Ariel Investments, an investment management company, released its “Ariel Focus Fund” second-quarter investor letter. A copy of the letter can be downloaded here. The second quarter of 2025 saw a period of extremes. Despite an initial market sell-off caused by the “Liberation Day” tariff announcement, the stock market recovered, supported by renewed interest in AI-related stocks, strong economic data, and solid corporate earnings. In the environment, the fund returned +4.75%, outperforming the Russell 1000 Value Index’s +3.79% gain but lagging behind the S&P 500 Index’s...
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