LongSMFGSep 2026
Sumitomo Mitsui Financial Group, Inc.
Ariel purchased Sumitomo Mitsui because the market appears to be valuing it as though Japan remains in the zero-interest-rate era. Rising Bank of Japan rates improve the…
Ariel International Fund
Fundamental, non-consensus value investing in undervalued listed companies outside the United States.$280M AUM24 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
Long7832.TSep 2026
Bandai Namco Holdings, Inc.
Ariel thinks Bandai Namco is in the early stages of an earnings recovery that is not fully priced in. Toys, collectibles and trading cards are growing strongly, with the Gundam…
Long6301.TSep 2026
Komatsu Ltd.
Ariel initiated Komatsu because the market appears too focused on its relatively small Indonesian thermal-coal exposure. Strong mining-equipment demand, a large Middle Eastern…
LongBIRG.IRSep 2026
Bank of Ireland Group plc
Ariel sees improving profitability and returns at Bank of Ireland as a reason for continued valuation upside. Better operating leverage and disciplined expense control have…
LongIFX.DESep 2026
Infineon Technologies AG
Ariel treats the decline in Infineon shares after softer margin guidance as an overreaction rather than a deterioration in the underlying franchise. Infineon is a global leader…
Long6981.TSep 2026
Murata Manufacturing Co., Ltd.
Ariel sees Murata's share weakness as inconsistent with better-than-expected results and higher full-year guidance. AI demand is driving growth in multilayer ceramic capacitors…
Long6383.TSep 2026
Daifuku Co., Ltd.
Ariel believes Daifuku's recent decline reflects short-term margin concerns rather than a weakening automation franchise. Results and earnings guidance were strong, with healthy…
LongAKZA.ASSep 2026
Akzo Nobel N.V.
Ariel bought Akzo Nobel ahead of its combination with Axalta, believing skepticism around the deal has created undervaluation. The companies have complementary coatings…
Long6361.TSep 2026
Ebara Corporation
Ariel repurchased Ebara because investors are overlooking its semiconductor equipment franchise inside a broader industrial company. Ebara is a major supplier of chemical…
LongRKT.LSep 2026
Reckitt Benckiser Group plc
Ariel reestablished Reckitt because it sees an unjustified valuation discount to consumer staples peers. Its health and hygiene brands have substantial emerging-market exposure…
LongG24.DESep 2026
Scout24 SE
Ariel initiated Scout24 after the German property portal sold off on concerns that AI could disrupt vertical marketplaces. The fund sees its extensive listings, proprietary…
LongSTAN.LSep 2026
Standard Chartered PLC
Ariel bought Standard Chartered for its cross-border network connecting Asia, Africa and the Middle East with international financial markets. Its transaction banking, trade…
LongNWGSep 2026
NatWest Group plc
Ariel initiated NatWest for earnings growth not solely dependent on interest-rate direction. Its structural hedge supports net interest income as maturing assets are reinvested…
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…
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…
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…
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…
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…
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…
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…
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 - Q3 2026 Quarterly CommentarySeptember 30, 2026
- Ariel International Fund Quarterly CommentaryJune 30, 2026
Source PDFs are not republished here; only extracted ideas and quotes.