Domestic Senior Research Team
John W. Rogers, Jr.
Chairman, CEO & Chief Investment Officer
Lead Portfolio Manager
Ariel Small and Small/Mid Cap Value Products and Ariel Fund
Co-Portfolio Manager
Ariel Mid Cap Value Product and Ariel Appreciation Fund
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 & Company, LLC—a regional investment banking firm. In 1983, John founded Ariel Investments to focus on undervalued small and medium-sized companies. Patience served as the cornerstone of a disciplined approach that still drives the firm today. Beyond Ariel, John is a regular financial contributor to Forbes Magazine and currently serves as a board member of Aon Corporation, Exelon Corporation and McDonald’s Corporation. Additionally, he is a former chairman of the Economic Club of Chicago, a director of the Chicago Urban League, a trustee of the University of Chicago and a member of the board of the John S. and James L. Knight Foundation, where he chairs the investment committee. In 2008, John was awarded Princeton University’s highest honor, the Woodrow Wilson Award, presented each year to the alumnus whose career embodies a commitment to national service. Following the election of President Barack Obama, he served as co-chair for the Presidential Inaugural Committee 2009. Last year, John was also appointed by President Obama to chair the President’s Advisory Council on Financial Capability. Additionally in 2010, John was named an Outstanding Director by the Outstanding Directors Exchange for his leadership on governance, management and diversity in the boardroom. He received an AB in economics 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 our focused value strategies—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 Ariel, Charlie is active in the Chicago community, teaching monthly investing classes at two Chicago inner-city schools and serving on the boards of the Museum of Science and Industry, La Rabida Children’s Foundation and the Big Shoulders Fund. He is also a member of the Financial Accounting Standards Advisory Council, the Duke University Trinity Board and the board of directors for InnerWorkings, Inc. Charlie graduated from Duke University with an AB in economics and earned an MBA from the University of Chicago.
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Sabrina Carollo, CFA®
Senior Vice President
Director of Research Operations
Sabrina specializes in health care as well as the office supplies industries. She also oversees the department’s broker relationships. 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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Timothy Fidler, CFA®
Senior Vice President
Co-Portfolio Manager
Ariel Mid Cap and Focused Value Products, Ariel Appreciation Fund and Ariel Focus Fund As co-portfolio manager for our mid cap value strategy, Tim works side-by-side with fellow co-portfolio managers John W. Rogers, Jr. and Matthew F. Sauer. He serves in the same capacity for our focused value products with co-portfolio manager Charles K. Bobrinskoy. Tim is also responsible for the firm’s proprietary research in the retail and business services industries. In 2008, Institutional Investor magazine recognized him as one of 20 rising stars within the industry. 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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Kenneth E. Kuhrt, CPA
Senior Vice President
Portfolio Manager
Ariel Micro, Small and Small/Mid Cap Value Products, Ariel Fund and Ariel Discovery Fund
As portfolio manager for our micro and small cap deep value strategies, Ken works side-by-side with lead portfolio manager David Maley on stock selection. He serves in the same capacity for our small and small/mid cap value products with lead portfolio manager John W. Rogers, Jr. and fellow portfolio manager John Miller. Additionally, Ken serves as an industry specialist covering consumer services and industrial companies. He joined Ariel as a research analyst in 2004. Prior to Ariel, Ken spent more than two years with William Blair & Company, LLC, most recently as a senior investment banking analyst. He also worked as a senior auditor at KPMG, LLP. Ken received a BS in accountancy from the University of Illinois at Urbana-Champaign and an MBA from the University of Chicago. Ken is also a Certified Public Accountant.
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David M. Maley
Senior Vice President
Lead Portfolio Manager
Ariel Discovery Fund and Ariel Micro-Cap Value Product David is lead portfolio manager for Ariel Discovery Fund, a small-cap, deep value mutual fund, as well as 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 ran Maple Hill Capital Management. David began his investment career at Goldman Sachs where he rose to vice president. He later joined Harris Bank as a vice president and senior portfolio manager. 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
Portfolio Manager
Ariel Small and Small/Mid Cap Value Products and Ariel Fund John has served on Ariel’s investment team for over 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. and fellow portfolio manager Kenneth Kuhrt on stock selection for our 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 for Cantor Fitzgerald & Co. in its 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 a Bachelor of Business in management from Western Illinois University and an MBA from the University of Chicago.
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Matthew F. Sauer
Senior Vice President
Co-Portfolio Manager
Ariel Mid Cap Value Product and Ariel Appreciation Fund
As co-portfolio manager for our mid cap value strategy, Matt works side-by-side with fellow co-portfolio managers John W. Rogers, Jr. and Timothy Fidler. 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, senior portfolio manager and 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 a BS in humanities from Lawrence Technological University and an MBA from Duke University.
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Todd Trubey
Vice President, Portfolio Strategies
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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Ariel Micro-Cap Value
Invests in deeply undervalued micro-cap companies
