John W. Rogers, Jr.
Chairman, CEO & Chief Investment Officer
Lead Portfolio Manager
Ariel Fund & Ariel Appreciation Fund
Lead Portfolio Manager
Ariel Small, Small/Mid and Mid Cap Value Products
John’s passion for investing started when he was 12 years old when his father bought him stocks every birthday and every Christmas instead of toys. His interest grew while majoring in Economics at Princeton University. After graduation, he worked as a stockbroker for 2½ years at William Blair and Company, LLC—a regional investment banking firm. In 1983, at age 24, John founded Ariel Investments to focus on undervalued small and medium-sized companies showing strong growth potential. Patience served as the cornerstone of a disciplined approach that still drives the firm today. Beyond Ariel, John serves as a corporate board member for three Fortune 500 companies: Aon Corporation, Exelon Corporation and McDonald’s Corporation. His civic mindedness is reflected in his roles as chairman of the Economic Club of Chicago, trustee of the University of Chicago, director of the Chicago Urban League and member of the John S. and James L. Knight Foundation. In 2008, John’s dedication to the community was recognized when he was awarded Princeton’s highest honor, the Woodrow Wilson Award, bestowed annually on a graduate whose career embodies a commitment to national service. Following the election of President Obama, John served as co-chair for the Presidential Inaugural Committee 2009. He received an AB in economics in 1980 from Princeton University where he was also captain of the varsity basketball team.
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Charles K. Bobrinskoy
Vice Chairman, Director of Research
Co-Portfolio Manager
Ariel Focus Fund and Ariel Focused Value Product Charlie manages Ariel’s Investment and Trading Teams and also serves as the firm’s director of research. Additionally, he is co-portfolio manager of Ariel Focus Fund and the Ariel Focused Value Product, concentrated portfolios investing in mid-to-large cap companies. Charlie brings more than two decades of investment experience to the firm. Prior to joining Ariel in 2004, he spent 21 years as an investment banker at Salomon Brothers and its successor company, Citigroup, where he held many leadership positions, most recently managing director and head of North American Investment Banking Branch Offices. Beyond his work at Ariel, Charlie serves on the boards of the Museum of Science and Industry, La Rabida Children’s Foundation, After School Matters, the Big Shoulders Fund, the Juvenile Protective Association and Duke University’s Trinity Board. He is also a member of the board of directors of InnerWorkings, Inc., a publicly traded print procurement company. Charlie graduated from Duke with an AB in economics and earned an MBA from the University of Chicago.
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Timothy Fidler, CFA®
Senior Vice President, Investment Committee
Co-Portfolio Manager
Ariel Focus Fund and Ariel Focused Value Product
Portfolio Manager
Ariel Appreciation Fund and Ariel Mid Cap Value Product Tim is co-portfolio manager of Ariel Focus Fund and the Ariel Focused Value Product, concentrated portfolios investing in mid-to-large cap value companies. Additionally, he serves as portfolio manager for Ariel Appreciation Fund and the Ariel Mid Cap Value Product, working closely with lead portfolio manager John W. Rogers, Jr. and portfolio manager Matthew Sauer. Tim also oversees the firm’s proprietary research in the retail and business services industries. In 2008, Institutional Investor magazine recognized Tim as one of 20 rising stars within the mutual fund industry expected to shape the field for years to come. Additionally, in 2007, he graduated from the Fellowship Program of Leadership Greater Chicago, an initiative which educates and connects emerging leaders to support and strengthen the Chicago region. Prior to joining Ariel in 1999, he worked at Morgan Stanley in the asset management area of the firm as a research analyst and portfolio manager working on the firm’s U.S. value management teams. Tim graduated Phi Beta Kappa from Northwestern University with a BA with honors distinction and earned his MBA with high honors from the University of Chicago.
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David M. Maley
Senior Vice President, Investment Committee
Lead Portfolio Manager
Ariel Micro-Cap Value Product David is lead portfolio manager for the Ariel Micro-Cap Value Product. He joined the firm in April 2009 bringing an impressive seven-year track record in the micro-cap value space, as well as 25 years of investment experience. Prior to joining Ariel, David managed portfolios for individual investors and served as portfolio manager for the micro-cap value strategy at Maple Hill Capital Management. David began his investment career at Goldman Sachs where he rose to Vice President responsible for equity derivative sales in the Midwest. He later joined Harris Bank as a Vice President and Senior Portfolio Manager for a large cap growth and income portfolio. David serves on the board of directors and finance committee of the Joseph Maley Foundation. He earned a BBA in finance with high honors from the University of Notre Dame and an MBA from the University of Chicago.
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John P. Miller, CFA®
Senior Vice President, Investment Committee
Portfolio Manager
Ariel Fund, Ariel Small and Small/Mid Cap Value Products John has served on Ariel’s Investment Team for almost two decades and inherently embodies a strong value discipline. As portfolio manager, he works side-by-side with lead portfolio manager John W. Rogers, Jr. on stock selection for Ariel Fund as well as the firm’s small and small/mid cap portfolios. Additionally, he oversees the firm’s proprietary research in the asset management and media/entertainment industries. Prior to joining Ariel in 1989, John worked in Cantor Fitzgerald & Co.’s institutional equity division. He is a member of the CFA Institute, the CFA Society of Chicago as well as a board member of Voices for Illinois Children. John earned his MBA from the University of Chicago and received a BB in management from Western Illinois University.
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Matthew F. Sauer
Senior Vice President, Investment Committee
Portfolio Manager
Ariel Appreciation Fund and Ariel Mid Cap Value Product
As portfolio manager, Matt works side-by-side with lead portfolio manager John W. Rogers, Jr. and portfolio manager Timothy Fidler on stock selection for Ariel Appreciation Fund and the firm’s mid cap portfolios. Additionally, Matt oversees the firm’s proprietary research in the consumer products and insurance industries. He joined Ariel in 2006 after spending 13 years with Oak Value Capital Management in a variety of leadership positions culminating in his roles of executive vice president and senior portfolio manager as well as director of research. While at Oak Value Capital Management, he was instrumental in the launch and management of the well-respected Oak Value Fund. Matt is a trustee of the Adler Planetarium and serves as a board member for the Chicago School of Professional Psychology as well as Chicago SCORES, a non-profit organization for at-risk students. He earned his MBA from Duke University and graduated from Lawrence Technological University with a BS in humanities.
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Jason J. Tyler
Senior Vice President, Investment Committee
Director of Research Operations
Jason specializes in the financial services and infrastructure industries. He also serves as the Investment Team’s liaison with institutional clients and oversees the restrictions monitoring process as well as the department’s broker and vendor relationships. A former Ariel research intern, Jason officially joined Ariel in 2003 after spending ten years at Bank One/American National Bank in various roles, most recently as a manager in the Planning and Analysis Group. Outside of Ariel, Jason serves on the boards of First Chicago Bank & Trust, the Children’s Defense Fund and the Chicago Alliance to end homelessness. Additionally, he is a director and serves as treasurer for the board of the Joffrey Ballet. In 2009, Jason was named a Business Leader of Color by Chicago United for his professional achievements and commitment to public service. Jason received his MBA from the University of Chicago and his AB in politics from Princeton University.
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Sabrina Carollo, CFA®
Vice President, Investment Committee
Sabrina specializes in health care as well as the office supplies industries. Prior to joining Ariel in 2001, she spent seven years at William Blair & Company, LLC, over half of that time as a research associate. Sabrina is a member of the CFA Institute and the CFA Society of Chicago. She is also a member of Rush University Medical Center’s Associates Board and an active volunteer at Erickson Elementary School on its Safety and Improvement Committee. Sabrina graduated from Ball State University with a BA in accounting.
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Kenneth E. Kuhrt, CPA
Vice President, Investment Committee
Portfolio Manager
Ariel Micro-Cap Value and Small Cap Value Products
As portfolio manager for the Ariel Micro-Cap Value Product, Ken works side-by-side with lead portfolio manager David Maley on stock selection for our micro-cap portfolios. He serves in the same capacity for the Ariel Small Cap Value Product, working closely with lead portfolio manager John W. Rogers, Jr. and portfolio manager John Miller. Ken specializes in consumer services and industrial companies, as well as the aerospace and defense industry. He joined Ariel as a research analyst in 2004 after earning his MBA from the University of Chicago. Before joining the company full-time, Ken participated in Ariel’s internship program, working in our research department during the summer of 2003. Additionally, Ken spent more than two years with William Blair & Company, LLC, most recently as a senior investment banking analyst. He also worked at KPMG, LLP for two years as a senior auditor. Ken received a BS in accountancy from the University of Illinois at Urbana-Champaign and is a Certified Public Accountant.
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Todd Trubey
Vice President, Portfolio Strategies
Member, Investment Committee
Todd joined Ariel in 2007 as vice president of portfolio strategies. In this capacity, he is responsible for the firm’s peer analysis and competitive research. He also works closely with senior management and our Investment Team on white papers and portfolio commentary. Todd came to Ariel after spending seven years at Morningstar, Inc., a leading source of independent investment research. Most recently, he served as a senior mutual fund analyst specializing in small-cap, long-short and Buffett-style funds. Additionally, he spent two years as an editor in the Insurance Department for Dearborn Financial Publishing, focusing on variable insurance products. Todd graduated summa cum laude with a BA in English from the University of the South. He also holds a master’s and PhD in English from Northwestern University.
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