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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | Apr 15, 2024 | Ariel Fund | 12.1% | 0.0% | ATGE, MHK, MSGE, NVST, PARA, SNA, SPHR | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Ariel Appreciation Fund | 9.9% | 0.0% | BIO, KN, LAZ, MSGE, NVST, NVT, WBA | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Ariel Appreciation Fund | -0.5% | 6.3% | CG, GS, IPG, MSGE, NTRS, SWK, WBA | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Ariel Fund | -0.7% | 11.8% | ATGE, CG, LESL, MHK, MSGE, RCL | - | View | ||
| 2025 Q4 | Jan 18, 2026 | Ariel Appreciation Fund | 3.0% | 11.1% | CRL, FDS, FISV, GNRC, GNTX, IPG, MSGE, OMC, SPHR | Automotive, Biotechnology, Data centers, Entertainment, Financial Services, mid cap, technology, value | Artificial intelligence continues to drive structural trends contributing to productivity gains and shifting competitive positioning across industries. However, the benefits are unevenly distributed, reinforcing market leadership narrowness and raising questions about performance durability. Live entertainment shows strong consumer demand with Sphere Entertainment's success with The Wizard of Oz and Madison Square Garden Entertainment's robust concert and Christmas Spectacular performance. The sector benefits from continued demand for live experiences and valuable real estate assets. Charles River Laboratories maintains its leadership position in outsourced drug development services despite moderated biotech funding and big pharma budget pressures. The company's scale and capabilities position it well for recovery as nonclinical testing remains essential for pipeline replenishment. Generac Holdings sees significant long-term growth potential in the data center market, benefiting from rising energy needs and artificial intelligence infrastructure expansion. This represents a key growth driver alongside traditional backup power solutions. | OMC FDS GNRC FISV MSGE CRL SCHR |
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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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| 2025 Q4 | Jan 12, 2026 | ClearBridge Investment Growth Strategy | - | - | ALNY, AVGO, DLB, DOCS, ELF, FCX, HLT, HOOD, MSGE, MSGS, ODFL, ONON, SHOP, TEL, TJX, TKO, UNH, VRTX, VST, XPO | AI, balance, growth, innovation, semiconductors, technology, volatility | The letter outlines a balanced growth approach combining participation in AI-driven momentum with downside protection through diversified stock selection. Emphasis is placed on companies with durable fundamentals, innovation-led growth, and disciplined capital allocation. Growth investing is positioned as increasingly selective amid heightened volatility and dispersion. | ELF SHOP |
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| 2023 Q2 | Jun 30, 2023 | Ariel Appreciation Fund | 9.9% | 0.0% | CBRE, CG, LESL, MSGE, NTRS, PARA, RCL | - | View | ||
| 2023 Q2 | Jun 30, 2023 | Ariel Fund | 12.1% | 0.0% | CBRE, CG, LESL, MSGE, PARA, RCL | - | View | ||
| 2022 Q2 | Jun 30, 2022 | Third Avenue Small-Cap Value Fund | 8.3% | 0.0% | BATRA, FEPH, MSGE, TDW, WED CN | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Ariel Focus Fund | 10.6% | 0.0% | BOKF, BWA, MSGE | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Ariel Global Fund | 6.9% | 0.0% | BIDU, LESL, MSGE, SRCL | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Third Avenue Small-Cap Value Fund | 8.3% | 0.0% | BATRA, FEPH, MSGE, TDW, WED CN | - | View | ||
| 2022 Q1 | Mar 31, 2022 | Ariel Fund | 12.1% | 0.0% | CLB, LAZ, MAS, MHK, MSGE, PARA, TGNA | - | View | ||
| 2022 Q4 | Jan 27, 2023 | McIntyre Partnerships | 14.7% | 6.0% | MSGE, SHC, STE | - | View | ||
| 2023 Q4 | Jan 24, 2024 | McIntyre Partnerships | 14.7% | 6.0% | GTX, MSGE, SHC, SPHR | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 20, 2026 | Fund Letters | John W. Rogers | Madison Square Garden Entertainment Corp. | Communication Services | Movies & Entertainment | Bull | New York Stock Exchange | Demand, Liveevents, Pricingpower, realestate, Venues | 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. | ||||||||