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Ariel Micro-Cap Value
Invests in deeply undervalued micro-cap companies- > Ariel Small Cap Value
Invests in high quality, undervalued small companies
- > Ariel Small/Mid Cap Value
Invests in high quality, undervalued small- and medium-sized companies
- > Ariel Mid Cap Value
Invests in high quality, undervalued medium-sized companies
- > Ariel Focused Value
Invests in a concentrated number of high quality, undervalued medium- and large-sized companies
- > Ariel International Equity (DM)
Invests in undervalued, quality franchises in overseas markets
- > Ariel International Equity (DM/EM)
Invests in undervalued, quality franchises in overseas and emerging markets
- > Ariel Global Equity
Invests in undervalued, quality franchises in markets around the world
Mutual Funds
- > Ariel Fund
Invests in high quality, undervalued small- and medium-sized companies
- > Ariel Appreciation Fund
Invests in high quality, undervalued medium-sized companies
- > Ariel Focus Fund
Invests in a concentrated number of high quality, undervalued companies across all market capitalization ranges
- > Ariel Discovery Fund
Invests in deeply undervalued small companies
- > Ariel International Equity Fund
Invests in undervalued, quality franchises in overseas markets
- > Ariel Global Equity Fund
Invests in undervalued, quality franchises in markets around the world
- Performance
Ariel Micro-Cap Value Composite as of April 30, 2013
| Inception date: July 31, 2002 | Annualized | |||||||
| One Month | Three Months | Year To Date | One Year | Three Years | Five Years | Ten Years | Since Inception | |
|---|---|---|---|---|---|---|---|---|
| Gross of Fees | -0.34% | 7.71% | 15.52% | 24.46% | 12.17% | 13.90% | 10.95% | 12.70% |
| Net of Fees | -0.44% | 7.38% | 15.04% | 22.92% | 10.79% | 12.43% | 8.75% | 10.14% |
| Russell Microcap® Value Index | -0.36% | 4.96% | 10.73% | 19.67% | 8.00% | 5.06% | 9.26% | 8.91% |
| Russell Microcap® Index | -0.05% | 6.21% | 12.53% | 18.58% | 9.76% | 6.22% | 9.00% | 8.85% |
| S&P 500® Index | 1.93% | 7.18% | 12.74% | 16.89% | 12.80% | 5.21% | 7.88% | 7.51% |
Ariel Micro-Cap Value Composite as of March 31, 2013
| Inception date: July 31, 2002 | Annualized | |||||||
| One Month | Three Months | Year To Date | One Year | Three Years | Five Years | Ten Years | Since Inception | |
|---|---|---|---|---|---|---|---|---|
| Gross of Fees | 8.09% | 15.91% | 15.91% | 24.61% | 16.43% | 14.34% | 12.06% | 12.84% |
| Net of Fees | 7.98% | 15.56% | 15.56% | 23.07% | 15.00% | 12.86% | 9.67% | 10.27% |
| Russell Microcap® Value Index | 4.16% | 11.13% | 11.13% | 19.14% | 11.68% | 5.33% | 10.27% | 9.02% |
| Russell Microcap® Index | 5.50% | 12.58% | 12.58% | 16.93% | 12.80% | 6.68% | 9.99% | 8.93% |
| S&P 500® Index | 3.75% | 10.61% | 10.61% | 13.96% | 12.67% | 5.81% | 8.53% | 7.38% |
Ariel Small Cap Value Tax-Exempt Composite as of April 30, 2013
| Inception date: September 30, 1983 | Annualized | |||||||
| One Month | Three Months | Year To Date | One Year | Three Years | Five Years | Ten Years | Since Inception | |
|---|---|---|---|---|---|---|---|---|
| Gross of Fees | -1.38% | 3.86% | 12.19% | 21.70% | 10.16% | 9.37% | 10.09% | 13.45% |
| Net of Fees | -1.46% | 3.60% | 11.82% | 20.50% | 9.07% | 8.28% | 9.00% | 12.33% |
| Russell 2000® Value Index | -0.10% | 5.25% | 11.52% | 19.71% | 9.58% | 6.60% | 10.28% | 10.94% |
| Russell 2000® Index | -0.37% | 5.38% | 11.98% | 17.69% | 11.25% | 7.27% | 10.47% | 9.02% |
| S&P 500® Index | 1.93% | 7.18% | 12.74% | 16.89% | 12.80% | 5.21% | 7.88% | 10.67% |
Ariel Small Cap Value Tax-Exempt Composite as of March 31, 2013
| Inception date: September 30, 1983 | Annualized | |||||||
| One Month | Three Months | Year To Date | One Year | Three Years | Five Years | Ten Years | Since Inception | |
|---|---|---|---|---|---|---|---|---|
| Gross of Fees | 3.15% | 13.76% | 13.76% | 20.27% | 13.19% | 9.99% | 11.06% | 13.54% |
| Net of Fees | 3.06% | 13.48% | 13.48% | 19.08% | 12.07% | 8.90% | 9.96% | 12.42% |
| Russell 2000® Value Index | 4.16% | 11.63% | 11.63% | 18.09% | 12.12% | 7.29% | 11.29% | 10.98% |
| Russell 2000® Index | 4.62% | 12.39% | 12.39% | 16.30% | 13.45% | 8.24% | 11.52% | 9.06% |
| S&P 500® Index | 3.75% | 10.61% | 10.61% | 13.96% | 12.67% | 5.81% | 8.53% | 10.63% |
Ariel Small/Mid Cap Value Composite as of April 30, 2013
| Inception date: December 31, 2000 | Annualized | |||||||
| One Month | Three Months | Year To Date | One Year | Three Years | Five Years | Ten Years | Since Inception | |
|---|---|---|---|---|---|---|---|---|
| Gross of Fees | 0.17% | 7.14% | 16.07% | 25.81% | 11.64% | 8.93% | 9.29% | 8.38% |
| Net of Fees | 0.09% | 6.87% | 15.69% | 24.57% | 10.53% | 7.85% | 8.21% | 7.31% |
| Russell 2500™ Value Index | 0.27% | 6.41% | 13.66% | 22.25% | 12.13% | 7.90% | 11.20% | 9.23% |
| Russell 2500™ Index | 0.31% | 5.95% | 13.20% | 18.96% | 12.95% | 7.95% | 11.38% | 7.90% |
| S&P 500® Index | 1.93% | 7.18% | 12.74% | 16.89% | 12.80% | 5.21% | 7.88% | 3.54% |
Ariel Small/Mid Cap Value Composite as of March 31, 2013
| Inception date: December 31, 2000 | Annualized | |||||||
| One Month | Three Months | Year To Date | One Year | Three Years | Five Years | Ten Years | Since Inception | |
|---|---|---|---|---|---|---|---|---|
| Gross of Fees | 4.56% | 15.87% | 15.87% | 21.73% | 13.65% | 9.29% | 10.09% | 8.42% |
| Net of Fees | 4.47% | 15.59% | 15.59% | 20.52% | 12.52% | 8.21% | 9.00% | 7.35% |
| Russell 2500™ Value Index | 4.49% | 13.35% | 13.35% | 21.17% | 14.16% | 8.81% | 12.14% | 9.27% |
| Russell 2500™ Index | 4.43% | 12.85% | 12.85% | 17.73% | 14.59% | 9.02% | 12.30% | 7.93% |
| S&P 500® Index | 3.75% | 10.61% | 10.61% | 13.96% | 12.67% | 5.81% | 8.53% | 3.41% |
Ariel Mid Cap Value Composite as of April 30, 2013
| Inception date: March 31, 1990 | Annualized | |||||||
| One Month | Three Months | Year To Date | One Year | Three Years | Five Years | Ten Years | Since Inception | |
|---|---|---|---|---|---|---|---|---|
| Gross of Fees | 1.73% | 8.13% | 18.02% | 24.89% | 12.48% | 10.76% | 10.69% | 12.06% |
| Net of Fees | 1.65% | 7.86% | 17.63% | 23.65% | 11.37% | 9.66% | 9.59% | 10.95% |
| Russell Midcap® Value Index | 1.12% | 7.51% | 15.49% | 23.66% | 13.70% | 7.49% | 11.88% | 11.86% |
| Russell Midcap® Index | 1.28% | 7.08% | 14.41% | 19.20% | 13.70% | 7.24% | 11.63% | 11.48% |
| S&P 500® Index | 1.93% | 7.18% | 12.74% | 16.89% | 12.80% | 5.21% | 7.88% | 9.23% |
Ariel Mid Cap Value Composite as of March 31, 2013
| Inception date: March 31, 1990 | Annualized | |||||||
| One Month | Three Months | Year To Date | One Year | Three Years | Five Years | Ten Years | Since Inception | |
|---|---|---|---|---|---|---|---|---|
| Gross of Fees | 4.02% | 16.01% | 16.01% | 19.18% | 13.60% | 11.30% | 11.37% | 12.02% |
| Net of Fees | 3.93% | 15.72% | 15.72% | 18.00% | 12.47% | 10.19% | 10.26% | 10.91% |
| Russell Midcap® Value Index | 4.48% | 14.21% | 14.21% | 21.49% | 14.95% | 8.53% | 12.57% | 11.85% |
| Russell Midcap® Index | 4.25% | 12.96% | 12.96% | 17.30% | 14.62% | 8.37% | 12.27% | 11.46% |
| S&P 500® Index | 3.75% | 10.61% | 10.61% | 13.96% | 12.67% | 5.81% | 8.53% | 9.17% |
Ariel Focused Value Composite as of April 30, 2013
| Inception date: March 31, 2005 | Annualized | ||||||
| One Month | Three Months | Year To Date | One Year | Three Years | Five Years | Since Inception | |
|---|---|---|---|---|---|---|---|
| Gross of Fees | 1.74% | 7.76% | 16.19% | 17.19% | 9.52% | 4.37% | 5.29% |
| Net of Fees | 1.66% | 7.49% | 15.80% | 16.03% | 8.43% | 3.34% | 4.24% |
| Russell 1000® Value Index | 1.51% | 7.05% | 14.01% | 21.80% | 12.35% | 4.17% | 5.42% |
| S&P 500® Index | 1.93% | 7.18% | 12.74% | 16.89% | 12.80% | 5.21% | 6.01% |
Ariel Focused Value Composite as of March 31, 2013
| Inception date: March 31, 2005 | Annualized | ||||||
| One Month | Three Months | Year To Date | One Year | Three Years | Five Years | Since Inception | |
|---|---|---|---|---|---|---|---|
| Gross of Fees | 4.33% | 14.20% | 14.20% | 12.05% | 9.08% | 5.07% | 5.11% |
| Net of Fees | 4.24% | 13.91% | 13.91% | 10.94% | 8.00% | 4.03% | 4.07% |
| Russell 1000® Value Index | 3.96% | 12.31% | 12.31% | 18.77% | 12.74% | 4.85% | 5.28% |
| S&P 500® Index | 3.75% | 10.61% | 10.61% | 13.96% | 12.67% | 5.81% | 5.83% |
Ariel International Equity Composite (DM) as of April 30, 2013
| Inception date: December 31, 2011 | Annualized | |||||
| One Month | Three Months | Year To Date | One Year | Since Inception | ||
|---|---|---|---|---|---|---|
| Gross of Fees | 4.96% | 5.04% | 9.50% | 14.74% | 12.56% | |
| Net of Fees | 4.88% | 4.80% | 9.18% | 13.72% | 11.55% | |
| MSCI EAFE | 5.33% | 5.27% | 10.84% | 19.96% | 22.21% | |
Ariel International Equity Composite (DM) as of March 31, 2013
| Inception date: December 31, 2011 | Annualized | |||||
| One Month | Three Months | Year To Date | One Year | Since Inception | ||
|---|---|---|---|---|---|---|
| Gross of Fees | 1.29% | 4.33% | 4.33% | 3.52% | 9.14% | |
| Net of Fees | 1.21% | 4.09% | 4.09% | 2.60% | 8.16% | |
| MSCI EAFE | 0.88% | 5.23% | 5.23% | 11.79% | 18.80% | |
Ariel International Equity Composite (DM/EM) as of April 30, 2013
| Inception date: December 31, 2011 | Annualized | |||||
| One Month | Three Months | Year To Date | One Year | Since Inception | ||
|---|---|---|---|---|---|---|
| Gross of Fees | 4.30% | 5.46% | 10.14% | 15.08% | 12.95% | |
| Net of Fees | 4.21% | 5.19% | 9.77% | 13.94% | 11.83% | |
| MSCI ACWI ex-US | 3.77% | 2.96% | 7.16% | 14.69% | 18.78% | |
Ariel International Equity Composite (DM/EM) as of March 31, 2013
| Inception date: December 31, 2011 | Annualized | |||||
| One Month | Three Months | Year To Date | One Year | Since Inception | ||
|---|---|---|---|---|---|---|
| Gross of Fees | 1.74% | 5.60% | 5.60% | 4.36% | 10.10% | |
| Net of Fees | 1.66% | 5.34% | 5.34% | 3.32% | 9.01% | |
| MSCI ACWI ex-US | 0.25% | 3.27% | 3.27% | 8.87% | 16.65% | |
Ariel Global Equity Composite as of April 30, 2013
| Inception date: December 31, 2011 | Annualized | |||||
| One Month | Three Months | Year To Date | One Year | Since Inception | ||
|---|---|---|---|---|---|---|
| Gross of Fees | 3.92% | 7.99% | 13.55% | 19.62% | 17.27% | |
| Net of Fees | 3.83% | 7.72% | 13.18% | 18.44% | 16.11% | |
| MSCI AC World Index | 2.92% | 4.89% | 9.75% | 15.69% | 20.47% | |
Ariel Global Equity Composite as of March 31, 2013
| Inception date: December 31, 2011 | Annualized | |||||
| One Month | Three Months | Year To Date | One Year | Since Inception | ||
|---|---|---|---|---|---|---|
| Gross of Fees | 3.36% | 9.27% | 9.27% | 9.67% | 14.93% | |
| Net of Fees | 3.27% | 9.00% | 9.00% | 8.58% | 13.80% | |
| MSCI AC World Index | 1.88% | 6.63% | 6.63% | 11.19% | 19.16% | |
Past performance does not guarantee future results. Investing in micro-, small-, and mid-cap stocks is more risky and more volatile than investing in large-cap stocks. Investing in equity stocks is risky and subject to the volatility of the markets. Investments in foreign securities may underperform and may be more volatile than comparable U.S. stocks because of the risks involving foreign economies and markets, foreign political systems, foreign regulatory standards, foreign currencies and taxes. The use of currency derivatives, ETFs, and other hedges may increase investment losses and expenses and create more volatility. Investments in emerging and developing markets present additional risks, such as difficulties in selling on a timely basis and at an acceptable price.
Performance results are net of transaction costs and reflect the reinvestment of dividends and other earnings. Net returns reflect the deduction of the maximum advisory fee in effect for the respective period, which is currently 1.00% per annum (1.25% per annum for Ariel Micro-Cap Value beginning May 2009 and 0.90% for Ariel International Equity). 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. Index returns reflect the reinvestment of income and other earnings. Indexes are unmanaged, and investors cannot invest directly in an index.
For the Ariel Micro-Cap Value Composite: 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. 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.
Effective August 1, 2010, the Ariel Mid Cap Value Composite was redefined to exclude pooled funds due to differences in performance calculation methods.
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