Ariel Investments
Ariel International
International Mid-cap
Jun 2025 → Dec 2025
Our archive holds 4 letters from this strategy, behind 7 investment theses and positions in 32 companies. Every quote below is copied verbatim from the letter it came from.
4 letters in a year · follow all of Ariel Investments for every strategy.
What it bought and sold
We initiated a position in CyberAgent, Inc., the operator of the blog media platform Ameba, based on a compelling opportunity for profit recovery and long-term value creation.
We bought Spain-based bank, Banco Santander, SA.
By comparison, we successfully exited eight positions on valuation: multinational insurance and financial services company, AXA SA, global automotive tech and components provider, Aptiv PLC, French banking and financial services company, BNP Paribas SA, leading market maker in European derivatives, Deutsche Boerse AG, Japan-based manufacturer of industrial and semiconductor-related equipment, Ebara Corporation, China-based E-commerce company, JD.com, Inc., Brazil-based telecommunications company, TIM SA and leading mobile telecommunications company, Telefónica Brasil SA.
Finally, we added specialty chemical company, Wacker Chemie AG, because we believe the market is overlooking several catalysts that could materially enhance its earnings power.
As a result, we exited our position to pursue more compelling opportunities.
We added Horiba Ltd., a global leader in precision measurement technology with operations spanning automotive, semiconductor, medical, scientific and environmental markets.
We initiated a position in Kuaishou Technology, China’s second-largest short-form video platform, with a strong presence in lower-tier cities and rural areas.
By comparison, we successfully exited eight positions on valuation: multinational insurance and financial services company, AXA SA, global automotive tech and components provider, Aptiv PLC, French banking and financial services company, BNP Paribas SA, leading market maker in European derivatives, Deutsche Boerse AG, Japan-based manufacturer of industrial and semiconductor-related equipment, Ebara Corporation, China-based E-commerce company, JD.com, Inc., Brazil-based telecommunications company, TIM SA and leading mobile telecommunications company, Telefónica Brasil SA.
By comparison, we successfully exited eight positions on valuation: multinational insurance and financial services company, AXA SA, global automotive tech and components provider, Aptiv PLC, French banking and financial services company, BNP Paribas SA, leading market maker in European derivatives, Deutsche Boerse AG, Japan-based manufacturer of industrial and semiconductor-related equipment, Ebara Corporation, China-based E-commerce company, JD.com, Inc., Brazil-based telecommunications company, TIM SA and leading mobile telecommunications company, Telefónica Brasil SA.
By comparison, we successfully exited eight positions on valuation: multinational insurance and financial services company, AXA SA, global automotive tech and components provider, Aptiv PLC, French banking and financial services company, BNP Paribas SA, leading market maker in European derivatives, Deutsche Boerse AG, Japan-based manufacturer of industrial and semiconductor-related equipment, Ebara Corporation, China-based E-commerce company, JD.com, Inc., Brazil-based telecommunications company, TIM SA and leading mobile telecommunications company, Telefónica Brasil SA.
By comparison, we successfully exited eight positions on valuation: multinational insurance and financial services company, AXA SA, global automotive tech and components provider, Aptiv PLC, French banking and financial services company, BNP Paribas SA, leading market maker in European derivatives, Deutsche Boerse AG, Japan-based manufacturer of industrial and semiconductor-related equipment, Ebara Corporation, China-based E-commerce company, JD.com, Inc., Brazil-based telecommunications company, TIM SA and leading mobile telecommunications company, Telefónica Brasil SA.
We added Bank of Ireland Group plc, one of Ireland’s leading banks with a strong presence across retail and commercial banking.
We bought Brazilian apparel company, Lojas Renner SA which designs, develops and sells apparel, footwear and accessories.
We purchased TDK Corporation, a global leader in electronic components.
By comparison, we successfully exited eight positions on valuation: multinational insurance and financial services company, AXA SA, global automotive tech and components provider, Aptiv PLC, French banking and financial services company, BNP Paribas SA, leading market maker in European derivatives, Deutsche Boerse AG, Japan-based manufacturer of industrial and semiconductor-related equipment, Ebara Corporation, China-based E-commerce company, JD.com, Inc., Brazil-based telecommunications company, TIM SA and leading mobile telecommunications company, Telefónica Brasil SA.
We purchased Banca Monte dei Paschi di Siena SpA (BMPS), a leading Italian banking group.
By comparison, we successfully exited eight positions on valuation: multinational insurance and financial services company, AXA SA, global automotive tech and components provider, Aptiv PLC, French banking and financial services company, BNP Paribas SA, leading market maker in European derivatives, Deutsche Boerse AG, Japan-based manufacturer of industrial and semiconductor-related equipment, Ebara Corporation, China-based E-commerce company, JD.com, Inc., Brazil-based telecommunications company, TIM SA and leading mobile telecommunications company, Telefónica Brasil SA.
By comparison, we successfully exited eight positions on valuation: multinational insurance and financial services company, AXA SA, global automotive tech and components provider, Aptiv PLC, French banking and financial services company, BNP Paribas SA, leading market maker in European derivatives, Deutsche Boerse AG, Japan-based manufacturer of industrial and semiconductor-related equipment, Ebara Corporation, China-based E-commerce company, JD.com, Inc., Brazil-based telecommunications company, TIM SA and leading mobile telecommunications company, Telefónica Brasil SA.
We bought Fortum Oyj, a European independent power producer with a portfolio concentrated in unregulated hydro and nuclear generation.
We purchased Daikin Industries, Ltd., a global leader in HVAC, based on its strong fundamentals and strategic positioning in key markets.
Also held
Its investment theses
- BT Group PLCSep 2025BT Group PLC is poised for potential re-rating due to strategic infrastructure investments, a shift in focus on international operations, and improving industry dynamics amidst rising AI-driven demand and market consolidation.
- Informa plcSep 2025Informa plc is well-positioned for a re-rating due to its strong free cash flow growth, improving margins, disciplined capital allocation, and upcoming catalysts that could unlock further value in the next 12-24 months.
- Minth GroupSep 2025Minth Group Ltd. is a compelling investment opportunity due to its strong position in automotive components, growing involvement in the European electric vehicle supply chain, and recent share price dip presenting an attractive entry point.
- ProximusSep 2025Proximus SADP is undervalued despite short-term challenges, with a resilient domestic performance and improving free cash flow expected under new leadership.
- Samsung Electro-MechanicsSep 2025Samsung Electro-Mechanics Company, Ltd. is poised for sustained earnings growth, driven by rising Edge AI adoption, a shift towards higher-value components, and strategic investments in next-generation technologies.
- Syensqo SASep 2025Syensqo SA is considered a compelling investment due to its currently depressed valuation and potential for recovery as inventory issues resolve and market conditions improve.
- China Mengniu Dairy CompanyJun 2025China Mengniu Dairy Company, Ltd. is positioned for recovery and market share gains as supply-demand imbalances normalize and profitability-enhancing initiatives are implemented.