FactSet Research Systems (FDS) Bought by Ariel Appreciation Fund Amid AI Concerns

Ariel Investments, an investment management company, released its "Ariel Appreciation Fund" fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. The fund advanced +3.04% in the fourth quarter of 2025, outperforming the Russell Midcap Value Index's +1.42% and the Russell Midcap Index's +0.16% returns as U.S. equities posted a modest gain to cap a third consecutive year of double-digit returns despite earlier volatility, including a sharp spring sell-off, a prolonged government shutdown, and rising job cuts. For the trailing one-year period, the Fund gained...