Ariel Fund’s Q3 2025 Investor Letter

Ariel Investments, an investment management company, released its “Ariel Fund” third-quarter 2025 investor letter. U.S equities rallied in the third quarter, driven by the Federal Reserve’s first rate cut of the year, strong corporate earnings, and broadening market participation. The continued enthusiasm for AI led to outsized gains in technology, while small caps outperformed as capital shifted into undervalued segments of the market. Against this backdrop, Ariel Fund returned +12.39% in the quarter, surpassing the Russell 2500 Value Index’s +8.17% return and lagging behind the Russell 2000 Value Index’s +12.60% gain. For more information on the fund’s top picks in 2025, please check its top five holdings.

A copy of Ariel Fund’s Q3 2025 investor letter can be downloaded here.