Ariel Investments
Ariel Global
Global Large-cap
Mar 2025 → Mar 2026
Our archive holds 6 letters from this strategy, behind 35 investment theses and positions in 43 companies. Every quote below is copied verbatim from the letter it came from.
6 letters in 2 years · follow all of Ariel Investments for every strategy.
What it bought and sold
We purchased leader in life sciences, healthcare and agriculture, Bayer AG, during the quarter.
We bought Greece-based financial services and asset management company, Eurobank SA because we believe it is poised to significantly benefit from Greece’s economic recovery.
Finally, we initiated a position in producer of a wide range of steel products and tubes, Salzgitter AG as we see compelling upside in a company highly leveraged to a recovery in both the German and broader European economies.
We also added diversified financial services company, Fifth Third Bancorp (FITB), during the quarter because we believe the market is undervaluing the strategic and financial potential of its merger with Comerica.
We added MediaTek Inc., a global semiconductor designer, to gain additional exposure to the fast-growing AI and high- performance connectivity markets.
We initiated a position in Hongfa Technology Co., Ltd., a global supplier of electrical components specializing in relays, following a recent share price pullback resulting from precious metal cost inflation concerns.
We added ENGIE SA, a globally integrated utility with operations spanning power generation, regulated networks and energy retail.
We initiated a position in Daifuku Co. Ltd. which is a leader in logistics automation and cleanroom systems.
We repurchased Infineon Technologies, a global leader in power semiconductors.
We bought British multinational retailer, Marks & Spencer Group plc because we believe the market is overlooking the meaningful progress the company has made in reshaping its brand and strengthening its core businesses.
Also held
Its investment theses
- ENGIE SAMar 2026ENGIE SA is a diversified utility with increased exposure to stable regulated earnings via UKPN, plus upside from storage, deleveraging, and renewables.
- Bayer AGMar 2026Bayer AG is a life sciences leader with potential upside from litigation resolution and a strengthening pharma pipeline, marking the early stages of a turnaround.
- Eurobank SAMar 2026Eurobank SA is positioned to benefit from Greece’s recovery with multi-year loan growth, wealth management focus, regional acquisitions, solid capital, and competitive ROE.
- Marks & Spencer Group plcMar 2026Marks & Spencer Group plc is a revitalized UK retailer with stronger operations, a healthier balance sheet, and improving capital return potential, offering turnaround-driven upside.
- Daifuku Co. Ltd.Mar 2026Daifuku Co. Ltd. is a leader in logistics automation and cleanroom systems with a strong moat, improving margins, and secular growth from AI, e-commerce, and semiconductors.
- Salzgitter AGMar 2026Salzgitter AG is a steel producer with margin expansion potential, valuable strategic assets, and leverage to a European recovery and low‑carbon incentives, leaving core operations undervalued.
- Bristol-Myers Squibb CompanyDec 2025Bristol-Myers Squibb Company is a global pharma leader with new therapies and pipeline opportunities offering upside ahead of key readouts despite patent expirations.
- Webster Financial CorporationDec 2025Webster Financial Corporation is a U.S. bank with solid credit, strong capital, specialty deposits, NIM recovery, and buybacks positioning it as undervalued.
- TDK CorporationDec 2025TDK Corporation is a global electronic components leader with growth optionality in batteries, passive components, and magnetics supported by acquisitions and AI-driven demand.
- Lasertec CorporationDec 2025Lasertec Corporation is a Japanese semiconductor inspection equipment specialist benefiting from EUV adoption, new APMI tools, and an inflection in process control intensity.