Separate Account Performance

Quarter End
Month End
Ariel Small Cap Value Tax-Exempt Composite

Performance

As of November 30, 2014
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 0.87% 0.33% 5.47% 9.07% 21.68% 17.69% 8.01% 13.66%
Net of Fees 0.79% 0.08% 4.52% 7.99% 20.48% 16.52% 6.94% 12.53%
Russell 2000® Value Index -0.47% -0.70% 1.45% 3.36% 17.84% 15.31% 6.85% 11.08%
Russell 2000® Index 0.09% 0.23% 1.99% 3.99% 18.36% 16.69% 7.78% 9.36%
S&P 500® Index 2.69% 3.72% 13.98% 16.86% 20.93% 15.96% 8.06% 11.13%
Ariel Small Cap Value Tax-Exempt Composite

Performance

As of September 30, 2014
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 -4.98% -3.71% -0.11% 13.06% 26.19% 16.34% 8.22% 13.54%
Net of Fees -5.06% -3.94% -0.85% 11.94% 24.95% 15.19% 7.15% 12.41%
Russell 2000® Value Index -6.75% -8.58% -4.74% 4.12% 20.61% 13.02% 7.25% 10.91%
Russell 2000® Index -6.05% -7.36% -4.41% 3.93% 21.26% 14.29% 8.19% 9.18%
S&P 500® Index -1.40% 1.13% 8.34% 19.73% 22.99% 15.70% 8.11% 11.02%


Quarter End
Month End
Ariel Small/Mid Cap Value Composite

Performance

As of November 30, 2014
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 3.12% 4.06% 11.41% 15.98% 25.35% 19.00% 8.51% 9.90%
Net of Fees 3.03% 3.80% 10.40% 14.83% 24.11% 17.82% 7.43% 8.82%
Russell 2500™ Value Index 0.12% -1.53% 5.58% 8.11% 19.45% 16.67% 8.09% 9.81%
Russell 2500™ Index 0.87% -0.08% 5.63% 8.31% 19.52% 17.67% 8.99% 8.86%
S&P 500® Index 2.69% 3.72% 13.98% 16.86% 20.93% 15.96% 8.06% 5.32%
Ariel Small/Mid Cap Value Composite

Performance

As of September 30, 2014
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 -4.02% -2.37% 2.76% 15.43% 27.98% 17.10% 8.29% 9.39%
Net of Fees -4.10% -2.61% 2.00% 14.29% 26.71% 15.94% 7.21% 8.30%
Russell 2500™ Value Index -5.83% -6.40% 0.96% 9.88% 22.82% 15.16% 8.65% 9.58%
Russell 2500™ Index -5.14% -5.35% 0.28% 8.97% 22.80% 15.99% 9.45% 8.56%
S&P 500® Index -1.40% 1.13% 8.34% 19.73% 22.99% 15.70% 8.11% 5.00%


Quarter End
Month End
Ariel Mid Cap Value Composite

Performance

As of November 30, 2014
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 2.50% 2.29% 8.05% 12.90% 24.50% 18.37% 10.09% 12.63%
Net of Fees 2.42% 2.03% 7.07% 11.79% 23.26% 17.19% 9.00% 11.51%
Russell Midcap® Value Index 1.78% 1.27% 13.90% 17.02% 22.18% 18.45% 9.76% 12.30%
Russell Midcap® Index 2.56% 2.19% 12.98% 16.34% 21.27% 18.45% 10.00% 11.99%
S&P 500® Index 2.69% 3.72% 13.98% 16.86% 20.93% 15.96% 8.06% 9.90%
Ariel Mid Cap Value Composite

Performance

As of September 30, 2014
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 -4.00% -2.60% 1.41% 13.18% 26.53% 17.68% 9.96% 12.43%
Net of Fees -4.08% -2.84% 0.66% 12.06% 25.28% 16.51% 8.87% 11.31%
Russell Midcap® Value Index -3.80% -2.64% 8.20% 17.46% 24.72% 17.24% 10.17% 12.16%
Russell Midcap® Index -3.34% -1.66% 6.87% 15.83% 23.79% 17.19% 10.34% 11.82%
S&P 500® Index -1.40% 1.13% 8.34% 19.73% 22.99% 15.70% 8.11% 9.75%


Quarter End
Month End
Ariel Focused Value Composite

Performance

As of November 30, 2014
Inception date: March 31, 2005 Annualized
  One
Month
Three
Months
Year To
Date
One
Year
Three
Years
Five
Years
Since
Inception
Gross of Fees 1.54% -1.64% 9.65% 12.21% 19.94% 13.46% 7.48%
Net of Fees 1.49% -1.80% 9.00% 11.46% 18.87% 12.41% 6.45%
Russell 1000® Value Index 2.05% 2.19% 12.76% 15.62% 21.45% 15.69% 7.48%
S&P 500® Index 2.69% 3.72% 13.98% 16.86% 20.93% 15.96% 8.22%
Ariel Focused Value Composite

Performance

As of September 30, 2014
Inception date: March 31, 2005 Annualized
  One
Month
Three
Months
Year To
Date
One
Year
Three
Years
Five
Years
Since
Inception
Gross of Fees -3.85% -0.67% 7.18% 16.97% 21.54% 14.28% 7.36%
Net of Fees -3.90% -0.83% 6.66% 16.11% 20.44% 13.21% 6.33%
Russell 1000® Value Index -2.06% -0.19% 8.07% 18.89% 23.93% 15.26% 7.14%
S&P 500® Index -1.40% 1.13% 8.34% 19.73% 22.99% 15.70% 7.79%


Quarter End
Month End
Ariel Micro-Cap Value Composite

Performance

As of November 30, 2014
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 -1.14% -1.61% -10.23% -9.06% 18.34% 16.94% 7.49% 12.21%
Net of Fees -1.24% -1.92% -11.25% -10.19% 16.88% 15.50% 5.98% 9.81%
Russell Microcap® Value Index -1.45% -1.62% -1.30% 0.39% 20.36% 16.41% 5.53% 9.75%
Russell Microcap® Index -0.43% -0.40% -1.39% 0.79% 20.36% 16.79% 5.91% 9.82%
S&P 500® Index 2.69% 3.72% 13.98% 16.86% 20.93% 15.96% 8.06% 9.06%
Ariel Micro-Cap Value Composite

Performance

As of September 30, 2014
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 -6.76% -8.99% -14.93% -2.70% 20.95% 14.30% 7.45% 11.89%
Net of Fees -6.86% -9.27% -15.72% -3.90% 19.45% 12.89% 5.85% 9.48%
Russell Microcap® Value Index -6.42% -7.84% -6.12% 3.85% 22.96% 13.33% 5.99% 9.44%
Russell Microcap® Index -5.85% -8.21% -6.78% 2.78% 22.77% 13.60% 6.36% 9.46%
S&P 500® Index -1.40% 1.13% 8.34% 19.73% 22.99% 15.70% 8.11% 8.74%


Quarter End
Month End
Ariel Small Cap Deep Value Composite

Performance

As of November 30, 2014
Inception date: October 31, 2013  
  One
Month
Three
Months
Year To
Date
One
Year
Since
Inception
Gross of Fees -2.53% -3.02% -9.09% -8.18% -3.76%
Net of Fees -2.61% -3.26% -9.92% -9.09% -4.71%
Russell 2000® Value Index -0.47% -0.70% 1.45% 3.36% 6.80%
S&P 500® Index 2.69% 3.72% 13.98% 16.86% 18.71%
Ariel Small Cap Deep Value Composite

Performance

As of September 30, 2014
Inception date: October 31, 2013  
  One
Month
Three
Months
Year To
Date
Since
Inception
Gross of Fees -8.62% -10.94% -14.34% -9.61%
Net of Fees -8.70% -11.16% -14.98% -10.43%
Russell 2000® Value Index -6.75% -8.58% -4.74% 0.85%
S&P 500® Index -1.40% 1.13% 8.34% 14.47%


Quarter End
Month End
Ariel International (DM) Composite

Performance

As of November 30, 2014
Inception date: December 31, 2011 Annualized
  One
Month
Three
Months
Year To
Date
One
Year
Since
Inception
Gross of Fees 1.74% -3.30% 1.34% 2.46% 11.99%
Net of Fees 1.67% -3.50% 0.61% 1.64% 11.03%
MSCI EAFE 1.37% -3.90% -1.08% 0.41% 13.26%
Ariel International (DM) Composite

Performance

As of September 30, 2014
Inception date: December 31, 2011 Annualized
  One
Month
Three
Months
Year To
Date
One
Year
Since
Inception
Gross of Fees -4.21% -6.10% 0.39% 5.61% 12.38%
Net of Fees -4.27% -6.29% -0.20% 4.75% 11.40%
MSCI EAFE -3.81% -5.83% -0.99% 4.70% 14.16%


Quarter End
Month End
Ariel International (DM/EM) Composite

Performance

As of November 30, 2014
Inception date: December 31, 2011 Annualized
  One
Month
Three
Months
Year To
Date
One
Year
Since
Inception
Gross of Fees 2.00% -2.71% 2.88% 4.00% 12.62%
Net of Fees 1.93% -2.91% 2.13% 3.16% 11.58%
MSCI ACWI ex-US 0.74% -5.05% 0.14% 1.04% 11.15%
Ariel International (DM/EM) Composite

Performance

As of September 30, 2014
Inception date: December 31, 2011 Annualized
  One
Month
Three
Months
Year To
Date
One
Year
Since
Inception
Gross of Fees -4.63% -6.03% 0.85% 5.82% 12.62%
Net of Fees -4.69% -6.22% 0.25% 4.93% 11.56%
MSCI ACWI ex-US -4.81% -5.19% 0.39% 5.22% 11.96%


Quarter End
Month End
Ariel Global Composite

Performance

As of November 30, 2014
Inception date: December 31, 2011 Annualized
  One
Month
Three
Months
Year To
Date
One
Year
Since
Inception
Gross of Fees 0.91% -0.66% 10.22% 10.36% 16.79%
Net of Fees 0.84% -0.86% 9.41% 9.47% 15.71%
MSCI AC World Index 1.72% -0.83% 6.72% 8.60% 15.92%
Ariel Global Composite

Performance

As of September 30, 2014
Inception date: December 31, 2011 Annualized
  One
Month
Three
Months
Year To
Date
One
Year
Since
Inception
Gross of Fees -3.25% -0.44% 7.34% 12.59% 16.77%
Net of Fees -3.31% -0.64% 6.70% 11.64% 15.67%
MSCI AC World Index -3.20% -2.20% 4.16% 11.89% 15.94%

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. The intrinsic value of the stocks in which the portfolio invests may never be recognized by the broader market.

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. Effective 1/1/14 the maximum fee is 1.00% per annum for Small, Small/Mid and Mid Cap Value; 0.65% for Focused Value; 1.25% for Micro-Cap Value; and 0.80% for International (DM), International (DM/EM) and Global. Fees for prior periods are available upon request. 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.

 

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.