Moon Capital Management

Moon Capital Management is a separate legal entity from Ariel Investments, though both are controlled by John W. Rogers Jr. Rogers founded Ariel in 1983 and remains its Chairman and Co-CEO. Moon Capital was established in 2001 as a more concentrated, flexible vehicle for select capital.

The firm practices patient, value-oriented equity investing. It seeks companies with durable competitive advantages, strong balance sheets, and management teams aligned with shareholders. The portfolio is highly concentrated, typically holding 15 to 25 names, and turnover is low — positions are often held for five years or more.

John W. Rogers Jr., as the firm's founder and Chief Investment Officer, is the key decision-maker. He draws on a research culture he cultivated at Ariel Investments over four decades. The small investment team conducts deep fundamental analysis on each potential holding.

Moon Capital focuses almost exclusively on publicly traded equities. Unlike some family offices or hybrid vehicles that blend private and public investments, its mandate avoids pre-revenue startups and illiquid private deals. The firm prefers established businesses trading at a discount to intrinsic value.

Champaign hosts Ariel's small-cap research office, and Rogers has made it his personal home. Positioning Moon Capital there provides geographic and operational distance from Ariel's Chicago headquarters, reinforcing its distinct investment identity and a quieter research environment.

Moon Capital manages capital for John W. Rogers Jr. and a small circle of institutional and personal relationships. It does not market itself broadly as a mutual fund or ETF. The firm deliberately limits asset growth to preserve its ability to invest in smaller, less liquid opportunities.