Ariel Appreciation Fund traded up +1.14% in the quarter, lagging the Russell Midcap Value Index's +3.68% gain and the +1.29% return posted by the Russell Midcap Index.
Demand was broad based across high growth markets including AI networking, aerospace and defense, non-terrestrial satellite communications and semiconductors.
Mattel's results were also pressured by tariff uncertainty and elevated promotions, which pinched margins.
We exited specialty cutting tool insert maker, Kennametal, Inc. to pursue other opportunities.
Ariel Appreciation Fund traded up +1.14% in the quarter, lagging the Russell Midcap Value Index's +3.68% gain and the +1.29% return posted by the Russell Midcap Index.
