Ariel Focus Fund Q2 2026 Portfolio Activity

Boutique asset manager, Affiliated Managers Group, Inc. advanced during the quarter, with strong momentum in its alternatives platform. Shares of Madison Square Garden Entertainment rose following better-than-expected results, fueled by continued strength in concerts and solid growth in sponsorship and advertising. We exited consumer food products maker, J.M. Smucker Co. to pursue other opportunities.

Boutique asset manager, Affiliated Managers Group, Inc. (AMG) advanced during the quarter, with strong momentum in its alternatives platform. The company delivered record assets.