Group 1: Market Overview - US equities experienced a rally in Q3 2025, driven by the Federal Reserve's initial rate cut, strong corporate earnings growth, and increased market participation [1] - Ariel Small Cap Concentrated Value Composite achieved a return of +15.08% gross of fees, outperforming the Russell 2000 Value Index (+12.60%) and the Russell 2000 Index (+12.39%) [1] Group 2: The Middleby Corporation (NASDAQ:MIDD) - The Middleby Corporation manufactures and services foodservice, food processing, and residential kitchen equipment, with a market capitalization of $5.964 billion as of November 27, 2025 [2] - The stock of The Middleby Corporation saw a one-month return of -4.43% and a 52-week decline of 16.98% [2] - Ariel Small Cap Concentrated Value Strategy initiated a position in The Middleby Corporation, viewing current challenges as transient and highlighting the company's potential for long-term growth due to its focus on innovation and automation in the food service industry [3] - In Q3 2025, The Middleby Corporation reported total revenue of $980 million, exceeding the upper limit of its guidance range [4]