Core Insights - Ariel Global Fund achieved a +23.30% return in 2025, outperforming MSCI ACWI and MSCI ACWI Value indices, but lagged in Q4 with a +2.88% return compared to +3.29% and +3.66% for the indices [1] - The positive performance was supported by moderating inflation, easing financial conditions, and resilient corporate earnings, particularly from U.S. mega-cap technology stocks, alongside improvements in Europe, Japan, and a strong rebound in China [1] - Stock selection was the primary driver of performance, with gains in financials and information technology, while consumer discretionary and healthcare holdings faced challenges [1] Company Insights - AT&T Inc. (NYSE:T) was highlighted as a key stock, with a one-month return of 3.73% and a market capitalization of approximately $200.71 billion as of March 30, 2026 [2] - The company is expanding its fiber network, which enhances its wireless business and reduces customer churn, positioning it as a leader in the telecommunications sector [3] - AT&T is returning excess capital to shareholders through dividends and buybacks, benefiting from a stable pricing environment in the industry, which supports its long-term growth potential [3]