Ariel Global Fund’s Q4 2025 Investor Letter

Ariel Investments, an investment management company, released its “Ariel Global Fund” fourth-quarter 2025 investor letter. Ariel Global Fund delivered solid results in 2025, rising +23.30% for the year and outperforming both the MSCI ACWI and MSCI ACWI Value indices, although it lagged benchmarks in the fourth quarter with a +2.88% return versus +3.29% and +3.66%, respectively, for the indexes. The quarter unfolded against a constructive global backdrop, as moderating inflation, easing financial conditions, and resilient corporate earnings supported equities, with strength led by U.S. mega-cap technology stocks, improving conditions in Europe and Japan, and a strong full-year rebound in China. Performance was driven primarily by stock selection, with gains in financials and information technology offset by weakness in consumer discretionary and healthcare holdings, while several individual positions faced short-term pressures from higher costs, restructuring charges, or softer demand. Looking ahead, management remains optimistic on international equities, citing improving corporate fundamentals, supportive policy environments, and attractive valuations relative to growth prospects, while emphasizing that increasing market dispersion and a broadening of leadership beyond U.S. mega-cap stocks create a favorable environment for active, bottom-up stock selection focused on companies with strong balance sheets, durable earnings, and long-term structural growth drivers. In addition, you can check the Fund’s top 5 holdings for its best picks for 2025.

A copy of Ariel Global Fund’s Q4 2025 investor Letter can be downloaded here.