Value Strategy
Ariel Appreciation Fund
Ariel Appreciation Fund

Historical Portfolio Characteristics

As of December 31
Market Capitalization ($ weighted avg. nlog — millions) 2007 2008 2009 2010 2011 2012 2013  
Ariel Appreciation Fund 8880 4690 7050 9280 7910 6840 9460  
Russell Midcap Value 7010 4060 5050 6420 6360 6970 8780  
Russell Midcap 7590 4270 5340 6700 6590 7420 9720  
S&P 500 56600 38450 43770 48460 49810 55340 67320  
   
Price/Earnings (Forward)                
Ariel Appreciation Fund 14.7 9.8 15.6 14.2 11.1 11.8 16.5  
Russell Midcap Value 14.3 10.0 14.4 14.0 12.3 13.0 15.9  
Russell Midcap 16.4 10.6 15.7 15.7 13.7 14.6 18.0  
S&P 500 15.2 11.1 15.1 13.8 12.3 13.2 16.0  
   
Beta (Correlated to the Russell 3000 Index)                
Ariel Appreciation Fund 1.04 1.16 1.26 1.31 1.42 1.34 1.32  
Russell Midcap Value 0.99 0.93 1.25 1.20 1.16 1.25 1.21  
Russell Midcap 1.11 1.02 1.16 1.19 1.15 1.17 1.18  
S&P 500 0.90 0.81 0.94 0.97 0.93 0.96 0.98  
   
Number of Issues                
Ariel Appreciation Fund 35 32 39 38 38 42 40  
Russell Midcap Value 485 537 553 541 528 564 534  
Russell Midcap 794 798 773 785 783 798 820  
S&P 500 500 500 500 500 500 500 500  
   
Portfolio Turnover                
Ariel Appreciation Fund 32.3 29.7 48.2 29.2 29.7 27.1 24.1  

The Russell Midcap® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap Index represents approximately 27% of the total market capitalization of the Russell 1000 companies. The S&P 500® Index is the most widely accepted barometer of the market. It includes 500 blue chip, large cap stocks, which together represent about 75% of the total U.S. equities market.

Past performance does not guarantee future results. © Ariel Investments, LLC. The mutual funds offered by Ariel Investment Trust are distributed by Ariel Distributors, LLC. Use of this website is subject to our Terms & Conditions of use. Each of the investment products, mutual funds or services referred to in this site may be offered only to persons in the United States. This web site should not be considered a solicitation or offering of any investment products, funds or services to investors outside the United States. Original illustrations © Omar Rayyan 2007.