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May 13, 2013

The Ariel Micro-Cap Value Composite was recognized by Pensions & Investments as a top-performing manager.


This list was prepared by Pensions & Investments. The information contained in this list is not guaranteed as to its accuracy or completeness. The information contained in this list is current as of the date of the reprint. The information provided does not provide information reasonably sufficient upon which to base an investment decision.

The Ariel Micro-Cap Value Composite seeks long-term capital appreciation by investing in the common stocks of micro-cap companies which offer long-term, fundamental investment value. The Ariel Micro-Cap Value Composite differs from its benchmark, the Russell Microcap® Value Index, with holdings concentrated in fewer sectors. Index returns reflect the reinvestment of income and other earnings. Indexes are unmanaged, and investors cannot invest directly in an index. The performance results prior to April 30, 2009 were achieved while David Maley managed the strategy at his prior firm using a substantially similar investment style. Mr. Maley began managing this strategy at Ariel on April 30, 2009. The performance results achieved at Mr. Maley’s prior firm are linked to the performance results of the Ariel Micro-Cap Value Composite. The strategy may include the holding of cash for defensive purposes. Also, the strategy may include temporary investments in Exchange Traded Funds (ETFs) while seeking other investment opportunities. During June 2004 through January 2008, the investment strategy included periodically holding short positions in certain ETFs. This practice may have had a material effect on returns.

Investing in micro-cap stocks is more risky and more volatile than investing in large cap stocks. Performance data quoted represents past performance. Past performance does not guarantee future results.

All performance results of the portfolio are net of transaction costs and reflect the reinvestment of dividends and other earnings. Click here for performance for the one-, three- and five-year periods for the Ariel Micro-Cap Value Composite.  Gross returns prior to May 2009 also are net of accounting and legal expenses. Net returns beginning May 2009 reflect the deduction of the advisory fee, which is currently 1.25% per annum. Net returns prior to May 2009 are net of a 20% incentive fee, other expenses, management fees, and profit allocations. Net performance shown has been reduced by the amount of the highest fee charged to any client during the performance period. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. Fee information is available upon request and may also be found in Ariel’s Form ADV, Part 2. Returns are calculated in U.S. dollars. Returns greater than one year are annualized.

The performance results prior to April 30, 2009 were achieved while David Maley managed the strategy at his prior firm using a substantially similar investment style. Mr. Maley began managing this strategy at Ariel Investments on April 30, 2009. The performance results achieved at Mr. Maley’s prior firm are linked to the performance results of the Ariel Micro-Cap Value Composite. The strategy may include the holding of cash for defensive purposes. Also, the strategy may include temporary investments in Exchange Traded Funds (ETFs) while seeking other investment opportunities. During June 2004 through January 2008, the investment strategy included periodically holding short positions in certain ETFs. This practice may have had a material effect on returns.

 
 
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.