Ariel International Fund

John Rogers

Part of Ariel Investments

These are Ariel International Fund's own holdings, not the firm's. Percentages are of the stock positions in its latest filing — the fund's cash and bonds are not included. This fund looks beyond American borders, hunting undervalued, high-quality companies in developed international markets — Western Europe, Japan, and the like — though its rules allow a portion of its money to drift into US and emerging-market names. It is the international arm of Chicago's Ariel Investments, the value house John Rogers Jr. founded in 1983, and it shares the firm's house philosophy: buy good businesses at a discount, hold them patiently, and ignore the noise. Where most of Ariel's money has long sat in small- and mid-sized American companies invisible to nothing, this fund's holdings are largely non-US, so they never appear in the firm's regulatory 13F filings. Ariel launched the fund in December 2011, more than a quarter-century after the firm itself, to give its value discipline a passport. Rogers, who founded Ariel at 24 and whose father the Tuskegee Airman taught him investing by gifting dividend-paying stocks instead of toys, built the firm on the tagline that "slow and steady wins the race." But he does not run this fund himself. It is steered by the firm's global equities team — most recently Henry Mallari-D'Auria, who joined from AllianceBernstein in 2023 as chief investment officer for global and emerging markets equities, alongside Vivian Lubrano and Ted Mann. The result is the same patient value approach as its American siblings, pointed at a different map.