Ariel Investments, an investment management company, released its “Ariel Global Fund” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. Ariel Global Fund delivered solid results in 2025, rising +23.30% for the year and outperforming both the MSCI ACWI and MSCI ACWI Value indices, although it lagged benchmarks in the fourth quarter with a +2.88% return versus +3.29% and +3.66%, respectively, for the indexes. The quarter unfolded against a constructive global backdrop, as moderating inflation, easing financial conditions, and resilient corporate earnings supported equities, with strength led by U.S. mega-cap technology stocks, improving conditions in Europe and Japan, and a strong full-year rebound in China. Performance was driven primarily by stock selection, with gains in financials and information technology offset by weakness in consumer discretionary and healthcare holdings, while several individual positions faced short-term pressures from higher costs, restructuring charges, or softer demand. Looking ahead, management remains optimistic on international equities, citing improving corporate fundamentals, supportive policy environments, and attractive valuations relative to growth prospects, while emphasizing that increasing market dispersion and a broadening of leadership beyond U.S. mega-cap stocks create a favorable environment for active, bottom-up stock selection focused on companies with strong balance sheets, durable earnings, and long-term structural growth drivers. In addition, you can check the Fund’s top 5 holdings for its best picks for 2025.
In its fourth-quarter 2025 investor letter, Ariel Investments’ Global Fund highlighted stocks like Bristol-Myers Squibb Company (NYSE:BMY). Bristol-Myers Squibb Company (NYSE:BMY) is a biopharmaceutical company focused on developing innovative medicines in oncology, immunology, and cardiovascular disease. The one-month return of Bristol-Myers Squibb Company (NYSE:BMY) was -2.43% while its shares traded between $42.52 and $62.89 over the last 52 weeks. On March 30, 2026, Bristol-Myers Squibb Company (NYSE:BMY) stock closed at approximately $59.73 per share, with a market capitalization of about $121.64 billion.
Ariel Investments’ Global Fund stated the following regarding Bristol-Myers Squibb Company (NYSE:BMY) in its Q4 2025 investor letter:
“We re-initiated a position in Bristol-Myers Squibb Company (NYSE:BMY), a global leader in oncology and cardiovascular treatments, anchored by flagship therapies such as Opdivo and Eliquis. The company has broadened its portfolio with recently approved drugs in hematology and immunology, as well as an acquisition in psychiatric disorders. While upcoming patent expirations pose a challenge, we believe new therapies and pipeline opportunities could offer meaningful upside. Recent market weakness following a trial setback created an attractive entry point in shares ahead of key clinical readouts in stroke prevention and atrial fibrillation, which are areas with significant unmet need. Furthermore, we think Ariel Global Fund December 31, 2025 additional late-stage programs in oncology and immunology support the stocks long-term growth potential.”
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