Overview
- Ariel released its Q3 2025 investor letter outlining performance, portfolio moves, and a market backdrop it attributes to AI enthusiasm, resilient earnings and targeted policy easing.
- First Solar was the top quarterly contributor after an earnings beat and higher full-year guidance, with Ariel citing regained pricing power and potential support from a Section 232 polysilicon probe.
- Intel gained on an announced partnership with NVIDIA to co-develop custom data center and PC solutions integrating NVLink with Intel’s x86 platform, and NVIDIA intends to invest $5 billion in Intel stock pending regulatory approval.
- Ariel initiated Humana, noting a 2025 downgrade of its largest Medicare Advantage plan that removes 2026 bonus eligibility but could be reversed by 2027 Star ratings.
- The fund bought M&T Bank for its dense regional franchise, reduced commercial real estate risk, fee-generating agency licenses and exposure to private credit partnerships.