Value Strategy
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 (Investor Class)

Historical Performance

  Period Ariel Appreciation Fund 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 Ending 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 Ending 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 Ending 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 Ending 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 Ending 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 Ending 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 Ending 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 Ending 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 Ending 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 Ending 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 Ending 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 Ending 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 Ending 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 Ending 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 Ending 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 Ending 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 Ending 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 Ending 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 Ending 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 Ending 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 Ending 2010 19.61% 24.75% 25.48% 15.06%
1Q 2011 7.01% 7.42% 7.63% 3.47%
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 Ending 2011 -7.35% -1.38% -1.55% -0.25%
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 Ending 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 Ending 2013 46.21% 33.46% 34.76% 32.39%
1Q 2014 -0.95% 5.22% 3.53% 1.81%
2Q 2014 4.80% 5.62% 4.97% 5.23%
3Q 2014 -2.97% -2.64% -1.66% 1.13%
4Q 2014 7.38% 6.05% 5.94% 4.93%
Year Ending 2014 8.15% 14.75% 13.22% 13.69%
1Q 2015 4.34% 2.42% 3.95% 0.95%
2Q 2015 -0.75% -1.97% -1.54% 0.28%
3Q 2015 -13.57% -8.04% -8.01% -6.44%
4Q 2015 4.78% 3.12% 3.62% 7.04%
Year Ending 2015 -6.22% -4.78% -2.44% 1.38%
1Q 2016 1.09% 3.92% 2.24% 1.35%
2Q 2016 0.28% 4.77% 3.18% 2.46%
3Q 2016 7.00% 4.45% 4.52% 3.85%
Annualized Return
Since Inception
12/01/1989 through 10/31/2016
10.74% 11.60% 11.21% 9.40%

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. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or underlying data and no party may rely on any Russell Indexes and/or underlying data shown. No further distribution of Russell data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this web site. The S&P 500® Index is the most widely accepted barometer of large cap U.S. equities. It includes 500 leading companies.

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. The Ariel mutual funds 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.

Check the background of this firm on FINRA's BrokerCheck