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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 |
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| 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 |
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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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| 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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| 2025 Q3 | Nov 16, 2025 | ClearBridge Mid Cap Growth Strategy | - | - | ALNY, APP, ARGX, AXON, CASY, CCK, CHWY, DKNG, DT, EQT, EXPE, ICLR, IP, LNW, PFGC, QXO, REZI, TECH, UMBF, WSC | Biotechnology, Consumer Staples, Food Distribution, Health Care, mid cap, policy, Rate Cuts, stock selection | Health care was a key driver of outperformance, anchored by strength in biotechnology. Argenx delivered robust results supported by continued adoption of its lead therapy for autoimmune disorders and promising progress across its clinical pipeline. Alnylam Pharmaceuticals advanced driven by accelerating uptake of its treatment for transthyretin cardiac amyloidosis. | View | |
| 2025 Q3 | Oct 24, 2025 | Pzena Global Small Cap Focused Value Strategy | 10.7% | 13.9% | 1910.HK, AAP, HNI, RCO.PA, REZI, SCS, SNV, SPB, SXT, TFX, TYRES.HE, UMI.BR | Cyclical, global, Outperformance, small caps, tariffs, value | The portfolio focuses on undervalued companies with attractive valuations, including new positions in Samsonite, Remy Cointreau, and Sensata based on compelling valuation opportunities. The strategy emphasizes economically sensitive and cyclical names where valuations remain quite attractive. | SNSA 1910 HK CNXN ORION HAS SCS AAP RESI |
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| 2025 Q3 | Oct 15, 2025 | Royce Investment Partners Small Cap | 12.9% | 9.9% | AIR, AMSC, ATRO, CECO, CRK, FTI, GLOB, KD, KN, KTOS, LAUR, LFMD, MOD, OPRX, PRIM, PSQH, REZI, SOI, SWSS, UCTT | defense, industrials, infrastructure, Outperformance, semiconductors, small caps, technology, value | The Fund is maintaining investment emphasis on infrastructure themes, particularly AI data centers and reindustrialization in the U.S. This encompasses both Industrials and Energy sectors, with infrastructure being a key investment focus area for the portfolio. | View | |
| 2025 Q3 | Oct 15, 2025 | Ariel Appreciation Fund | 9.5% | - | FI, GS, KMX, KN, MAT, PBH, PSKY, REZI, SPHR | consumer, Entertainment, financials, mid cap, small caps, technology, value | The fund focuses on undervalued businesses with long-term growth potential. Multiple holdings are described as undervalued including Sphere Entertainment, Resideo Technologies, and Mattel. The manager emphasizes compelling value in small-cap equities and select cyclicals trading at historically attractive levels. | PBH FISV MAT KMX KN SPHR REZI |
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| 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 |
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| 2025 Q3 | Oct 15, 2025 | Ariel Fund | 12.4% | - | MANU, MAT, PBH, PSKY, REZI, SPHR | consumer, Entertainment, healthcare, Media, small caps, technology, value | The fund sees compelling value in small-cap equities trading at historically attractive levels. Consensus earnings projections suggest the Russell 2000 Index may outpace the Russell 1000 Index over the next two years, with small caps currently trading at one of the steepest discounts to large caps since the dot-com era. | View | |
| 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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| 2025 Q4 | Jan 29, 2026 | Pzena Global Small Cap Focused Value Strategy | -1.0% | 12.8% | 240810.KS, 9065.T, AAP, ADNT, BIRG.L, BPE.MI, MRC, NOKBF, RCO.PA, REZI, SCS, ST, TEP.PA, TPK.L, UMI.BR, UNI.MC, WGO | consumer discretionary, financials, global, small cap, underperformance, valuation, value | The portfolio remains attractively valued and is currently among the most inexpensive across the geographies and market cap ranges managed by Pzena. Small-cap stocks remain particularly depressed relative to larger companies. Small-cap stocks remain particularly depressed relative to larger companies, with the portfolio's relative performance being challenged. U.S. small caps modestly underperformed large caps during the quarter. | WGO KNX |
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| 2025 Q4 | Jan 18, 2026 | Ariel Small Cap Value Strategy | 3.0% | 0.0% | AMG, FDS, GNRC, KMT, NCLH, PSKY, REZI, RLI, SPHR, ZBRA | AI, Entertainment, insurance, Manufacturing, small cap, technology, value | Artificial intelligence continues to drive structural trends and productivity gains across industries, though benefits are unevenly distributed. The technology is contributing to market concentration and shifting competitive positioning, while raising questions about the durability of recent performance patterns. Data center market shows significant long-term growth potential driven by rising energy needs and artificial intelligence infrastructure expansion. Management emphasized strong momentum in this sector as a key growth driver. Live entertainment sector demonstrates robust consumer demand with Sphere Entertainment showing strengthening business fundamentals. The success of productions like The Wizard of Oz is accelerating discussions for future venue expansion both domestically and internationally. Cruise industry faces renewed skepticism despite record bookings and robust customer deposits. Norwegian Cruise Line maintains confidence in long-term demand supported by strategic capacity expansion and private island enhancements. | ZBRA RLI FDS NCLH GNRC REZI KMT AMG SPHR |
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| 2025 Q1 | Mar 31, 2025 | Ariel Focus Fund | -3.9% | -3.9% | AAPL, AMZN, BIO, CVX, Gold, GOOGL, HES, META, MSFT, NTRS, NVDA, ORCL, REZI, SJM, TSLA | energy, gold, large cap, Recession, technology, value, volatility | The fund is actively leaning into volatility by acquiring downtrodden shares of quality companies whose value should be realized over the long term. Holdings are trading at a significant discount to their private market values, creating attractive buying opportunities for patient investors. | ORCL BIO REZI SJM CVX Gold |
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| 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 |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Ariel Focus Fund | Resideo Technologies, Inc. | Industrials | Building Products | Bull | NYSE | Building Products, Connected Solutions, product innovation, Residential Solutions, secular growth, Smart home, Snap One, synergies, Tariff mitigation, Underappreciated Earnings | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Small Cap Value Strategy | Resideo Technologies, Inc. | Industrials | Building Products | Bull | NYSE | Building Products, connected devices, margin expansion, product innovation, Residential Solutions, Smart home, Snap One Integration, Tariff mitigation | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Focus Fund | Resideo Technologies, Inc. | Industrials | Building Products | Bull | NYSE | connected devices, distribution network, Residential, secular growth, Security, Smart home, thermal solutions | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Focus Fund | Resideo Technologies, Inc. | Industrials | Building Products | Bull | NYSE | Building Products, connected devices, Home automation, IoT, Residential, Security Systems, Smart home, thermal solutions | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Focus Fund | Resideo Technologies, Inc. | Industrials | Building Products | Bull | NYSE | Building Products, connected devices, product innovation, Residential, Security, Smart home, thermal solutions, transformation | View Pitch |
| Jan 20, 2026 | Fund Letters | John Rogers | Resideo Technologies Inc. | Industrials | Building Products | Bull | New York Stock Exchange | Distribution, HVAC, Margins, recovery, spin-off | View Pitch |
| Dec 3, 2025 | Fund Letters | Charles K. Bobrinskoy | Resideo Technologies, Inc. | Industrials | Building Products | Bull | NYSE | Housing, Margins, Pricing, product innovation, Smart home, synergies, tariffs | View Pitch |
| Nov 29, 2025 | Fund Letters | John W. Rogers | Resideo Technologies Inc. | Industrials | Building Products | Bull | NYSE | Building Products, earnings, innovation, Security, Smart home, valuation | 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. | ||||||||