Ariel Appreciation Fund Q3 2025 Commentary

**Ariel Appreciation Fund Q3 2025 Commentary**
*By Ariel Investments*

The Ariel Appreciation Fund advanced +9.51% in the third quarter, significantly outperforming the Russell Midcap Value Index’s +6.18% gain and the +5.33% return posted by the Russell Midcap Index.

**Top Contributor**
Resideo Technologies was the top contributor in the quarter, driven by strong earnings and a subsequent raise in guidance.

**Investment Approach**
Our pro-cyclical positioning reflects bottom-up conviction in undervalued businesses rather than reliance on macroeconomic forecasts.

**Market Overview**
U.S. equities advanced meaningfully in Q3, propelled by the Federal Reserve’s first rate cut of the year, robust corporate earnings growth, and broadening market participation. Investor enthusiasm for artificial intelligence continued to drive outsized gains in technology, particularly among select high-performing companies.

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**About Ariel Investments**
Ariel Investments, LLC is a global value-based asset management firm founded in 1983, with more than four decades of experience. Headquartered in Chicago, Ariel also has offices in New York City, San Francisco, and Sydney, Australia.

Ariel serves both individual and institutional investors through five no-load mutual funds and eleven separate account strategies.

**Our Core Values**
– Active Patience®
– Independent Thinking
– Focused Expertise
– Bold Teamwork

Ariel Investments models these values in all aspects of their operations.

For inquiries or communication, please use Ariel Investments’ official channels.

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