainment, real estate, small caps, value | Royal Caribbean Group advanced on quarterly earnings beat and raised full-year guidance driven by stronger consumer demand and solid cost containment. The company continues to experience solid momentum in onboard spend, while 2024 booking trends are significantly ahead of historical ranges at higher pricing. | MSGE AMAT CLB JLL ATGE ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Ariel Fund | Adtalem Global Education | Consumer Discretionary | Diversified Consumer Services | Bull | NYSE | demographic trends, Education, For-Profit Education, healthcare, market leadership, Medical Education, Nursing | View Pitch |
| Apr 28, 2026 | Fund Letters | Ariel Fund | Adtalem Global Education | Consumer Discretionary | Diversified Consumer Services | Bull | NYSE | Diversity, For-Profit Education, Healthcare education, Healthcare Worker Shortage, Medical Schools, Nursing Programs, online education | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Fund | Adtalem Global Education | Consumer Discretionary | Diversified Consumer Services | Bull | NYSE | Education, Enrollment Growth, Free Cash Flow, healthcare, Nursing, Regulatory, Workforce Shortage | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Fund | Adtalem Global Education | Consumer Discretionary | Diversified Consumer Services | Bull | NYSE | Education, Enrollment Growth, For-Profit Education, healthcare, Healthcare Worker Shortage, Medical Schools, Nursing | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Fund | Adtalem Global Education | Consumer Discretionary | Diversified Consumer Services | Bull | NYSE | federal funding, For-Profit Education, Healthcare education, Healthcare Worker Shortage, margin expansion, Nursing Degrees, Student Enrollment | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Fund | Adtalem Global Education | Consumer Discretionary | Diversified Consumer Services | Bull | NYSE | Enrollment Growth, For-Profit Education, Healthcare education, Healthcare Worker Shortage, Medical Schools, Nursing Programs, Regulatory Beneficiary | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Fund | Adtalem Global Education | Consumer Discretionary | Diversified Consumer Services | Bull | NYSE | Education, Enrollment Growth, For-Profit Education, healthcare, Healthcare Shortage, Medical Schools, Nursing | View Pitch |
| Jan 20, 2026 | Fund Letters | John W. Rogers | Adtalem Global Education Inc. | Consumer Discretionary | Education Services | Bull | New York Stock Exchange | buybacks, Education, Enrollment, Execution, healthcare | View Pitch |
| Dec 3, 2025 | Fund Letters | John W. Rogers | Adtalem Global Education Inc. | Health Care | Education Services | Bull | NYSE | buybacks, Enrollment, Free Cash Flow, Healthcare education, Portfolio simplification, Pricing power, Regulatory risk, ROIC | View Pitch |
| Sep 16, 2025 | Short Thesis | Safkhet Capital | Adtalem Global Education Inc | Health Care | Education Services | Bear | NYSE | Education, Enrollment, Regulation, Title IV, Tuition | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Harold Goldmeier | Adtalem Global Education Inc. | Health Care | Education & Training Services | Bull | NYSE | — | 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. | ||||||||