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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 |
View |
| 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 |
View |
| 2024 Q4 | Dec 31, 2024 | Ariel Appreciation Fund | -0.5% | 6.3% | CG, GS, IPG, MSGE, NTRS, SWK, WBA | - | View | ||
| 2014 Q4 | Dec 31, 2014 | Aquamarine Fund | - | 5.5% | AXP, BRK/A, C, ENLC, GOOG, META, NTRS, UBSG SW | - | View | ||
| 2022 Q3 | Oct 17, 2022 | Kovitz Core Equity Strategy | -5.4% | -26.7% | ADI, BKNG, J, JPM, KMX, NTRS, PWR | - | View | ||
| 2023 Q4 | Oct 1, 2024 | Heartland Mid Cap Value Fund | 8.2% | 9.7% | CABO, CNC, NTRS | - | View | ||
| 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 Focus Fund | 10.6% | 0.0% | Gold, MOS, NTRS, ORCL, SNA, ZBH, ZIMV | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Ariel Focus Fund | -3.9% | -3.9% | BIO, CVX, Gold, NTRS, ORCL, REZI, SJM | - | View | ||
| 2023 Q4 | Jan 28, 2024 | Mairs & Power – Balanced Fund | 0.0% | 11.0% | CRM, ECL, ENTG, FI, HSY, LLY, MSFT, NTRS, SHW, TXN | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Dec 3, 2025 | Fund Letters | John W. Rogers | Northern Trust Corporation | Financials | Asset Management & Custody Banks | Bull | NASDAQ | asset management, Capital strength, Custody, dividend, efficiency, Fee revenue, Re-rating, Technology investment | 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. | ||||||||