1. Emerging market equities are showing signs of improvement with earnings revisions; 2. China's monetary policy and regulatory reforms could benefit shareholders; 3. Taiwan's semiconductor leadership and AI revolution present investment opportunities; 4. India's infrastructure and consumer spending could make it a manufacturing hub with growth potential.

1. Target's fundamentals are improving with positive comparable sales, driven by digital growth and innovative merchandising in categories like Apparel, Home, and Beauty; 2. The Target Circle loyalty program is a key growth driver, enhancing customer insights and enabling personalized offers to boost purchase frequency; 3. Strong operating rigor, prudent inventory management, and a new CFO position Target for margin expansion and continued profitability growth.

1. Ariel International Fund underperformed benchmarks in Q2 2024, trading -2.20% lower. 2. The fund is overweight in Consumer Discretionary, Utilities, Information Technology, Health Care, and Financials. 3. Four new positions were initiated during the quarter.