Core Insights - Ariel Investments' "Ariel Fund" reported a +12.39% return in Q3 2025, outperforming the Russell 2500 Value Index (+8.17%) but lagging behind the Russell 2000 Value Index (+12.60%) [1] - The rally in U.S. equities was driven by the Federal Reserve's first rate cut of the year, strong corporate earnings, and increased market participation, particularly in technology and small-cap stocks [1] Company Highlights - Manchester United plc (NYSE:MANU) experienced a one-month return of 19.86% and a 52-week gain of 15.73%, closing at $18.47 per share with a market capitalization of $3.185 billion on October 23, 2025 [2] - Despite strong fundamentals and better-than-expected financial results, Manchester United plc's stock fell during the quarter, although the company raised its full-year outlook due to ongoing cost efficiency initiatives [3] - The club is investing in strategic initiatives, including the redevelopment of the Carrington Training Complex and discussions for a potential new stadium to support long-term growth [3] - Manchester United's global brand positions it well for revenue expansion, talent attraction, and competitive advantage, with compelling commercial opportunities in partnerships, sponsorships, and media rights [3] Hedge Fund Interest - Manchester United plc is not among the 30 most popular stocks among hedge funds, with 21 hedge fund portfolios holding the stock at the end of Q2 2025, an increase from 18 in the previous quarter [4] - While acknowledging Manchester United's investment potential, the company believes certain AI stocks present greater upside potential and lower downside risk [4]