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Ariel Focus Fund gained 20.76% in Q3, outperforming the Russell 1000 Value Index and S&P 500. Top contributors included Resideo Technologies, Barrick Mining Corporation, and ZimVie, Inc. Mosaic Co. was the biggest detractor due to an earnings miss. Despite near-term pressures, phosphate markets are expected to remain tight through 2025. The fund's strong performance was driven by the Federal Reserve's rate cut, robust corporate earnings growth, and broadening market participation.

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