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Ariel Appreciation Fund

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 for the expense ratio and the standardized performance for the most recent quarter and month-end periods for the Fund.

Ariel Appreciation Fund

Historical Performance

Period Ariel Appreciation Fund
(Investor Class)
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% -3.11%
1Q 1991 22.57% 18.56% 20.48% 14.53%
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% 8.38%
Year Ended 1991 33.15% 37.92% 41.51% 30.47%
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% 5.03%
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% -6.24%
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%
1Q 2010 7.19% 9.61% 8.67% 5.39%
2Q 2010 -14.34% -9.57% -9.88% -11.43%
3Q 2010 16.10% 12.13% 13.31% 11.29%
4Q 2010 12.21% 12.24% 13.07% 10.76%
Year Ended 2010 19.61% 24.75% 25.48% 15.06%
1Q 2011 7.01% 7.42% 7.63% 5.92%
2Q 2011 0.99% -0.69% 0.42% 0.10%
3Q 2011 -24.01% -18.46% -18.90% -13.87%
4Q 2011 12.83% 13.37% 12.31% 11.82%
Year Ended 2011 -7.35% -1.38% -1.55% 2.11%
1Q 2012 16.25% 11.41% 12.94% 12.59%
2Q 2012 -6.62% -3.26% -4.40% -2.75%
3Q 2012 7.43% 5.80% 5.59% 6.35%
4Q 2012 2.35% 3.93% 2.88% -0.38%
Year Ended 2012 19.35% 18.51% 17.28% 16.00%
1Q 2013 15.55% 14.21% 12.96% 10.61%
2Q 2013 4.35% 1.65% 2.21% 2.91%
3Q 2013 8.84% 5.89% 7.70% 5.24%
4Q 2013 11.42% 8.56% 8.39% 10.51%
Year Ended 2013 46.21% 33.46% 34.76% 32.39%
1Q 2014 -0.95% 5.22% 3.53% 1.81%
Annualized Return
Since Inception
12/01/1989 through 03/31/2014
11.37% 11.98% 11.66% 9.45%


Average Annual Total Return does not reflect a maximum 4.75% sales load charged prior to 07/15/94.


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. Russell® is a trademark of Russell Investment Group, which is the source and owner of the Russell Indexes’ trademarks, service marks and copyrights. 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.

Investors should consider carefully the investment objectives, risks, and charges and expenses before investing. For a current summary prospectus or full 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 summary prospectus or full prospectus carefully before investing. Distributed by Ariel Distributors, LLC, a wholly-owned subsidiary of Ariel Investments, LLC.


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.