Ariel International Fund on 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 projects move further toward completion, while management has strengthened the balance sheet, tightened capital allocation and shifted toward a lower-risk model. Rising power demand from U.S. data centers and Europe's focus on energy security could improve the long-term backdrop for renewable power and offshore wind.