# Ariel Investments: Analysis of 2026-Q2 13F Filings and Key Takeaways for Individual Investors

LeadHold is dedicated to assessing the reference value of investment institutions for retail investors. By continuously tracking the core holdings of Ariel Investments, LeadHold simulates buying its top five reported holdings on the first trading day after each 13F filing is released, then evaluates annualized return, Annualized Excess Return, Sharpe ratio, maximum drawdown, and other performance metrics to assign a composite score and ranking. This analysis is intended to assess its relevance for individual investors and does not constitute investment advice.

## key performance metrics
* **Annualized Return: +14.84%**
* **Annualized Excess Return: +2.54%**
* **Sharpe ratio: 0.64**
* **Tracking Period: 13y 2m 12d**
* **Total Return Since Tracking: +518.86%**

## Risk Management
* **Maximum Drawdown: +36.64%**
* **Max Drawdown Recovery Time: 7m 29d**


## Overall Assessment
Based on key performance metrics, including annualized return of +14.84%, Annualized Excess Return of +2.54%, tracking period of 13y 2m 12d, Sharpe ratio of 0.64, and maximum drawdown of 36.64%, LeadHold classifies Ariel Investments as **Limited reference value**. However, because its tracking period is less than five years, it is not included in the LeadHold rankings. This information is provided for reference only and does not constitute investment advice.

### Signal
1. Reduced ***MADISON SQUARE GRDN SPRT COR*** holdings for 8 consecutive quarters. 
2. Reduced ***AFFILIATED MANAGERS GROUP IN*** holdings for 7 consecutive quarters. 
3. Increased ***MIDDLEBY CORP*** holdings for 4 consecutive quarters. 
4. Reduced ***SPHERE ENTERTAINMENT CO*** holdings for 4 consecutive quarters. 
5. Reduced ***GENERAC HLDGS INC*** holdings for 4 consecutive quarters. 
6. Reduced ***MADISON SQUARE GARDEN ENTMT*** holdings for 4 consecutive quarters. 
7. Increased ***NORWEGIAN CRUISE LINE HOLDIN*** holdings for 3 consecutive quarters. 
8. Increased ***JONES LANG LASALLE INC*** holdings for 2 consecutive quarters. 
9. Increased ***CHARLES RIV LABS INTL INC*** holdings for 2 consecutive quarters. 


## Top Five Core Long Positions
LeadHold assesses an institution’s relevance for retail investors by simulating a proportional purchase of its top five reported holdings.

1. MSGE 23.10% 

2. OSW 22.61% 

3. CRL 18.40% 

4. AMG 18.19% 

5. JLL 17.70% 


## Latest Top 10 Holdings
For the top 10 holdings, LeadHold uses publicly available data and actual trading volumes, together with an algorithm based on a diluted cost-basis methodology, to estimate the cost basis of selected positions. This estimate is provided for reference only and does not represent the investment institution’s actual cost basis.

|   No   |   Stock Name   |   Ticker   |  Activity   |    Estimated Cost  | Weight | Market Value | Shares |
| -------- | -------- | -------- | -------- | -------- | -------- | -------- |  -------- | 
|   1   |   MADISON SQUARE GARDEN ENTMT   |   MSGE   |  Reduced -13.15%   |      |   +4.28% |    428.94M  |    5.3M  |
|   2   |   ONESPAWORLD HOLDINGS LTD   |   OSW   |  Reduced -3.53%   |      |   +4.19% |    420.44M  |    14.89M  |
|   3   |   CHARLES RIV LABS INTL INC   |   CRL   |  Added +4.29%   |      |   +3.41% |    341.59M  |    1.51M  |
|   4   |   AFFILIATED MANAGERS GROUP IN   |   AMG   |  Reduced -6.05%   |      |   +3.37% |    338.29M  |    999.68K  |
|   5   |   JONES LANG LASALLE INC   |   JLL   |  Added +3.51%   |      |   +3.28% |    328.63M  |    1.06M  |
|   6   |   NORWEGIAN CRUISE LINE HOLDIN   |   NCLH   |  Added +5.25%   |      |   +3.25% |    325.75M  |    15.43M  |
|   7   |   GENERAC HLDGS INC   |   GNRC   |  Reduced -22.93%   |      |   +2.91% |    292.21M  |    997.95K  |
|   8   |   SPHERE ENTERTAINMENT CO   |   SPHR   |  Reduced -32.37%   |      |   +2.87% |    288.15M  |    1.67M  |
|   9   |   MIDDLEBY CORP   |   MIDD   |  Added +4.41%   |      |   +2.82% |    282.79M  |    1.64M  |
|   10   |   MADISON SQUARE GRDN SPRT COR   |   MSGS   |  Reduced -8.2%   |      |   +2.64% |    264.63M  |    658.55K  |


## Q: Why track only the top five holdings?

**A:** The top five holdings usually represent an institution’s core allocation intent, reducing tracking complexity while improving strategy clarity and replicability.

- Focus on core allocation intent
- Reduce tracking decision load
- Improve strategy replicability


## Q: How do we validate an institution's reference value?

**A:** Using SEC-filed holdings reports, we screen institutions with independently verifiable and easier-to-replicate long-term public records, then rank them.

- More than five years of disclosed holdings
- Track the top five long positions
- Measure annualized return and consistency