- Portfolio Manager Letter Ariel Fund and Ariel Appreciation Fund maintained their valuation discipline despite AI-driven technology leadership, arguing that semiconductor and memory businesses remain cyclical and capital intensive. The managers cited Generac Holdings and Accenture as examples of technology-related investments that met their franchise and valuation standards, while adding several financial, insurance and industrial holdings and exiting lower-conviction positions. Q2 2026 — ACN $113BGNRC $12B
- Ariel Fund Ariel Fund added Haemonetics and RLI, citing plasma-therapy demand and RLI’s underwriting discipline, while exiting Paramount Skydance and First American on valuation and alternative opportunities. The portfolio maintains conviction in MSGE’s irreplaceable venues and Sphere’s expansion, while viewing Carlyle’s fundraising and dry powder as support for future earnings. Quarter Ended June 30, 2026 +13.6% CG $18BCLB $580MHAE $4.9BLESL $6.1M
2 letters so far. We collect each new one as Ariel Investments publishes it.
