Ariel Investments, an investment management company, released its "Appreciation Fund" Q2 2026 investor letter. A copy of the letter can be downloaded here. The fund gained 13.71% in the second quarter of 2026, slightly outperforming the Russell Midcap Value Index’s 13.40% return but trailing the Russell Midcap Index’s 13.83% gain. Strong contributions from several holdings, particularly in technology, power infrastructure, and entertainment, supported performance, while weakness in oil services and consumer healthcare stocks weighed on results. U.S. equities rallied sharply during the...
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