MIDDLEBY Corp

• AI Ariel Investments Ariel Fund and Ariel Appreciation Fund ↗ Ariel Fund and Ariel Appreciation Fund attribute benchmark gaps to avoiding technology shares, particularly Sandisk, whose rapid rise distorted small- and mid-cap value indices before its removal. The funds exited several holdings, retained ADI Global in Ariel Appreciation Fund, and shifted proceeds from Norwegian Cruise Line into Royal Caribbean while maintaining conviction in oversold consumer and health care names. third quarter 2026 SNDK $119BADIG $1.4BMFP $1.9B +3
• BA Broyhill Asset Management The Broyhill Letter 2026.Q2 ↗ Broyhill transfers ownership from Chris Pavese to Patrick Wells and Matt McLean while retaining its investment process and client relationships. The portfolio avoided direct semiconductor exposure, exited Accenture, HubSpot and Intuit, and added or expanded positions including ServiceNow, First Citizens BancShares, Nestlé, Masco, Sotera Health and IQVIA on company-specific catalysts. second quarter 2026 0QR4 ACN $156BFCNCA $26B +6
• AP Artisan Partners Zen and the Art of (Apparently) Doing Nothing ↗ Artisan International Explorer Fund initiated Hoshizaki on a margin-expansion thesis and sold Allfunds, Mitra Adiperkasa, Sato, LSL Property Services and Real Matters. It added to Impro, maintained conviction in Glenveagh despite rate concerns, and intensified engagement with Signify after management delayed a return to growth and cut its dividend. Q3 2026 1286 $1.4B6287 $539MAFNDY +8
• AI Ariel Investments Ariel Fund ↗ Ariel Fund added to its case for Zebra Technologies, Charles River Laboratories and Bio-Rad after improving results, guidance and operational actions. It exited Leslie’s and sold newly received ADI Global Distribution and Midera Food Processing shares to redeploy capital into higher-conviction holdings amid concerns over leverage, liquidity and weakening operations. Quarter Ended September 30, 2026 BIO $10BCRL $16BLESLQ $0.7M +3

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