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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 17, 2025 | Ariel Global Fund | 7.4% | - | 000660 KS, 1590 TT, 2319 HK, 6361 JP, 6920 JP, BBVA SM, DIS, FSLR, JD, LTMC IM, SNY, TSCO LN, ZBH | diversification, Global Equities, Governance, Quality, Rotation | The letter highlights global diversification benefits as leadership rotates across regions and sectors. Management focuses on high-quality global franchises with durable competitive advantages and strong governance. The outlook favors selective global exposure over U.S.-centric concentration. | BBVA SM 6920 JP |
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| 2025 Q2 | Jul 17, 2025 | Ariel International Fund | 12.6% | - | 000660 KS, 1590 TT, 2319 HK, 6361 JP, 6920 JP, BBVA SM, CHKP, JD, LTMC IM, SNY, TSCO LN | diversification, fundamentals, International Equities, Mean reversion, valuation gaps | The letter discusses international markets benefiting from valuation discounts relative to the U.S. Management emphasizes stock selection in developed and emerging markets with improving fundamentals. The outlook expects long-term convergence as capital flows rebalance globally. | CHKP 6920 JP |
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| 2024 Q4 | Dec 31, 2024 | Ariel International Fund | -5.1% | 5.4% | 000660 KS, 6460 JP, BCS, BEZ LN, CDGE, EMAAR, FMS, JD, ORA FP, RED SM, SNY | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Dodge & Cox Stock Fund | -1.5% | 14.5% | FI, SNY | - | View | ||
| 2025 Q4 | Jan 26, 2026 | Harris Associates International Equity Strategy | 4.9% | 32.9% | 005930.KS, 6301.T, AZN, BABA, BAYRY, CNHI, DASTY, DSV.CO, EXO.MI, IMCD.AS, MBG.DE, NVS, SAND.ST, SDR.L, SKF-B.ST, SNY, SY1.DE, UL, WLN.PA | Chemicals, Europe, international, Logistics, Pharmaceuticals, semiconductors, value | The portfolio includes significant pharmaceutical investments including Bayer, AstraZeneca, and Sanofi. Bayer benefited from positive stroke drug trial results and potential Supreme Court hearing on RoundUp litigation. AstraZeneca was added as a new position due to its robust pipeline and attractive valuation following regulatory concerns. Sanofi was initiated based on strong R&D investment and pipeline potential despite vaccine market volatility. Samsung Electronics was a top contributor as earnings recovered due to strength in its core semiconductor business. The company's High Bandwidth Memory product lineup continues to improve under new management, positioning it as one of the world's leading semiconductor companies with a long runway for future growth. DSV was a top contributor during the quarter, delivering solid third-quarter results and accelerating the timeline for DB Schenker acquisition synergies. The freight forwarding business is viewed as high-growth and return-generative, benefiting from an asset-lite model with industry-leading management and profitability. IMCD and Symrise were added as new positions in the specialty chemicals space. IMCD is a global leader in marketing and distribution of specialty chemicals with significant pricing power and demand inelasticity. Symrise leads in flavors, fragrances, and specialty ingredients with renewed focus on profitability and cash flow showing early signs of operational inflection. The manager emphasizes value investing approach, noting that for more than a decade value investing in overseas markets witnessed U.S. growth stocks soar unsustainably. In 2025, they witnessed the unraveling of this paradigm as European equities fundamentals improved and valuation spreads began to narrow, benefiting their value-oriented strategy. | View | |
| 2025 Q4 | Jan 13, 2026 | Oakmark Global Select Fund | 2.9% | 20.7% | BABA, BAYRY, CHTR, CNHI, GOOGL, IQV, MBG.DE, RHHBY, SNY | China, Europe, global, healthcare, Pharmaceuticals, technology, value | The fund is positioned in pharmaceutical companies with strong fundamentals and growth potential. Bayer benefited from positive drug trial results and potential Supreme Court review of litigation matters. Sanofi was added as a new position, featuring the blockbuster drug Dupixent and strong R&D pipeline despite being weighed down by vaccine market volatility and patent cliff concerns. The fund maintains exposure to Chinese e-commerce through Alibaba despite near-term headwinds. While the core e-commerce business performs well and cloud revenue growth accelerates, the company faces earnings pressure from Quick Commerce subsidies. The managers believe losses will reduce over time and see long-term positioning in Chinese AI as valuable. | SAN FP BABA BAYN GR |
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| 2024 Q3 | Sep 30, 2024 | Ariel International Fund | 7.6% | 0.0% | 005930 KS, 7270 JP, CHKP, JD, PUB FP, SNY, STLA, TSCO LN, VEA | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Ariel Global Fund | 6.9% | 0.0% | 005930 KS, 7270 JP, CHKP, CMA, JD, PUB FP, SNY, STLA, TSCO LN, WAL | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Aug 8, 2025 | Seeking Alpha | Wolf Report | Sanofi | Health Care | Drug Manufacturers - General | Bull | NASDAQ | — | 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. | ||||||||