LongTSMJun 2026
Taiwan Semiconductor Manufacturing Company Limited
Ariel repurchased TSMC after viewing the foundry downturn as an attractive entry point into a structurally advantaged business. The fund believes rapid AI adoption will drive the…
Ariel International Fund
International all-cap value investing focused on undervalued, out-of-favor franchises identified through bottom-up fundamental research.$280M AUM11 published ideas
Ariel International Fund seeks long-term capital appreciation through a contrarian international value approach. The team looks for misunderstood and mispriced franchises where intrinsic value, business quality and long-term competitive advantages are not fully reflected in market expectations.
Ideas from Ariel International Fund
Long6981.TJun 2026
Murata Manufacturing Co., Ltd.
Ariel sees Murata entering a multi-year growth upcycle as AI data centers drive demand for multilayer ceramic capacitors. The mix is shifting toward higher-value…
LongIFX.DEJun 2026
Infineon Technologies AG
Ariel believes Infineon is positioned at the intersection of AI infrastructure, automotive electrification and industrial automation. Its leadership in power semiconductors and…
Long2454.TWJun 2026
MediaTek Inc.
Ariel sees MediaTek expanding its role as a supplier to Google's cloud and AI infrastructure. Faster adoption of Tensor Processing Units and the company's profitable cloud ASIC…
LongBT.A.LJun 2026
BT Group plc
Ariel believes BT is approaching the end of a peak investment cycle, with fiber capital expenditure set to decline and cost efficiencies expected to lift free cash flow…
LongORA.PAJun 2026
Orange S.A.
Ariel views Orange as becoming a more predictable and cash-generative telecom business with improving earnings visibility. The thesis is supported by strength in France, growth…
LongMRK.DEJun 2026
Merck KGaA
Ariel bought Merck KGaA because it believes a recovery in biopharma spending is underway after a prolonged period of destocking and funding constraints. The most important…
LongORSTED.COJun 2026
Ørsted A/S
Ariel added Ørsted after a long period of cost overruns, project delays and policy uncertainty had damaged confidence and valuation. The fund sees improving fundamentals as major…
Long3759.HKJun 2026
Pharmaron Beijing Co., Ltd.
Ariel expects Pharmaron to benefit from China's growing role in global biopharma innovation and the increasing externalization of drug discovery and development by large…
Long300124.SZJun 2026
Shenzhen Inovance Technology Co., Ltd.
Ariel initiated Inovance as evidence of a cyclical recovery in factory automation strengthened after several years of inventory correction and weak capital spending. The company…
Long2382.HKJun 2026
Sunny Optical Technology Group Co., Ltd.
Ariel added Sunny Optical because it sees growth opportunities across consumer electronics, AI and intelligent sensing. The company's optical engineering capabilities and…
Letters covered
- Ariel International Fund Quarterly CommentaryJune 30, 2026
Source PDFs are not republished here; only extracted ideas and quotes.