| Current Price: | $33.36 (as of 02/08/10) |
| Daily Change: | -0.29 -0.86% |
| YTD Return: | -5.90% |
The Value of a $10,000 Investment as of December 31, 2009
| Ticker Symbol: | CAAPX |
| Newspaper Symbol: | Apprec |
| CUSIP: | 040337206 |
| Ariel Mutual Fund #: | 2221 |
| Total Net Assets: | $1.4 billion as of 12/31/2009 |
| Expense Ratio: | 1.25% as of 9/30/09
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| Investment Minimum: | $1,000 initial; $50 subsequent; waived min. with automatic investment program |
| Sales Charge: | None |
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Investing in mid-cap stocks is more risky and volatile than investing in large-cap stocks. Performance data quoted represents past performance. Past performance does not guarantee future results. All performance assumes reinvestment of dividends and capital gains. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For standardized performance data and performance data current to the most recent month-end, click here.
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ANNOUNCEMENTS
LEAD PORTFOLIO MANAGER
PORTFOLIO MANAGERS
INVESTMENT OBJECTIVE
Read more...
CATEGORY
INVESTMENT STYLE
INCEPTION DATE
FUND DOCUMENTS
FUND RANKINGS
Ariel Appreciation Fund Performance as of January 31, 2010
| Inception date: December 1, 1989 | Annualized | |||||||
| One Month | Three Months | Year To Date | One Year | Three Years | Five Years | Ten Years | Since Inception | |
|---|---|---|---|---|---|---|---|---|
| Ariel Appreciation Fund | -3.67% | 10.50% | -3.67% | 76.69% | -3.79% | 1.65% | 7.64% | 10.06% |
| Russell Midcap® Value Index | -2.73% | 7.46% | -2.73% | 45.58% | -8.40% | 1.89% | 7.94% | 10.47% |
| Russell Midcap® Index | -3.34% | 7.10% | -3.34% | 46.63% | -6.71% | 2.25% | 4.98% | 10.13% |
| S&P 500 Index | -3.60% | 4.16% | -3.60% | 33.14% | -7.24% | 0.18% | -0.80% | 8.07% |
Ariel Appreciation Fund Performance as of December 31, 2009
| Inception date: December 1, 1989 | Annualized | |||||||
| One Month | Three Months | Year To Date | One Year | Three Years | Five Years | Ten Years | Since Inception | |
|---|---|---|---|---|---|---|---|---|
| Ariel Appreciation Fund | 6.81% | 10.36% | 62.96% | 62.96% | -1.62% | 1.69% | 7.15% | 10.31% |
| Russell Midcap® Value Index | 5.23% | 5.21% | 34.21% | 34.21% | -6.62% | 1.98% | 7.58% | 10.67% |
| Russell Midcap® Index | 5.70% | 5.92% | 40.48% | 40.48% | -4.59% | 2.43% | 4.98% | 10.36% |
| S&P 500 Index | 1.93% | 6.04% | 26.46% | 26.46% | -5.63% | 0.42% | -0.95% | 8.30% |
Average Annual Total Return does not reflect a maximum 4.75% sales load charged prior to 07/15/94. Assumes reinvestment of dividends and capital gains.
| Expense Ratio: 1.25% as of 9/30/09
|
Investing in mid-cap stocks is more risky and volatile than investing in large-cap stocks.
Performance data quoted represents past performance. All performance assumes the reinvestment of dividends and capital gains. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.
The Russell Midcap® Index measures the performance of mid-sized companies.
The Russell Midcap® Value Index measures the performance of mid-sized, value-oriented companies with lower price-to-earnings ratios
The Standard & Poor’s 500 Index is a broad market weighted index dominated by blue-chip stocks.
Investors should consider carefully the investment objectives, risks, and charges and expenses before investing. For a current prospectus which contains this and other information about the funds offered by Ariel Investment Trust, call us at 800-292-7435 or click here. Please read the prospectus carefully before investing. Distributed by Ariel Distributors, LLC.
The Value of a $10,000 Investment as of December 31, 2009
Morningstar Fund Ratings as of December 31, 2009
Ariel Appreciation Fund |
Overall Rating |
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Ariel Appreciation Fund received a four-star Overall Morningstar Rating™ as of 12/31/09 out of 369 mid-cap blend funds. Ariel Appreciation Fund was rated three stars among 369, three stars among 303 and four stars among 152 domestic mid-cap blend funds for the three-, five- and ten-year periods ended 12/31/09, respectively.
For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. These ratings change monthly. The top 10% of funds in an investment category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars, and the bottom 10% receive one star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Ratings. Morningstar does not guarantee the accuracy of this information.
© 2010 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Top Ten Equity Holdings as of December 31, 2009
| SECURITY DESCRIPTION | % of Net Assets | |
|---|---|---|
| 1. | Gannett Co., Inc. | 4.3 |
| 2. | Hewitt Associates, Inc., Class A | 4.3 |
| 3. | Accenture plc | 4.0 |
| 4. | Jones Lang LaSalle Inc. | 3.9 |
| 5. | Interpublic Group of Cos., Inc. | 3.6 |
| 6. | CBS Corp., Class B | 3.6 |
| 7. | Zimmer Holdings, Inc. | 3.3 |
| 8. | Northern Trust Corp. | 3.2 |
| 9. | CB Richard Ellis Group, Inc. | 3.1 |
| 10. | AFLAC Inc. | 2.9 |
| Grand Total 36.2% |
Portfolio Composition (%) as of December 31, 2009
| Ariel Appreciation Fund | Russell Midcap Value | Russell Midcap | S&P 500 | |
|---|---|---|---|---|
| Consumer Discretionary | 32.7% | 13.3% | 16.0% | 11.6% |
| Financial Services | 29.1 | 28.0 | 19.9 | 15.3 |
| Health Care | 14.7 | 4.4 | 8.6 | 12.6 |
| Producer Durables | 9.3 | 10.7 | 12.9 | 10.4 |
| Consumer Staples | 9.2 | 6.2 | 6.1 | 9.8 |
| Technology | 5.0 | 6.5 | 13.2 | 18.2 |
| Utilities | 0.0 | 14.0 | 8.7 | 6.6 |
| Materials and Processing | 0.0 | 8.5 | 7.3 | 3.9 |
| Energy | 0.0 | 8.5 | 7.4 | 11.6 |
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* Represents percentage of total equity holdings in the portfolio The Russell Midcap® Value Index measures the performance of mid-sized, value oriented companies with lower price-to-earnings ratios. The Russell Midcap® Index measures the performance of mid-sized companies. The S&P 500 Index is a broad market-weighted index dominated by blue chip stocks. |
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| Equity: | 99.5% |
| Cash, Assets & Other Liabilities: | 0.5% |
Portfolio Characteristics (%) as of December 31, 2009
| Ariel Appreciation Fund | Russell Midcap Value | Russell Midcap | S&P 500 | |
|---|---|---|---|---|
| Average Market Capitalization | $7.05 | $5.10 | $5.30 | $43.80 |
| Median Market Capitalization | 5.6 | 3.3 | 3.5 | 9.0 |
| Number of Holdings | 39 | 553 | 773 | 500 |
| Wall Street Analysts Per Stock | 13 | 11 | 12 | 20 |
| Turnover (%) | 48.2 | n/a | n/a | n/a |
| P/E (forward) | 15.6 | 14.4 | 15.7 | 15.1 |
| Beta (vs. Russell 3000 Index) | 1.26 | 1.25 | 1.16 | 0.94 |
| Price/Book | 2.4 | 1.5 | 2.0 | 2.2 |
| Dividend Yield (%) | 0.8 | 2.1 | 1.6 | 1.9 |
| Return on Equity (5 year) (%) | 17.2 | 11.7 | 15.6 | 20.8 |
| EPS Growth (forward) (%) | 10.0 | 8.0 | 10.6 | 9.6 |
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The Russell Midcap® Value Index measures the performance of mid-sized, value oriented companies with lower price-to-earnings ratios. The Russell Midcap® Index measures the performance of mid-sized companies. The S&P 500 Index is a broad market-weighted index dominated by blue chip stocks.
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Schedule of Holdings as of December 31, 2009
| Shares | Security Description | CUSIP | Ticker | Original Cost | Current Value | % of Net Assets |
|---|---|---|---|---|---|---|
| 4,075,800 | Gannett Co., Inc. | 364730101 | GCI | 9,052,514 | 60,525,630 | 4.3 |
| 1,410,700 | Hewitt Associates, Inc., Class A | 42822Q100 | HEW | 38,554,216 | 59,616,182 | 4.3 |
| 1,354,100 | Accenture plc | G1151C101 | ACN | 25,609,266 | 56,195,150 | 4.0 |
| 912,400 | Jones Lang LaSalle Inc. | 48020Q107 | JLL | 59,903,103 | 55,108,960 | 3.9 |
| 6,825,375 | Interpublic Group of Cos., Inc. | 460690100 | IPG | 43,100,669 | 50,371,268 | 3.6 |
| 3,582,800 | CBS Corp., Class B | 124857202 | CBS | 24,487,329 | 50,338,340 | 3.6 |
| 771,900 | Zimmer Holdings, Inc. | 98956P102 | ZMH | 35,156,044 | 45,627,009 | 3.3 |
| 867,600 | Northern Trust Corp. | 665859104 | NTRS | 32,630,147 | 45,462,240 | 3.2 |
| 3,237,150 | CB Richard Ellis Group, Inc. | 12497T101 | CBG | 12,333,020 | 43,928,126 | 3.1 |
| 878,000 | AFLAC Inc. | 001055102 | AFL | 16,307,709 | 40,607,500 | 2.9 |
| 1,336,700 | Viacom, Inc. | 92553P201 | VIA/B | 31,662,406 | 39,740,091 | 2.8 |
| 595,525 | Black & Decker Corp. | 091797100 | BDK | 17,137,275 | 38,607,886 | 2.8 |
| 1,217,250 | Carnival Corp. & plc | 143658300 | CCL | 35,596,898 | 38,574,652 | 2.8 |
| 973,900 | Omnicom Group Inc. | 681919106 | OMC | 28,176,713 | 38,128,185 | 2.7 |
| 2,822,275 | Janus Capital Group Inc. | 47102X105 | JNS | 18,892,307 | 37,959,599 | 2.7 |
| 786,300 | Anixter Intl Inc. | 035290105 | AXE | 48,471,627 | 37,034,730 | 2.6 |
| 768,054 | Thermo Fisher Scientific Inc. | 883556102 | TMO | 12,988,831 | 36,628,495 | 2.6 |
| 1,169,600 | Equifax Inc. | 294429105 | EFX | 25,091,765 | 36,128,944 | 2.6 |
| 468,100 | Laboratory Corp. of America | 50540R409 | LH | 31,763,553 | 35,032,604 | 2.5 |
| 332,100 | Franklin Resources, Inc. | 354613101 | BEN | 10,904,455 | 34,986,735 | 2.5 |
| 1,786,800 | International Game Technology | 459902102 | IGT | 23,020,895 | 33,538,236 | 2.4 |
| 773,100 | Tiffany & Co. | 886547108 | TIF | 25,369,849 | 33,243,300 | 2.4 |
| 559,050 | Baxter Intl Inc. | 071813109 | BAX | 14,860,479 | 32,805,054 | 2.3 |
| 2,279,800 | Dell Inc. | 24702R101 | DELL | 23,270,366 | 32,737,928 | 2.3 |
| 376,622 | Dun & Bradstreet Corp. | 26483E100 | DNB | 17,395,217 | 31,775,598 | 2.3 |
| 500,400 | Energizer Holdings, Inc. | 29266R108 | ENR | 24,796,845 | 30,664,512 | 2.2 |
| 476,575 | J.M. Smucker Co. | 832696405 | SJM | 23,763,621 | 29,428,506 | 2.1 |
| 608,675 | Mohawk Industries, Inc. | 608190104 | MHK | 27,610,605 | 28,972,930 | 2.1 |
| 763,300 | Nordstrom, Inc. | 655664100 | JWN | 10,075,318 | 28,684,814 | 2.1 |
| 769,100 | St. Jude Medical, Inc. | 790849103 | STJ | 28,596,523 | 28,287,498 | 2.0 |
| 82,100 | Markel Corp. | 570535104 | MKL | 27,637,865 | 27,914,000 | 2.0 |
| 280,525 | Bio-Rad Laboratories, Inc., Class A | 090572207 | BIO | 19,179,774 | 27,059,441 | 1.9 |
| 1,695,500 | Constellation Brands, Inc., Class A | 21036P108 | STZ | 23,312,580 | 27,009,315 | 1.9 |
| 576,400 | City National Corp. | 178566105 | CYN | 33,595,955 | 26,283,840 | 1.9 |
| 488,900 | T. Rowe Price Group, Inc. | 74144T108 | TROW | 8,079,546 | 26,033,925 | 1.9 |
| 590,525 | McCormick & Co., Inc. | 579780206 | MKC | 20,815,375 | 21,335,668 | 1.5 |
| 322,047 | Clorox Co. | 189054109 | CLX | 14,119,343 | 19,644,867 | 1.4 |
| 15,874,542 | Fixed Income Clearing Corporation | 85748R009 | 15,874,542 | 15,874,542 | 1.1 | |
| 651,000 | Sotheby's | 835898107 | BID | 13,939,619 | 14,634,480 | 1.0 |
| 285,050 | Illinois Tool Works Inc. | 452308109 | ITW | 14,678,601 | 13,679,550 | 1.0 |
| Other Assets and Liabilities | -8,530,218 | -0.6 | ||||
| Grand Total | $967,812,765 | $1,401,680,112 | 100.0% | |||
Investment Objective
Our mutual funds pursue long-term capital appreciation. The Funds invest for appreciation, not income and seek common stocks whose underlying value should increase over time. Any dividend and interest income the Funds earn is incidental to their fundamental objective. The Funds’ Adviser cannot guarantee any Fund will achieve capital appreciation in every circumstance, but we are dedicated to that objective.
Investment Strategy and Approach
Ariel Appreciation Fund seeks long-term capital appreciation by investing primarily in common stocks of companies with market capitalizations between $2.5 billion and $15 billion measured at the time of purchase. The Fund invests in undervalued companies that show strong potential for growth. To capture anticipated growth, the Fund holds investments for a relatively long period of time – generally five years.
Our Approach to Investing
Our patient approach focuses on the long term, allowing us to take advantage of great buying opportunities that arise from Wall Street’s excessive focus on the short term.
We invest in quality companies where we have expertise and we only buy when they are selling at excellent values.
Quality
- We seek to invest in quality companies with: high barriers to entry; sustainable competitive advantages; and fundamentals that allow for double-digit cash earnings growth.
- We seek to invest with quality management teams who: clearly articulate and execute a strategy; have deployed capital wisely; and have attracted and retained highly qualified people.
- We seek to invest in companies with improving prospects for quality financials including the ability to ultimately demonstrate: high returns on capital; strong balance sheets; and low reinvestment requirements.
Expertise
- Our demand for depth over breadth creates a concentrated portfolio of well-researched stocks.
- Our expansive scuttlebutt network of third-party contacts, including customers, suppliers, and competitors, strengthens our due diligence.
- Our voracious reading of trade publications, newspapers, press releases, company financials and other corporate communications are critical to our decision making and fosters a culture of continuous learning.
Value
- As value investors, we make opportunistic purchases when great companies are temporarily out of favor.
- As Warren Buffett disciples, we find companies that are undiscovered, under-followed, or under a cloud.
- As disciplined investors, we seek to invest in companies when they are trading at a low valuation relative to potential earnings (p/e less than 13x forward cash earnings) and/or a low valuation relative to intrinsic worth (40% discount to private market value—PMV)
The Investment Process: A Focus On Independent Research
Uncovering Value
Ariel’s proprietary research process begins with the usual Wall Street sources – financial analysts’ reports, press releases and company financials. Digging deeper, we review more than 150 newspapers, trade periodicals and technical journals. In this way, we believe we can uncover outstanding opportunities that others may have missed.
We apply the same intensive research once we have identified a candidate for investment. We comb through the company’s financial history and analyze its prospects. We develop independent long-range financial projections and detail the risks.
A network of independent, third-party contacts reveals the invaluable insights of customers, suppliers, competitors and industry insiders, as well as other investment managers.
We also independently assess key executives. We believe the character and quality of a company’s management weighs at least as heavily as any other factor in determining its success. We believe the skill of the management team will help the company overcome unforeseen obstacles. In addition, the team’s contacts and experience may alert the company to emerging opportunities.
A portfolio consisting exclusively of stocks in these companies is highly select: Ariel Fund and Ariel Appreciation Fund generally contain no more than 50 stocks each; Ariel Focus Fund will generally own 20 stocks.
A Long-term View
Ariel believes the market will ultimately reward the companies in which we invest, and we give them the time such recognition requires, generally five years and sometimes even longer. This long-term approach means that the Funds typically have low rates of turnover*.
Each time a fund turns over a holding (e.g., sells one stock to buy another), it incurs transaction charges that negatively impact investment returns – the higher the turnover rate, the more negative the impact of the transaction costs. High turnover rates can reduce investment performance while low turnover rates can enhance it. A low rate of turnover can offer yet another advantage because it may defer a fund’s taxable capital gains.
We sell stocks when we believe they are fully valued or when our reasons for purchase no longer apply. We define fully valued to be our assessment of full valuation relative to potential earnings, which includes a price-to-earnings ratio of more than 20 times next year’s earnings and full valuation relative to intrinsic worth (i.e., a 0% discount to our private market value). We also may sell a stock when there is a major change in the competitive landscape, a substantial shift in company fundamentals or a loss of faith in management’s abilities.
Foreign Securities
Ariel Appreciation Fund may invest up to 10% of its net assets in foreign securities, as classified by the Adviser. Investments in foreign securities may be made through the purchase of individual securities on recognized exchanges and developed over-the-counter markets, or through American Depository Receipts (“ADRs”) or Global Depository Receipts (“GDRs”) covering such securities. The Funds expect to invest in foreign securities mainly through ADRs or GDRs.
The value of foreign securities may be affected by changes in exchange rates, as well as other factors that affect securities prices. There generally is less information publicly available about foreign securities and foreign securities markets, and there may be less government regulation and supervision of foreign issuers and foreign securities markets. Foreign securities and markets also may be affected by political and economic instabilities and may be more volatile and less liquid than domestic securities and markets. The Funds have not invested in, and do not currently expect to invest in, “emerging” foreign market securities.
Cash Positions
At times we may maintain larger than normal cash positions in a Fund. However, cash positions in a Fund are generally not held for defensive purposes, but are maintained while we search for compelling investments.
Definitions
Undervalued
Institutional investors consider a stock undervalued when it trades at a price below what they think the business is worth. The concept is relative. Investors might judge a stock undervalued on the basis of price to earnings ratio: they pay less for a dollar of corporate earnings when they buy a particular stock than they would if they bought another stock. Or they might judge a stock undervalued on the basis of the ratio of the value of its assets to the value of its market capitalization: they pay less for a dollar of assets by buying one stock than they would if they bought another stock.
Turnover
Turnover is an indication of how long a fund typically holds the stocks it purchases. A turnover rate of 100% implies that a fund changes its entire investment portfolio every year. As a product of our long-term investment strategy, turnover rates for the Ariel Fund and Ariel Appreciation Fund have been historically low (i.e., less than 50%).
Portfolio Snapshot
Portfolio Snapshots offer monthly and quarterly commentary on the performance of our Funds.
Additional Commentary
For commentary on all of our mutual funds, including Fund Updates, the quarterly letters from our Portfolio Managers and a selection of spotlights on typical Fund holdings, visit our main Commentary area.
Ariel Appreciation Fund Historical Sector Diversification as of December 31
| Sector Diversification(%) | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | |
| Technology | 0.0 | 0.0 | 0.0 | 2.2 | 3.2 | 5.0 | |
| Health Care | 14.2 | 14.1 | 9.5 | 11.3 | 13.6 | 14.7 | |
| Consumer Discretionary | 38.0 | 43.1 | 53.4 | 31.2 | 39.1 | 32.7 | |
| Consumer Staples | 2.6 | 2.5 | 2.2 | 6.3 | 4.2 | 9.2 | |
| Integrated Oils | 0.0 | 0.0 | 0.0 | 0.0 | 2.1 | 0.0 | |
| Energy | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Materials and Processing | 0.0 | 0.0 | 1.2 | 5.5 | 3.4 | 0.0 | |
| Producer Durables | 3.9 | 4.5 | 5.0 | 5.7 | 3.0 | 9.3 | |
| Autos and Transportation | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Financial Services | 39.0 | 32.0 | 28.7 | 37.8 | 31.4 | 29.1 | |
| Utilities | 2.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Other | 0.0 | 3.8 | 0.0 | 0.0 | 0.0 | 0.0 | |
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Our consistent overweight of consumer-related sectors is a natural outgrowth of our bottom-up research process and bias toward predictable industries. We avoid sector rotation and "trendy" industries. |
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Ariel Appreciation Fund Historical Portfolio Characteristics as of December 31
| Market Capitalization* | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | |
| Ariel Appreciation Fund | 9650 | 8770 | 9990 | 8900 | 4700 | 7050 | |
| Russell Midcap Value | 6340 | 6400 | 7070 | 7000 | 4100 | 5100 | |
| Russell Midcap | 6030 | 6410 | 7050 | 7600 | 4300 | 5300 | |
| S&P 500 | 47530 | 47510 | 53920 | 56600 | 38500 | 43800 | |
| Price/Earnings (Forward) | |||||||
| Ariel Appreciation Fund | 17.4 | 15.9 | 17.1 | 14.7 | 9.8 | 15.6 | |
| Russell Midcap Value | 15.4 | 14.7 | 15.2 | 14.3 | 10.0 | 14.4 | |
| Russell Midcap | 17.5 | 16.7 | 17.2 | 16.4 | 10.6 | 15.7 | |
| S&P 500 | 17.1 | 15.4 | 15.4 | 15.2 | 11.1 | 15.1 | |
| Beta (Correlated to the Russell 3000 Index) | |||||||
| Ariel Appreciation Fund | 0.80 | 0.79 | 0.87 | 1.04 | 1.16 | 1.26 | |
| Russell Midcap Value | 0.77 | 0.89 | 0.95 | 0.99 | 0.93 | 1.25 | |
| Russell Midcap | 0.98 | 1.06 | 1.09 | 1.11 | 1.02 | 1.16 | |
| S&P 500 | 0.94 | 0.94 | 0.95 | 0.90 | 0.81 | 0.94 | |
| Number of Issues | |||||||
| Ariel Appreciation Fund | 35 | 34 | 31 | 35 | 32 | 39 | |
| Russell Midcap Value | 562 | 519 | 481 | 485 | 537 | 553 | |
| Russell Midcap | 792 | 783 | 784 | 794 | 798 | 773 | |
| S&P 500 | 500 | 500 | 500 | 500 | 500 | 500 | |
| Portfolio Turnover | |||||||
| Ariel Appreciation Fund | 17.4 | 30.4 | 21.6 | 32.3 | 29.7 | 48.2 | |
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*Dollar-weighted average nlog — in millions |
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Past performance does not guarantee future results. Principal value and investment returns will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. All indexes are unmanaged and returns include reinvested dividends. An investor cannot invest directly in an index.
The Russell Midcap® Value Index measures the performance of mid-sized, value-oriented companies with lower price-to-earnings ratios. The Russell Midcap® Index measures the performance of mid-sized companies. The S&P 500 Index is a broad market-weighted index dominated by blue chip stocks. |
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Distribution History
| Reinvest Date | Reinvest Price
Per Share |
Long Term Capital Gain
Per Share |
Short Term Capital Gain
Per Share |
Income Dividend
Per Share |
Total Distribution
Per Share |
| Dec. 28, 1990 | $14.47 | $0.000000 | $0.000000 | $0.242360 | $0.242360 |
| Dec. 27, 1991 | $18.66 | $0.000000 | $0.000000 | $0.191240 | $0.191240 |
| Nov. 25, 1992 | $21.03 | $0.000000 | $0.000000 | $0.064470 | $0.064470 |
| Dec. 24, 1992 | $21.25 | $0.018900 | $0.000000 | $0.000000 | $0.018900 |
| Nov. 24, 1993 | $21.58 | $0.347700 | $0.000000 | $0.048000 | $0.395700 |
| Dec. 30, 1993 | $22.73 | $0.000000 | $0.000000 | $0.004360 | $0.004360 |
| Dec. 30, 1993 | $22.73 | $0.000000 | $0.000000 | $0.004360 | $0.004360 |
| Dec. 30, 1994 | $19.51 | $1.267900 | $0.128650 | $0.062470 | $1.459020 |
| Dec. 28, 1995 | $22.03 | $1.766040 | $0.000000 | $0.199800 | $1.965840 |
| Dec. 30, 1996 | $26.04 | $1.323230 | $0.045636 | $0.074360 | $1.443226 |
| Dec. 30, 1997 | $32.72 | $1.518030 | $1.547280 | $0.067560 | $3.132870 |
| Dec. 30, 1998 | $35.16 | $3.376820 | $0.080320 | $0.035970 | $3.493110 |
| Dec. 15, 1999 | $29.36 | $2.652890 | $0.497700 | $0.042090 | $3.192680 |
| Dec. 4, 2000 | $31.02 | $3.423490 | $0.531280 | $0.116760 | $4.071530 |
| Dec. 10, 2001 | $36.11 | $0.587190 | $0.118650 | $0.064820 | $0.770660 |
| Dec. 27, 2002 | $32.73 | $0.123720 | $0.000000 | $0.000000 | $0.123720 |
| Dec. 29, 2003 | $43.10 | $0.000000 | $0.000000 | $0.000000 | $0.000000 |
| Nov. 17, 2004 | $45.51 | $1.047980 | $0.152410 | $0.000000 | $1.200390 |
| Dec. 29, 2004 | $47.66 | $0.000000 | $0.000000 | $0.045710 | $0.045710 |
| Nov. 17, 2005 | $46.62 | $1.762070 | $0.437950 | $0.000000 | $2.200020 |
| Dec. 29, 2005 | $46.87 | $0.000000 | $0.000000 | $0.132540 | $0.132540 |
| Nov. 16, 2006 | $48.08 | $3.309600 | $0.152320 | $0.000000 | $3.461920 |
| Dec. 28, 2006 | $48.60 | $0.000000 | $0.000000 | $0.021500 | $0.021500 |
| Nov. 15, 2007 | $44.19 | $4.430140 | $0.025760 | $0.000000 | $4.455900 |
| Dec. 27, 2007 | $43.14 | $0.000000 | $0.000000 | $0.229590 | $0.229590 |
| Nov. 24, 2008 | $19.29 | $3.089250 | $0.019700 | $0.000000 | $3.108950 |
| Dec. 29, 2008 | $20.38 | $0.000000 | $0.000000 | $0.183820 | $0.183820 |
| Nov. 23, 2009 | $33.60 | $0.000000 | $0.000000 | $0.000000 | $0.000000 |
| Dec. 29, 2009 | $35.87 | $0.000000 | $0.000000 | $0.042167 | $0.042167 |
Performance data quoted represents past performance. Past performance does not guarantee future results. All performance assumes the reinvestment of dividends and capital gains. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Click here to view performance data current to the most recent month-end.
The Russell Midcap® Index measures the performance of mid-sized companies.
The Russell Midcap® Value Index measures the performance of mid-sized, value-oriented companies with lower price-to-earnings ratios
The S&P 500 Index is a broad market-weighted index dominated by large-sized companies.
Investors should consider carefully the investment objectives, risks, charges and expenses before investing. For a current prospectus which contains this and other information about the funds offered by Ariel Investment Trust, call us at 800-292-7435 or click here. Please read the prospectus carefully before investing. Distributed by Ariel Distributors, LLC.
Historical Performance
| Period | Ariel Appreciation Fund | Russell Midcap Value Index | Russell Midcap Index | S&P 500 Index |
|---|---|---|---|---|
| 1Q 1990 | 4.07% | -4.15% | -3.87% | -3.01% |
| 2Q 1990 | 6.21% | 0.02% | 3.70% | 6.29% |
| 3Q 1990 | -22.44% | -19.54% | -19.83% | -13.74% |
| 4Q 1990 | 14.88% | 8.79% | 10.74% | 8.96% |
| Year Ended 1990 | -1.51% | -16.09% | -11.50% | -3.10% |
| 1Q 1991 | 22.57% | 18.56% | 20.48% | 14.52% |
| 2Q 1991 | -0.22% | 2.11% | 0.52% | -0.23% |
| 3Q 1991 | 3.43% | 6.89% | 7.41% | 5.35% |
| 4Q 1991 | 5.26% | 6.58% | 8.79% | 8.39% |
| Year Ended 1991 | 33.15% | 37.92% | 41.51% | 30.46% |
| 1Q 1992 | 2.04% | 4.79% | 1.56% | -2.53% |
| 2Q 1992 | -3.43% | 2.70% | -0.21% | 1.90% |
| 3Q 1992 | 2.91% | 2.99% | 3.89% | 3.15% |
| 4Q 1992 | 11.67% | 9.78% | 10.50% | 5.04% |
| Year Ended 1992 | 13.24% | 21.68% | 16.34% | 7.62% |
| 1Q 1993 | -2.55% | 8.38% | 5.44% | 4.37% |
| 2Q 1993 | -1.85% | 2.55% | 1.58% | 0.49% |
| 3Q 1993 | 4.89% | 4.27% | 5.35% | 2.58% |
| 4Q 1993 | 7.59% | -0.23% | 1.30% | 2.32% |
| Year Ended 1993 | 7.94% | 15.62% | 14.30% | 10.08% |
| 1Q 1994 | -4.85% | -2.83% | -2.96% | -3.79% |
| 2Q 1994 | -0.37% | -0.26% | -2.16% | 0.42% |
| 3Q 1994 | 0.55% | 4.48% | 5.69% | 4.89% |
| 4Q 1994 | -3.90% | -3.35% | -2.43% | -0.02% |
| Year Ended 1994 | -8.39% | -2.13% | -2.09% | 1.32% |
| 1Q 1995 | 7.07% | 10.04% | 10.41% | 9.74% |
| 2Q 1995 | 2.06% | 8.67% | 8.37% | 9.55% |
| 3Q 1995 | 6.75% | 7.93% | 8.87% | 7.95% |
| 4Q 1995 | 6.43% | 4.54% | 3.22% | 6.02% |
| Year Ended 1995 | 24.16% | 34.93% | 34.46% | 37.58% |
| 1Q 1996 | 3.01% | 5.59% | 6.02% | 5.37% |
| 2Q 1996 | 4.71% | 1.92% | 2.82% | 4.49% |
| 3Q 1996 | 4.17% | 2.88% | 3.13% | 3.09% |
| 4Q 1996 | 10.10% | 8.62% | 5.85% | 8.34% |
| Year Ended 1996 | 23.72% | 20.26% | 19.00% | 22.96% |
| 1Q 1997 | -0.35% | 1.70% | -0.82% | 2.68% |
| 2Q 1997 | 14.59% | 12.60% | 13.56% | 17.46% |
| 3Q 1997 | 13.20% | 12.76% | 13.28% | 7.49% |
| 4Q 1997 | 6.71% | 4.07% | 1.11% | 2.87% |
| Year Ended 1997 | 37.95% | 34.37% | 29.01% | 33.36% |
| 1Q 1998 | 9.11% | 9.99% | 10.80% | 13.95% |
| 2Q 1998 | 1.98% | -2.57% | -1.51% | 3.30% |
| 3Q 1998 | -12.92% | -13.66% | -14.82% | -9.95% |
| 4Q 1998 | 23.38% | 13.57% | 18.44% | 21.30% |
| Year Ended 1998 | 19.55% | 5.08% | 10.09% | 28.58% |
| 1Q 1999 | -0.76% | -3.11% | -0.47% | 4.98% |
| 2Q 1999 | 8.27% | 11.18% | 10.86% | 7.05% |
| 3Q 1999 | -11.76% | -10.64% | -8.59% | -6.25% |
| 4Q 1999 | 1.47% | 3.77% | 17.23% | 14.88% |
| Year Ended 1999 | -3.79% | -0.11% | 18.23% | 21.04% |
| 1Q 2000 | -3.71% | 1.01% | 10.09% | 2.29% |
| 2Q 2000 | 4.56% | -1.68% | -4.51% | -2.66% |
| 3Q 2000 | 8.02% | 9.65% | 6.81% | -0.97% |
| 4Q 2000 | 9.26% | 9.44% | -3.59% | -7.83% |
| Year Ended 2000 | 18.82% | 19.18% | 8.25% | -9.11% |
| 1Q 2001 | 1.84% | -3.53% | -10.49% | -11.86% |
| 2Q 2001 | 8.66% | 7.05% | 9.53% | 5.85% |
| 3Q 2001 | -10.00% | -11.55% | -17.86% | -14.68% |
| 4Q 2001 | 16.70% | 12.03% | 17.20% | 10.69% |
| Year Ended 2001 | 16.23% | 2.33% | -5.62% | -11.88% |
| 1Q 2002 | 8.56% | 7.90% | 4.25% | 0.27% |
| 2Q 2002 | -6.77% | -4.67% | -9.55% | -13.40% |
| 3Q 2002 | -15.96% | -17.95% | -17.64% | -17.28% |
| 4Q 2002 | 5.38% | 7.07% | 7.92% | 8.44% |
| Year Ended 2002 | -10.36% | -9.64% | -16.19% | -22.10% |
| 1Q 2003 | -7.05% | -4.06% | -2.37% | -3.15% |
| 2Q 2003 | 21.84% | 17.89% | 18.26% | 15.39% |
| 3Q 2003 | 4.14% | 5.94% | 6.43% | 2.65% |
| 4Q 2003 | 11.06% | 15.22% | 13.97% | 12.18% |
| Year Ended 2003 | 30.98% | 38.07% | 40.06% | 28.68% |
| 1Q 2004 | 3.72% | 5.35% | 5.14% | 1.69% |
| 2Q 2004 | -0.04% | 1.73% | 1.45% | 1.72% |
| 3Q 2004 | -0.60% | 1.74% | -0.84% | -1.87% |
| 4Q 2004 | 9.76% | 13.46% | 13.66% | 9.23% |
| Year Ended 2004 | 13.10% | 23.71% | 20.22% | 10.88% |
| 1Q 2005 | -2.69% | 0.78% | -0.25% | -2.15% |
| 2Q 2005 | 2.63% | 4.70% | 4.18% | 1.37% |
| 3Q 2005 | 1.49% | 5.35% | 5.92% | 3.60% |
| 4Q 2005 | 1.54% | 1.34% | 2.35% | 2.09% |
| Year Ended 2005 | 2.92% | 12.65% | 12.65% | 4.91% |
| 1Q 2006 | 1.86% | 7.62% | 7.61% | 4.21% |
| 2Q 2006 | -3.03% | -0.56% | -2.58% | -1.44% |
| 3Q 2006 | 5.01% | 3.53% | 2.11% | 5.67% |
| 4Q 2006 | 6.96% | 8.50% | 7.67% | 6.70% |
| Year Ended 2006 | 10.94% | 20.22% | 15.26% | 15.79% |
| 1Q 2007 | 1.92% | 4.86% | 4.38% | 0.64% |
| 2Q 2007 | 7.86% | 3.65% | 5.30% | 6.28% |
| 3Q 2007 | -4.67% | -3.55% | -0.39% | 2.03% |
| 4Q 2007 | -5.91% | -5.97% | -3.55% | -3.33% |
| Year Ended 2007 | -1.40% | -1.42% | 5.60% | 5.49% |
| 1Q 2008 | -9.22% | -8.64% | -9.98% | -9.44% |
| 2Q 2008 | -3.04% | 0.07% | 2.67% | -2.73% |
| 3Q 2008 | -3.98% | -7.52% | -12.91% | -8.37% |
| 4Q 2008 | -29.88% | -27.19% | -27.27% | -21.94% |
| Year Ended 2008 | -40.74% | -38.44% | -41.46% | -37.00% |
| 1Q 2009 | -11.85% | -14.68% | -8.98% | -11.01% |
| 2Q 2009 | 29.74% | 20.94% | 20.80% | 15.93% |
| 3Q 2009 | 29.10% | 23.62% | 20.62% | 15.61% |
| 4Q 2009 | 10.36% | 5.21% | 5.92% | 6.04% |
| Year Ended 2009 | 62.96% | 34.21% | 40.48% | 26.46% |
| Annualized Return
Since Inception 12/01/1989 through 12/31/2009 |
10.31% | 10.67% | 10.36% | 8.30% |
|
Average Annual Total Return does not reflect a maximum 4.75% sales load charged prior to 07/15/94. Assumes reinvestment of dividends and capital gains.
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Quarterly Portfolio Manager Commentary
This quarterly letter offers a performance update as well as our thoughts on the economy and our perspectives on investing.
Open the latest Ariel Appreciation Fund Quarterly Letter