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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2026 Q1 | Apr 21, 2026 | Brandes Small Cap Value Fund | 8.2% | 8.2% | DOX, EPC, GLOB, KMT, LNSR, MHK, NICE, OTEX, PKE | AI, Consumer Staples, industrials, Outperformance, small cap, technology, value | NICE MHK NICE MHK |
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| 2024 Q1 | Apr 15, 2024 | Heartland Value Plus Fund | 7.9% | 1.5% | KMT, MHK | consumer, earnings, industrials, Recession, self-help, small caps, value | Small caps underperformed large caps in Q1 but are expected to see faster earnings growth in 2024 (11.3% vs 10.6% for large caps). Many small companies have already experienced recession-like conditions and implemented self-help strategies, creating opportunities with wide valuation disparities versus mega caps. | KMT MHK |
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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 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 |
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| 2025 Q1 | Mar 31, 2025 | The Sound Shore Fund | -1.9% | -1.9% | BRK.B, C, CHKP, COF, CTRA, DIS, EOG, FIS, GM, Gold, KMI, KR, LEN, MHK, MTCH, NSRGY, PVH, PYPL, TEVA, VST | energy, financials, healthcare, materials, technology, value | Sound Shore emphasizes their value investing approach, highlighting that their portfolio trades at 11.0 times forward earnings versus 20.1 times for the S&P 500. The manager notes that quality at an attractive price has performed well over the past five years as interest rates normalized from zero. | Gold CHKP DIS PYPL TEVA |
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| 2024 Q4 | Dec 31, 2024 | Ariel Focus Fund | -1.2% | 13.5% | AAPL, AMZN, GNRC, Gold, GOOGL, GS, LMT, META, MHK, MSFT, NVDA, REZI, SLB, SNA, TSLA | defense, energy, financials, gold, industrials, large cap, technology, value | The fund focuses on differentiated businesses with solid competitive positioning and robust balance sheets, emphasizing patient investing in undervalued companies. The manager expects value stocks to benefit as the performance gap between mega-cap stocks and smaller company counterparts narrows. | SLB Gold LMT MHK REZI GS SNA |
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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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| 2024 Q4 | Dec 31, 2024 | Ariel Small Cap Value Strategy | -0.8% | 9.0% | AAPL, AMZN, BCO, GOOGL, LIND, META, MGPI, MHK, MSFT, NCLH, NVDA, OSW, TSLA | consumer, Cruises, fundamentals, small caps, Travel, value | The fund holds multiple travel-related companies including Norwegian Cruise Line, OneSpaWorld, and Lindblad Expeditions. These companies showed strong performance driven by robust consumer demand, healthy onboard spending, and solid pricing power in the cruise and adventure travel segments. | MHK BCO MGPI LIND OSW NCLH |
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| 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, 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 |
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| 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 |
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| 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 |
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| 2023 Q3 | Sep 30, 2023 | Heartland Value Fund | 9.8% | 13.5% | FAF, FNF, MHK, NFG, STC | consumer discretionary, Discipline, energy, financials, Patience, small caps, Utilities, value | The fund follows value investing principles, seeking companies trading below intrinsic value with compelling risk/reward characteristics. The managers emphasize patience and discipline, waiting for attractive entry points rather than chasing momentum. They focus on identifying well-managed, financially strong companies with resilient balance sheets at compelling valuations. | ASTC NFG MHK |
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| 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 |
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| 2024 Q2 | Jul 30, 2024 | Schroders Value Perspective Global | 0.0% | 0.0% | 5991.T, 6995.T, 9404.T, BMY, LZB, MHK, PFE, SBH, SWK | Concentration, Cyclical, global, Japan, Midcaps, underperformance, Valuations, value | The fund maintains a concentrated value approach despite recent underperformance relative to growth stocks. The manager emphasizes that valuations matter over longer time horizons and believes the cheapest part of the market is meaningfully undervalued versus its long-term history. They expect value to outperform in the coming decade as market concentration reverses. | View | |
| 2024 Q2 | Jul 18, 2024 | ClearBridge Investments Mid Cap Growth Strategy | 0.0% | 0.0% | ACGL, APP, ATKR, AVTR, CASY, CHWY, CLH, CSGP, DT, FRSH, HIG, MHK, PINS, RBRK, RRX, WK, WSC | AI, financials, industrials, mid cap, software, technology | The letter discusses how AI integration is affecting client spending patterns and software companies. Management notes that AI development and rollout will create tailwinds for companies like Freshworks, and Rubrik has introduced new AI data security products as an additional revenue source. | RBK CHWY |
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| 2022 Q3 | Jul 12, 2022 | Ariel Fund | 12.1% | 0.0% | GCMG, GNRC, KEYS, MHK, PARA | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Ariel Focus Fund | 10.6% | 0.0% | APA, BAC, BK, BOKF, FAF, GNRC, Gold, GS, JNJ, KKR, LAZ, LH, LMT, MHK, MOS, NTRS, ORCL, REZI, SNA, WU, ZBH, ZBRA, ZIMV | Banking, Fed Tightening, industrials, Recession, technology, value | The fund emphasizes low PE stocks as core to their approach, trading at significantly lower multiples compared to both value indices and the broad market. This value emphasis has been a near-term performance headwind but positions them well as the market begins to look past Fed tightening. | View | |
| 2023 Q1 | Mar 31, 2023 | Ariel Fund | 12.1% | 0.0% | ADTL, AMG, APA, BOKF, BWA, GS, IPG, JLL, LESL, LMT, MAT, MHK, MOS, MSGE, ORCL, PARA, PGR, RCL, SNAP, ZBRA | Banking, Commercial real estate, energy, interest rates, Mid Caps, Regional Banks, small caps, value | Regional banks face significant challenges from deposit flight and commercial real estate exposure following Silicon Valley Bank's collapse. BOK Financial declined 18% amid banking sector stress, though managers believe it remains well-positioned with strong underwriting standards and diversified business model. | View | |
| 2022 Q1 | Mar 31, 2022 | Ariel Fund | 12.1% | 0.0% | CLB, LAZ, MAS, MHK, MSGE, PARA, TGNA | - | View | ||
| 2022 Q1 | Mar 31, 2022 | White Brook Capital | 3.0% | 3.0% | IAC, KAR, MHK, MTCH, QRTEA | - | View | ||
| 2023 Q3 | Mar 10, 2023 | Ariel Focus Fund | 10.6% | 0.0% | APA, BK, BWA, CVX, GNRC, GS, JNJ, KVUE, LAZ, LESL, MHK, PHIN, SPHR, WU, ZBH | Buybacks, capital returns, discount, energy, large cap, value | The fund holds multiple energy positions including APA Corporation and Chevron Corporation. APA continues delivering strong earnings with solid production volumes and expects to hit oil production guidance. Chevron is viewed as competitively advantaged with sustainable growth pathway and expects double-digit return of capital employed by 2027. | PHIN KVUE CVX GNRC MHK LESL ^GSPC WU ADNT|APA|BPOP|FLR|KOS|OLN |
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| 2023 Q4 | Jan 31, 2024 | Ariel Focus Fund | 10.6% | 0.0% | APA, BWA, GS, KVUE, MHK, WU, ZIMV | concentrated, discount, fundamentals, large cap, Patient, value | The fund focuses on identifying stocks trading at discounts to private market value estimates, with holdings like MHK at -57% discount and APA trading below intrinsic value. The manager emphasizes patient value investing spanning 41 years across five market cycles. | WU BWA ADNT|APA|BPOP|FLR|KOS|OLN MHK ^GSPC ZIMV |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Ariel Focus Fund | Mohawk Industries Inc. | Consumer Discretionary | Home Furnishing Retail | Bull | NYSE | Cost Deflation, Cyclical Recovery, Flooring, home improvement, housing market, Residential Remodeling, Value Discount | View Pitch |
| Apr 28, 2026 | Fund Letters | Ariel Focus Fund | Mohawk Industries Inc. | Consumer Discretionary | Home Furnishings | Bull | NYSE | construction, Consumer Discretionary, Cyclical, Equity, Flooring, home furnishings, Housing, manufacturing, Value | View Pitch |
| Apr 28, 2026 | Fund Letters | Heartland Value Fund | Mohawk Industries Inc | Consumer Discretionary | Home Improvement Retail | Bull | NYSE | Consumer Discretionary, Cyclical, Equity, Flooring, home improvement, manufacturing, turnaround, Value | View Pitch |
| Apr 23, 2026 | Fund Letters | Brandes Small Cap Value Fund | Mohawk Industries Inc | Furnishings, Fixtures & Appliances | Building Products | Bull | New York Stock Exchange | Building Products, capital allocation, Cyclical, Flooring, Free Cash Flow, manufacturing, Scale Advantages, turnaround, Value | View Pitch |
| Apr 23, 2026 | Fund Letters | Brandes Small Cap Value Fund | Mohawk Industries Inc | Furnishings, Fixtures & Appliances | Building Products | Bull | New York Stock Exchange | Building Products, capital allocation, Cyclical, Flooring, Free Cash Flow, manufacturing, Scale Advantages, turnaround, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Heartland Value Plus Fund | Mohawk Industries | Consumer Discretionary | Home Improvement Retail | Bull | NYSE | Automation, Cyclical, Flooring, manufacturing, operating leverage, Self Help, Trough Valuation, turnaround, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Focus Fund | Mohawk Industries Inc | Consumer Discretionary | Home Furnishing Retail | Bull | NYSE | Consumer Discretionary, Cyclical, Flooring, Housing, manufacturing, turnaround, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Fund | Mohawk Industries Inc. | Consumer Discretionary | Home Furnishing Retail | Bull | NYSE | Commercial, construction, Cost management, Cyclical Recovery, Flooring, home improvement, manufacturing, Residential | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Focus Fund | Mohawk Industries Inc. | Consumer Discretionary | Home Furnishings | Bull | NYSE | Commercial Construction, Cyclical, Flooring, home improvement, manufacturing, residential construction, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Focus Fund | Mohawk Industries Inc. | Consumer Discretionary | Home Furnishing Retail | Bull | NYSE | Building materials, Commercial Construction, Cost Restructuring, Cyclical, Flooring, Housing, Remodeling, Residential | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Fund | Mohawk Industries Inc. | Industrials | Building Products | Bull | NYSE | Building Products, Commercial Projects, Cost Restructuring, Cyclical Recovery, Flooring, Housing, residential construction | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Small Cap Value Strategy | Mohawk Industries Inc. | Consumer Discretionary | Household Durables | Bull | NYSE | Bull, Consumer Discretionary, Cost Restructuring, Cyclical Recovery, flooring products, housing market, market share gains, Residential Remodeling | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Small Cap Value Strategy | Mohawk Industries Inc | Consumer Discretionary | Home Furnishings | Bull | NYSE | Commercial Projects, construction, Cyclical Recovery, Flooring, home furnishings, margin expansion, Material Costs, productivity, Residential Remodeling, share repurchase | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Fund | Mohawk Industries Inc. | Consumer Discretionary | Home Improvement Retail | Bull | NYSE | commercial real estate, Cyclical, Flooring, home construction, manufacturing, Residential Remodeling, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Focus Fund | Mohawk Industries Inc. | Consumer Discretionary | Home Improvement Retail | Bull | NYSE | Commercial Construction, Cyclical Recovery, Flooring, manufacturing, margin expansion, residential construction, share repurchases, Value | View Pitch |
| Feb 18, 2026 | Seeking Alpha | Seeking Alpha | Mohawk Industries, Inc. | Manufacturing | Flooring Products | Neutral | New York Stock Exchange | Competitive pressure, cost of equity, DCF Model, flooring products, housing market, market recovery, Mohawk Industries, Pricing power, productivity improvements, valuation | View Pitch |
| Jan 20, 2026 | Fund Letters | John W. Rogers | Mohawk Industries Inc. | Consumer Discretionary | Household Durables | Bull | New York Stock Exchange | buybacks, Cycles, Housing, Margins, restructuring | 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 |
|---|---|---|---|---|---|---|---|---|
| David Tepper | Appaloosa LP | $6.9B | $73.8M | 1.07% | 675,000 | +513,500 | +317.96% | 0.9037% |
| Donald G. Smith | Donald Smith & Co. | $5.3B | $31.6M | 0.59% | 289,009 | +10,743 | +3.86% | 0.3869% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $12.6M | 0.02% | 114,980 | -4,500 | -68.18% | 0.1539% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $9.5M | 0.01% | 86,845 | +86,845 | +100.00% | 0.1163% |
| Richard Pzena | Pzena Investment Management | $33.4B | $129.7M | 0.39% | 1,186,400 | +7,332 | +0.62% | 1.5885% |
| Ray Dalio | Bridgewater Associates | $27.4B | $1.2M | 0.00% | 10,785 | +10,785 | +100.00% | 0.0144% |
| Israel Englander | Millennium Management LLC | $233.2B | $61.6M | 0.03% | 563,760 | -170,065 | -23.18% | 0.7548% |
| Jeremy Grantham | GMO LLC | $39.1B | $904,020 | 0.00% | 8,271 | -1,732 | -17.31% | 0.0111% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $29.6M | 0.02% | 270,615 | -9,516 | -3.40% | 0.3623% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $53.4M | 0.08% | 488,732 | +488,732 | +100.00% | 0.6544% |
| Cliff Asness | AQR Capital Management | $190.6B | $199.9M | 0.10% | 1,829,347 | +251,012 | +15.90% | 2.4493% |
| Oliver Murray | Brandes Investment | $13.1B | $120.5M | 0.92% | 1,102,574 | +186,649 | +20.38% | 1.4762% |
| John Rogers | Ariel Investment | $9.3B | $187.6M | 2.03% | 1,716,027 | +18,924 | +1.12% | 2.2976% |
| Rich Handler | Jefferies | $19.3B | $353,039 | 0.00% | 3,230 | +3,230 | +100.00% | 0.0043% |