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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 17, 2025 | Ariel Appreciation Fund | 5.8% | - | CLB, FI, GS, KMX, NTRS, NVT, SLB, SPHR | Discipline, fundamentals, Mean reversion, valuation gaps, value | The letter emphasizes valuation discipline amid a market dominated by growth and momentum. Management highlights opportunities in overlooked, fundamentally strong companies trading at discounts to intrinsic value. The outlook is anchored in long-term mean reversion and fundamental recovery rather than macro forecasting. | GS FI KMX CLB |
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| 2025 Q2 | Jul 17, 2025 | Ariel Focus Fund | 4.8% | - | APA, CLB, GNRC, MOS, ORCL, REZI, SJM | Concentration, conviction, downside protection, fundamentals, Quality | The letter focuses on running a concentrated portfolio of high-conviction ideas where downside risk is carefully managed. Management stresses deep fundamental research, strong balance sheets, and management alignment. The outlook favors selective concentration over broad diversification in an inefficient market. | CLB APA SJM REZI MOS ORCL |
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| 2025 Q2 | Jul 17, 2025 | Ariel Fund | 7.0% | - | ATGE, CLB, LESL, NTRS, SJM, SPHR | cyclicals, Recovery, small caps, valuation, value | The letter reiterates a classic value philosophy amid persistent growth outperformance. Management argues that pessimism around cyclical and smaller companies has created attractive entry points. The outlook anticipates improving fundamentals and multiple expansion as sentiment normalizes. | LESL SJM CLB NTRS ATGE SPHR |
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| 2025 Q2 | Jul 17, 2025 | Ariel Small Cap Value Strategy | 7.6% | - | CLB, DNB, FAF, LIND, OSW, REZI, WEX, ZBRA | Discounts, earnings recovery, Mean reversion, small caps, value | The letter argues that small-cap value stocks are trading at historic discounts versus large caps. Management highlights improving earnings, balance sheet repair, and long-term growth resilience. The outlook anticipates meaningful upside as performance gaps narrow. | ZBRA FAF CLB |
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| 2024 Q1 | Apr 15, 2024 | Ariel Focus Fund | 10.6% | 0.0% | APA, CLB, Gold, MHK, MOS, PHIN, REZI, SJM | - | View | ||
| 2023 Q4 | Dec 31, 2023 | Alger Weatherbie Specialized Growth Fund | 5.8% | 9.5% | ACAD, CLB, FLYW, NTRA, STEP, VERX | - | View | ||
| 2022 Q4 | Dec 31, 2022 | Alger Weatherbie Specialized Growth Fund | 5.8% | 9.5% | CLB, GDYN, GKOS, MEG, PI, XMTR | - | 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 | Ariel Small Cap Value Strategy | 10.1% | 0.0% | BRC, CLB, JLL, LAZ, LESL, LIND, MHK, WEX | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Ariel Fund | 12.1% | 0.0% | BIO, CLB, GNTX, JLL, LAZ, LESL, MHK, MIDD, SRCL | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Ariel Appreciation Fund | 9.9% | 0.0% | CBRE, CLB, LAZ, NOV, SCHW, SWK | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Ariel Focus Fund | 10.6% | 0.0% | APA, BIO, CLB, LMT, MHK, MOS, ORCL, WU | - | View | ||
| 2022 Q3 | Sep 30, 2022 | Alger Weatherbie Specialized Growth Fund | 5.8% | 9.5% | AMRC, CLB, DH, DRQ, PI, SPSC | - | View | ||
| 2024 Q2 | Jul 31, 2024 | Ariel Small Cap Value Strategy | 10.1% | 0.0% | BCO, CLB, HMN, LESL, MIDD, OSW, PARA, SPHR | - | View | ||
| 2024 Q2 | Jul 31, 2024 | Ariel Appreciation Fund | 9.9% | 0.0% | CLB, CRL, GS, MAT, MIDD, SRCL, WBA | - | View | ||
| 2024 Q2 | Jul 31, 2024 | Ariel Focus Fund | 10.6% | 0.0% | AMG, APA, CLB, GS, KKR, MHK, ORCL, SNA | - | View | ||
| 2022 Q1 | Mar 31, 2022 | Ariel Fund | 12.1% | 0.0% | CLB, LAZ, MAS, MHK, MSGE, PARA, TGNA | - | View | ||
| 2023 Q4 | Feb 20, 2024 | Ariel Small Cap Value Strategy | 10.1% | 0.0% | CLB, JHG, JLL, LIND, MAT, NVST, OSW | - | View | ||
| 2023 Q4 | Jan 31, 2024 | Ariel Fund | 12.1% | 0.0% | ATGE, CLB, JLL, MAT, RCL | - | View | ||
| 2023 Q4 | Jan 31, 2024 | Ariel Appreciation Fund | 9.9% | 0.0% | BWA, CG, CLB, KKR, MAT, SCHW | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 20, 2026 | Fund Letters | John W. Rogers | Core Laboratories Inc. | Energy | Oil & Gas Equipment & Services | Bull | New York Stock Exchange | Free cashflow, International, Margins, Oilservices, ROIC | View Pitch |
| Dec 3, 2025 | Fund Letters | John W. Rogers | Core Laboratories Inc. | Energy | Oil & Gas Equipment & Services | Bull | NYSE | asset-light, Cycle normalization, EBITDA margins, Free Cash Flow, high-ROIC, International, Offshore, Reservoir optimization | View Pitch |
| Dec 3, 2025 | Fund Letters | Charles K. Bobrinskoy | Core Laboratories, Inc. | Energy | Oil & Gas Equipment & Services | Bull | NYSE | Cycle, diagnostics, Geopolitics, Margins, services, tariffs, Upstream | View Pitch |
| Dec 3, 2025 | Fund Letters | John W. Rogers | Core Laboratories, Inc. | Energy | Oil & Gas Equipment & Services | Bull | NYSE | Cyclicality, deleveraging, diagnostics, Free Cash Flow, International, Offshore, tariffs | View Pitch |
| Dec 3, 2025 | Fund Letters | John Rogers | Core Laboratories Inc. | Energy | Oil & Gas Equipment & Services | Bull | NYSE | Cyclicals, deleveraging, diagnostics, energy, Offshore, ROIC, services, tariffs | 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. | ||||||||