Ariel Investments, an investment management company, released its “Ariel Small Cap Value Strategy” second-quarter 2025 investor letter. A copy of the letter can be downloaded here. The second quarter witnessed extreme volatility. Stocks declined sharply after the “Liberation Day” tariff announcement and staged a remarkable recovery as the administration initiated a 90-day pause. In the quarter, Ariel Small Cap Value Tax-Exempt Composite appreciated +7.72% gross of fees (+7.58% net of fees) against this backdrop, compared to +4.97% and +8.50% returns of the Russell 2000 Value Index...
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