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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% | 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 Appreciation Fund | 9.9% | 0.0% | BIO, KN, LAZ, MSGE, NVST, NVT, SNA, WBA | AI, earnings, Electrical, Entertainment, healthcare, mid cap, value | Investor enthusiasm around artificial intelligence drove broad-based market rally in Q1. AI-themed mega-cap stocks showed exuberance that may eventually prove excessive, though patient investors focus on fundamentals over market psychology. | BIO NVST KN WBA MSGE LAZ NVT |
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| 2024 Q4 | Dec 31, 2024 | Ariel Appreciation Fund | -0.5% | 6.3% | AAPL, AMZN, CG, GOOGL, GS, IPG, META, MSFT, MSGE, NTRS, NVDA, OMC, SWK, TSLA, WBA | Deregulation, discount, Election, financials, mid cap, value | The fund focuses on investing in companies trading at significant discounts to private market value estimates. Multiple holdings including MSGE and CG are described as trading at healthy discounts to intrinsic value. | WBA IPG MSGE SWK CG NTRS GS |
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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 Q3 | Oct 25, 2023 | McIntyre Partnerships | 14.7% | 6.0% | GTX, MSGE, OSW, SHC, SPHR, STHO, UMG.AS, WMG | Buybacks, Concentration, Cruises, Entertainment, Music, small caps, value | OSW operates as a quasi-monopoly in cruise ship spa services with limited competition and modest cyclicality. The business has returned to profitability with ~$85MM EBITDA expected in 2023 and ~$100MM in 2024. Cruise demand has been improving throughout the year, helping OSW post its best quarter since COVID. | OSW |
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| 2025 Q3 | Oct 15, 2025 | Ariel Small Cap Value Strategy | 12.7% | - | BCO, KMT, MAT, MSGE, PBH, REZI, SPHR, ZBRA | consumer, Entertainment, industrials, rates, small caps, technology, value | Small caps outperformed as capital rotated into undervalued segments of the market. Small caps are currently trading at one of the steepest discounts to large caps since the dot-com era. Consensus earnings projections suggest the Russell 2000 Index may outpace the Russell 1000 Index over the next two years. | KMT US SPHR US BCO US REZI US |
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| 2023 Q2 | Oct 8, 2023 | McIntyre Partnerships | 14.7% | 6.0% | GTX, MSGE, SHC, SPHR, STE | Buybacks, Entertainment, GARP, healthcare, small caps, value | MSGE completed its spin-off of SPHR (Sphere Entertainment). The Sphere has gone viral with its exosphere displays, which validates the innovative business model for selling naming rights and advertisements. Manager trimmed position but retains holding. | SHC |
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| 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 | Jul 31, 2023 | Tweedy, Browne Worldwide High Dividend | 6.4% | 9.8% | CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV | contrarian, Cruises, real estate, Recovery, small cap, value | Cruise lines were among the most contrarian holdings that became the biggest winners. Royal Caribbean surged +109.9% and Norwegian up +77.9% through June 30th. The vacation and leisure spaces are booming in direct response to isolating Covid lockdowns, with cruise operators posting record revenues and bookings as cruising is seen as a high-value alternative to land travel. | View | |
| 2023 Q2 | Jul 31, 2023 | Vulcan Value Partners – Small Cap | 8.1% | 16.5% | CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV | contrarian, Cruises, real estate, Recovery, small cap, value | Cruise lines were among the most contrarian holdings that became the biggest winners. Royal Caribbean surged 109.9% and Norwegian up 77.9% through June 30th. The vacation and leisure spaces are booming in direct response to isolating Covid lockdowns, with cruise operators posting record revenues and bookings as cruising is seen as a high-value alternative to land travel. | View | |
| 2023 Q2 | Jul 31, 2023 | Vulcan Value Partners – Focus Plus | 5.9% | 18.7% | CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV | contrarian, Cruises, mid cap, real estate, small cap, value | Cruise lines were among the most contrarian holdings that drove the fund's biggest wins. Royal Caribbean surged 109.9% and Norwegian up 77.9% through June 30th as the vacation and leisure spaces are booming in response to isolating Covid lockdowns. The fund doubled down on these scorned holdings during the pandemic when they were trading at historic lows. | View | |
| 2023 Q2 | Jun 30, 2023 | Ariel Appreciation Fund | 9.9% | 0.0% | CAH, CBRE, CCL, CG, CRL, GS, IPG, KMT, KMX, LABH, LESL, MAT, MSGE, NCLH, NTRS, PARA, RCL, SCHW, SPHR, SWK | contrarian, Cruises, mid cap, real estate, Recovery, value | Cruise operators are posting record revenues and bookings as cruising is seen as a high-value alternative to land travel for retirees and younger people alike. The vacation and leisure spaces are booming in direct response to the isolating Covid lock downs, with memories having more value than goods for many consumers. | View | |
| 2023 Q2 | Jun 30, 2023 | Ariel Fund | 12.1% | 0.0% | CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV | contrarian, Cruises, mid cap, real estate, Recovery, small cap, value | Cruise lines were among the most derided areas during COVID but have become top performers as the vacation and leisure spaces boom in response to isolating lockdowns. Royal Caribbean and Norwegian Cruise Line are posting record revenues and bookings as cruising is seen as a high-value alternative to land travel. | View | |
| 2023 Q2 | Jun 30, 2023 | Ariel International Fund | 7.6% | 0.0% | BIDU, CAH, CBRE, CCL, CG, DB1.DE, Gold, LESL, MOS, MSFT, MSGE, NCLH, NTRS, ORCL, PARA, RCL, ROG.SW, SNA, SPHR, ZIMV | Asia, Europe, growth, international, liquidity, momentum, technology, value | The fund's investment approach encountered headwinds as growth stocks significantly outpaced value names. The MSCI ACWI Growth Index surged +9.19% during the quarter, while the MSCI ACWI Value Index only returned +2.98%. The manager believes the factors that hindered them this year will pivot in their favor once the effects of excessive monetary and fiscal stimulus abate. | 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 Appreciation Fund | 9.9% | 0.0% | CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV | contrarian, Cruises, mid cap, real estate, Recovery, value | Cruise operators are posting record revenues and bookings as cruising is seen as a high-value alternative to land travel. The vacation and leisure spaces are booming in direct response to isolating Covid lockdowns, with memories having more value than goods for many consumers. | 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 | |
| 2023 Q1 | Mar 31, 2023 | Ariel Global Fund | 6.9% | 0.0% | 9984.T, CAH, CBRE, CCL, CG, ELE.MC, Gold, LESL, MOS, MSFT, MSGE, NCLH, NTRS, ORCL, PARA, RCL, ROG.SW, SNA, SPHR, ZIMV | Fed policy, global, growth, liquidity, momentum, technology, value | The fund's investment approach encountered headwinds as growth stocks significantly outpaced value names. The MSCI ACWI Growth Index surged +9.19% during the quarter, while the MSCI ACWI Value Index only returned +2.98%. The manager believes the factors that hindered them this year will pivot in their favor once the effects of excessive monetary and fiscal stimulus abate. | View | |
| 2023 Q1 | Mar 31, 2023 | Ariel International Fund | 7.6% | 0.0% | CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZBH, ZIMV | Europe, growth, international, liquidity, momentum, technology, value | Manager emphasizes contrarian value approach, avoiding expensive U.S. market while leaning into undervalued opportunities in Europe and Emerging Markets. The fund's deliberate underweight in Technology and overweight in recession-resilient sectors reflects this value orientation. | View | |
| 2022 Q1 | Mar 31, 2022 | Ariel Fund | 12.1% | 0.0% | CLB, LAZ, MAS, MHK, MSGE, PARA, TGNA | - | 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 |
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| 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% | ALGN, FBIN, FOR, GTX, MBC, MSGE, OSW, SAFE, SHC, SPHR, STHO, TPHS, UMG.AS, WMG, ZWS | Concentration, Event Driven, Litigation, small caps, turnaround, value | Manager discusses significant slowdown in battery electric vehicle growth and believes the stronger for longer tail of internal combustion engines and hybrid powertrains has materially increased in value. The slowdown in BEV is heading on a collision course with GTX's valuation and proper capital allocation. | GTX SHC |
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| 2023 Q1 | Jan 5, 2023 | McIntyre Partnerships | 14.7% | 6.0% | MSGE, OSW, SAFE, SHC, SPHR, STHO, WMG | Catalyst Driven, Entertainment, real estate, small cap, spinoffs, value | MSGE completed its spin-off of the MSG arena, with the new SPHR entity owning the Sphere development in Las Vegas. The Sphere's opening show with U2 sold out in days with tickets averaging close to $500, suggesting strong demand despite market skepticism about the project's viability. | SPHR STHO |
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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 | Madison Square Garden Entertainment Corp. | Communication Services | Entertainment | Bull | NYSE | Asset-based valuation, cash flow generation, entertainment, Live entertainment, Private Market Value, Real Estate, Venue Operations | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Fund | Madison Square Garden Entertainment Corp. | Communication Services | Entertainment | Bull | NYSE | cash flow, Chicago, Concerts, deleveraging, Iconic Venues, Live entertainment, New York, Theater | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Appreciation Fund | Madison Square Garden Entertainment Corp. | Communication Services | Entertainment | Bull | NYSE | Bull, cash flow, deleveraging, Entertainment Venues, Event Bookings, Live entertainment, Premium Assets | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Appreciation Fund | Madison Square Garden Entertainment Corp. | Communication Services | Entertainment | Bull | NYSE | cash flow, deleveraging, Entertainment Assets, Iconic Venues, Live entertainment, Private Market Value, Sponsorship | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Fund | Madison Square Garden Entertainment Corp. | Communication Services | Entertainment | Bull | NYSE | cash flow, Discount Valuation, entertainment, hospitality, live events, Sponsorship, Venues | View Pitch |
| 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. | ||||||||