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CLB

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 17, 2025	Ariel Appreciation Fund	5.8%	-	BWA, CLB, FI, GS, KMX, NTRS, NVT, SLB, SPHR, ZBH	AI, Financial Services, mid cap, Oil Services, small caps, tariffs, Trade Policy, value	Reignited enthusiasm for artificial intelligence themed stocks helped drive U.S. indices to new all-time highs during the quarter recovery. The manager expects the current market rally to broaden beyond the AI trade with support from tax cuts and deregulation.	GS FI KMX SLB CLB NVT SPHR NTRS GS FI KMX CLB	View
2025 Q2	Jul 17, 2025	Ariel Focus Fund	4.8%	-	APA, CLB, GNRC, MOS, ORCL, REZI, SJM	Agriculture, AI, energy, large cap, tariffs, technology, value	Artificial intelligence themed stocks drove market recovery with reignited enthusiasm. Oracle benefited from accelerating demand for cloud and AI capabilities, positioning as leading provider of database software and cloud-based infrastructure for generative AI development.	GNRC CLB APA SJM REZI MOS ORCL CLB APA SJM REZI MOS ORCL	View
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	View
2025 Q2	Jul 17, 2025	Ariel Small Cap Value Strategy	7.6%	-	CLB, DNB, FAF, LIND, OSW, REZI, WEX, ZBRA	AI, Oil Services, small cap, tariffs, technology, Trade Policy, Travel, value	OneSpaWorld Holdings showed strong demand for spa services and medi-spa treatments despite consumer sentiment concerns. Lindblad Expeditions delivered robust results with improved occupancy and net yield growth, expanding into European river cruises through a new partnership.	ZBRA WEX FAF CLB REZI LIND OSW ZBRA FAF CLB	View
2024 Q1	Apr 15, 2024	Ariel Focus Fund	10.6%	0.0%	APA, CLB, Gold, LESL, MHK, MOS, PHIN, REZI, SJM, ZBRA	Buybacks, consumer, gold, industrials, large cap, oil, value	The fund focuses on buying quality businesses at compelling discounts to private market value. Multiple holdings are described as trading at substantial discounts to estimated private market value, with the manager emphasizing long-term fundamental investing over market timing.	SJM CLB REZI PHIN MHK	View
2022 Q4	Dec 31, 2022	Alger Weatherbie Specialized Growth Fund	5.8%	9.5%	CLB, GDYN, GKOS, MEG, PI, XMTR	-			View
2025 Q3	Oct 15, 2025	Ariel Focus Fund	20.8%	-	AJG, BIO, CLB, FI, Gold, MOS, PBH, REZI, SLB, ZIMV	Buybacks, energy, financials, healthcare, materials, small caps, technology, value	The fund continues to focus on undervalued businesses with compelling value opportunities. Small-cap equities and select cyclicals are trading at historically attractive levels, with small caps trading at one of the steepest discounts to large caps since the dot-com era.	FISV AJG SLB PBH	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	View
2024 Q3	Sep 30, 2024	Ariel Small Cap Value Strategy	10.1%	0.0%	BRC, CLB, JLL, LAZ, LESL, LIND, MHK, SRCL, WEX	energy, Manufacturing, payments, real estate, small caps, Travel, value	The fund focuses on small cap value investing, with the Russell 2000 Value Index outperforming growth in Q3. The manager believes patient investors who own differentiated businesses with solid competitive positioning and robust balance sheets will reap superior returns over time.	WEX CLB LIND LESL MHK LAZ JLL	View
2024 Q3	Sep 30, 2024	Ariel Fund	12.1%	0.0%	BIO, CLB, GNTX, JLL, LAZ, LESL, MHK, MIDD, SRCL	healthcare, industrials, real estate, small caps, SMID Cap, value	The fund focuses on investing in undervalued companies trading at discounts to private market value estimates. Management emphasizes patient investing in differentiated businesses with solid competitive positioning and robust balance sheets to generate superior returns over time.	MIDD BIO CLB GNTX LESL JLL LAZ MHK	View
2024 Q3	Sep 30, 2024	Ariel Appreciation Fund	9.9%	0.0%	CBRE, CLB, LAZ, NOV, SCHW, SRCL, SWK, WBA	Buybacks, earnings, free cash flow, interest rates, mid cap, value	Stanley Black & Decker delivered robust quarterly earnings with positive organic revenue growth in Tools and Outdoor segment for the first time since late 2021. The company's transformation initiatives remain on track with margin expansion from sourcing initiatives and productivity improvements.	SCHW CLB NOV CBRE LAZ SWK	View
2024 Q3	Sep 30, 2024	Ariel Focus Fund	10.6%	0.0%	APA, BIO, CLB, LMT, MHK, MOS, ORCL, WU	AI, Buybacks, defense, energy, Fertilizers, large cap, value	Oracle is benefiting from artificial intelligence demand as well as its ability to provide cloud-based infrastructure for data centers. The company announced partnerships with AWS, Microsoft and Google that have fueled excellent growth and raised management's longer-term revenue target to over $104 billion, implying 16% annual growth.	BIO MOS CLB APA LMT ORCL MHK	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	AI, Entertainment, Logistics, Oil Services, small cap, Travel, value	The bull market was powered by investor enthusiasm for artificial intelligence themed stocks, creating a narrow momentum-driven rally. This AI focus contributed to extreme market bifurcation, with non-AI companies in the S&P 500 declining 1.2%.	PARA MIDD SPHR LESL CLB BCO OSW	View
2024 Q2	Jul 31, 2024	Ariel Appreciation Fund	9.9%	0.0%	CLB, CRL, GS, MAT, MIDD, SRCL, WBA, WM	AI, consumer, energy, financials, healthcare, mid cap, value	The bull market was powered by investor enthusiasm for artificial intelligence themed stocks, creating a narrow momentum-driven rally. AI-themed stocks continue to dominate markets this year, contributing to extreme market bifurcation where non-AI companies in the S&P 500 lost 1.2%.	MIDD AMAT CRL WBA GS CLB	View
2024 Q2	Jul 31, 2024	Ariel Focus Fund	10.6%	0.0%	AMG, APA, CLB, GS, KKR, MHK, ORCL, SNA	AI, energy, financials, large cap, Oil Services, technology, value	The bull market was fueled by investor enthusiasm for artificial intelligence themed stocks, with Oracle benefiting from significant AI demand expansion and strong booking growth with OpenAI. The narrow, momentum-driven rally helped the S&P 500 gain while non-AI companies declined.	AMG SNA APA MHK GS ORCL	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	consumer, energy, real estate, small caps, Travel, value	The fund holds luxury adventure travel company Lindblad Expeditions and cruise spa services provider OneSpaWorld, both benefiting from strong demand and pricing power in the travel recovery. Future travel reservations remain strong with companies increasing prices.	NVST AMAT CLB JLL OSW LIND	View
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	View
2023 Q4	Jan 31, 2024	Ariel Appreciation Fund	9.9%	0.0%	BWA, CG, CLB, KKR, MAT, SCHW	Alternative Asset Managers, Electric Vehicles, Financial Services, mid cap, Oil Services, Toymakers, value	Both KKR and Carlyle delivered strong performance with positive investment results across product lines. KKR showed improving trends in fundraising, deployment and monetization, while Carlyle demonstrated early execution on strategic initiatives with continued growth and margin expansion expected.	BWA AMAT CLB SCHW KKR ACGL	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Ariel Small Cap Value Strategy	Core Laboratories, Inc.	Energy	Energy Equipment & Services	Bull	NYSE	capital returns, Free Cash Flow, Geopolitical Headwinds, Global Operations, management track record, Oil Services, operating margin expansion	View Pitch
Apr 28, 2026	Fund Letters	Ariel Fund	Core Laboratories	Energy	Energy Equipment & Services	Bull	NYSE	capital return, Cyclical, energy, Free Cash Flow, geopolitical risk, oilfield services, operational excellence	View Pitch
Apr 28, 2026	Fund Letters	Ariel Appreciation Fund	Core Laboratories Inc.	Energy	Oil & Gas Equipment & Services	Bull	NYSE	capital returns, Free Cash Flow, geopolitical risk, Global Operations, Offshore, Oil Services, Onshore, operating margin expansion	View Pitch
Apr 13, 2026	Fund Letters	Ariel Small Cap Value Strategy	Core Laboratories, Inc.	Energy	Oil, Gas & Consumable Fuels	Neutral	NYSE	debt reduction, Diagnostic Services, Free Cash Flow, International Growth, Oil Services, Production Enhancement, Reservoir Description, ROIC Improvement	View Pitch
Apr 13, 2026	Fund Letters	Ariel Small Cap Value Strategy	Core Laboratories Inc.	Energy	Energy Equipment & Services	Bull	NYSE	Asia-Pacific, Completion Diagnostics, Free Cash Flow, International Growth, laboratory services, Middle East, Oil Services, West Africa	View Pitch
Apr 13, 2026	Fund Letters	Ariel Appreciation Fund	Core Laboratories, Inc.	Energy	Oil & Gas Equipment & Services	Bull	NYSE	Asia-Pacific, debt reduction, Diagnostic Solutions, Free Cash Flow, International Growth, laboratory services, Middle East, Oil Services, West Africa	View Pitch
Apr 13, 2026	Fund Letters	Ariel Appreciation Fund	Core Laboratories, Inc.	Energy	Oil & Gas Equipment & Services	Neutral	NYSE	Cyclical, energy, Free Cash Flow, International Growth, oilfield services, Production Enhancement, Reservoir Description	View Pitch
Apr 13, 2026	Fund Letters	Ariel Focus Fund	Core Laboratories NV	Energy	Oil & Gas Equipment & Services	Bull	NYSE	asset-light, contrarian, Cost Reduction, geopolitical, Oil Services, Reservoir Description, Value	View Pitch
Apr 13, 2026	Fund Letters	Ariel Focus Fund	Core Laboratories, Inc.	Energy	Oil & Gas Equipment & Services	Bull	NYSE	Diagnostic Services, Energy Services, International Growth, Middle East, Oil Services, oilfield services, Production Enhancement, Reservoir Description	View Pitch
Apr 13, 2026	Fund Letters	Ariel Fund	Core Laboratories Inc.	Energy	Oil & Gas Equipment & Services	Neutral	NYSE	debt reduction, Energy Services, Free Cash Flow, international expansion, Oil Services, Production Enhancement, Reservoir Description	View Pitch
Apr 13, 2026	Fund Letters	Ariel Small Cap Value Strategy	Core Laboratories Inc	Energy	Oil & Gas Equipment & Services	Neutral	NYSE	Asia-Pacific, Completion Services, debt reduction, Drilling Services, Free Cash Flow, International Growth, Middle East, Oil Services, ROIC, West Africa	View Pitch
Apr 13, 2026	Fund Letters	Ariel Fund	Core Laboratories Inc.	Energy	Oil & Gas Equipment & Services	Neutral	NYSE	capital allocation, debt reduction, Drilling Services, energy, Free Cash Flow, International Growth, Oil Services	View Pitch
Apr 13, 2026	Fund Letters	Ariel Appreciation Fund	Core Laboratories Inc	Energy	Oil & Gas Equipment & Services	Neutral	NYSE	Asia-Pacific, debt reduction, Free Cash Flow, International Growth, Middle East, Oil Services, Reservoir Description	View Pitch
Apr 13, 2026	Fund Letters	Ariel Focus Fund	Core Laboratories Inc.	Energy	Oil & Gas Equipment & Services	Neutral	NYSE	Asia-Pacific, Cyclical, debt reduction, Free Cash Flow, International Growth, Middle East, Oil Services, Return on capital	View Pitch
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

BSD Shareholders of CLB

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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