Global Strategy
Ariel Global Fund

Why Ariel’s global approach

Experience matters

  • Rupal J. Bhansali has more than 25 years of industry experience

Managing risk is a top priority

  • We pay as much attention to risk management as to return management

Screening out provides a stronger starting point

  • While others screen in, we begin our process by screening out high-risk companies

All-cap portfolios offer larger opportunity set

  • Although our portfolios are relatively concentrated, we consider companies of all sizes

Attention to business models builds more resilient portfolios

  • In addition to applying our financial models, we consider the long-term viability of each company's business model
Key Facts
Market Cap Range: All Cap
Investor Class: 12/30/2011
Institutional Class: 12/30/2011
Number of companies: 50-150
Turnover: 30-80%
Ticker Symbol:
Investor Class: AGLOX
Institutional Class: AGLYX
Fund Assets (all classes):
$82.4 million as of 9/30/2016
Portfolio Manager
Bhansali_Rupal_Web.png Rupal J. Bhansali
Portfolio Manager
Fund Spotlight
Meet Rupal J. Bhansali and hear her philosophy on global investing.

Our global investment philosophy


We take the long-term view.
  • Emphasis on higher absolute and relative returns over a full market cycle with less risk
  • Focus research as much on what can go wrong as what can go right


We invest to our convictions, not to benchmarks.
  • Benchmark aware only to the extent that tracking error is by design and not by default
  • Significant exposure to our highest-conviction ideas, tempered with prudent risk controls


We specialize in bottom-up fundamental research.
  • Focus on connecting information versus collecting information
  • Take business analyst approach rather than financial analyst approach
  • Have extensive interactions with management teams around the world
  • Research a company's global peers to fully inform our competitive assessment


We work collaboratively with a shared commitment to excellence.
  • Debate best, base and worst case scenarios for every company considered
  • Three team members with clearly defined roles vet each stock

Rupal Bhansali on International and Global Investing I
Rupal Bhansali on International and Global Investing II

Our global process

Negative Screening

Negative screening seeks downside protection
  • Process:
    Screen on risk, not growth rate or valuation
  • Risk management:
    Eliminate approximately 60% of high-risk stocks in universe
  • Benefit:
    Position for downside protection

Bottom-up Research

Proprietary bottom-up research enables better stock picking
  • Process:
    Lead analysts perform research
  • Risk management:
    Assess the prospects and durability of a business franchise
  • Benefit:
    Proprietary insights enable better stock picking

Team Validation

Team validation avoids blind spots in our analysis
  • Process:
    A team of three debates and stress tests each idea
  • Risk management:
    Incorporate macro and micro factors in scenario analyses; lead analyst presents balanced case versus a recommendation
  • Benefit:
    Ideas vetted from multiple perspectives yield more informed final decisions by portfolio manager

Portfolio Construction

Portfolios constructed to manage risks as well as long-term performance
  • Process:
    Seek to own top decile of investment opportunities uncovered
  • Risk management:
    Typically cap security position size at 5% at time of purchase, sector weights at the higher of 25% or 1.5x benchmark, hedge currency if practical and cost-efficient
  • Benefit:
    Designed to generate superior long-term, risk-adjusted performance

Investor Class
Institutional Class
Quarter End
Month End

Ariel Global Fund (Investor Class)Performance

As of October 31, 2016
Inception date: December 30, 2011 Annualized
To Date
Ariel Global Fund -3.43% -2.76% 3.00% 0.30% 3.35% 8.24%
MSCI AC World Index -1.70% -0.76% 4.79% 2.05% 3.21% 9.03%

Ariel Global Fund (Investor Class)Performance

As of September 30, 2016
Inception date: December 30, 2011 Annualized
To Date
Ariel Global Fund 0.62% 4.44% 6.65% 12.26% 5.57% 9.20%
MSCI AC World Index 0.61% 5.30% 6.60% 11.96% 5.17% 9.60%
Expense Ratio Cap: 1.13%*
Gross Expense Ratio as of the fiscal year ended 9/30/16: 1.70%*

*As of September 30, 2015, Ariel Global Fund's Investor Class had an annual gross expense ratio of 2.71%. Effective November 29, 2016, Ariel Investments, LLC, the Adviser, has contractually agreed to waive fees or reimburse expenses (the "Expense Cap") in order to limit Ariel Global Fund's total annual operating expenses to 1.13% of net assets for the Investor Class through the end of the fiscal year ending September 30, 2018. The Expense Cap has been lowered over time. Contact us for historical information about the Expense Cap.

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 and exchange-traded funds (ETFs) may increase investment losses and expenses and create more volatility. Investments in emerging 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 Fund invests may never be recognized by the broader market. 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.

MSCI ACWI (All Country World Index) Index is an unmanaged, market weighted index of global developed and emerging markets. The MSCI ACWI Index net returns reflect the reinvestment of income and other earnings, including the dividends net of the maximum withholding tax applicable to non-resident institutional investors that do not benefit from double taxation treaties. MSCI uses the maximum tax rate applicable to institutional investors, as determined by the companies' country of incorporation. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.

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.

Ariel Global Fund

Sector Weightings (%)

As of September 30, 2016
  Ariel Global Fund MSCI ACWI
Health Care 23.80 11.74
Information Technology 23.52 15.83
Telecommunication Services 12.18 3.76
Financials 11.93 16.89
Consumer Discretionary 10.26 12.29
Consumer Staples 5.75 10.41
Utilities 4.43 3.32
Industrials 4.29 10.44
Energy 2.81 6.84
Real Estate 1.03 3.35
Materials 0.00 5.14

Represents percentage of total equity holdings in the portfolio

MSCI ACWI (All Country World Index) Index is an unmanaged, market weighted index of global developed and emerging markets. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.

These sectors are the Global Industry Classification Standard (“GICS”). GICS was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Ariel Investments, LLC. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

Ariel Global Fund

Schedule of Holdings

As of September 30, 2016
  Units Security Description Market Value % of Total Value
BRAZIL     119,695 0.1
  10,941 Itau Unibanco Holding SA ADR 119,695 0.1
CANADA     432,268 0.5
  11,745 IGM Financial Inc. 317,091 0.4
  4,149 Suncor Energy, Inc. 115,177 0.1
CHILE     840,511 1.0
  40,624 Banco Santander-Chile ADR 840,511 1.0
CHINA     8,906,130 10.7
  25,100 Baidu, Inc. ADR 4,569,957 5.5
  187,000 China Mobile Ltd. 2,262,641 2.7
  33,705 China Mobile Ltd. ADR 2,073,532 2.5
FINLAND     3,014,808 3.6
  485,659 Nokia Corp. ADR 2,811,966 3.4
  34,994 Nokia Corp. 202,842 0.2
FRANCE     2,286,317 2.8
  20,671 Michelin (CGDE) 2,286,317 2.8
GERMANY     5,331,249 6.6
  32,111 Deutsche Boerse AG 2,602,587 3.2
  43,915 Dialog Semiconductor plc 1,692,825 2.1
  257,497 Telefonica Deutschland Holding 1,035,837 1.3
HONG KONG     248,752 0.3
  486,000 Li & Fung Ltd. 248,752 0.3
ITALY     805,246 1.0
  145,224 Snam SpA 805,246 1.0
JAPAN     4,917,534 6.0
  3,750 Nintendo Co., Ltd. 983,864 1.2
  4,800 Daito Trust Construction Co., Ltd. 765,643 0.9
  5,400 Shimamura Co., Ltd. 652,867 0.8
  40,400 Nikon Corp. 599,197 0.7
  13,400 Japan Tobacco Inc. 544,299 0.7
  6,700 Toyota Motor Corp. 381,828 0.5
  2,600 Murata Manufacturing Co., Ltd. 334,086 0.4
  8,800 Canon Inc. 253,703 0.3
  4,500 Nippon Telegraph & Telephone Corp. 204,753 0.3
  1,100 Secom Co., Ltd. 81,444 0.1
  1,200 Chugai Pharmaceutical Co., Ltd. 43,016 0.1
  1,600 NTT DOCOMO, Inc. 40,424 0.0
  2,100 Japan Exchange Group, Inc. 32,410 0.0
MEXICO     111,918 0.1
  12,718 Santander Mexico Financial Group ADR 111,918 0.1
NETHERLANDS     2,053,829 2.5
  52,077 Koninklijke KPN N.V. 1,186,979 1.4
  13,519 Gemalto N.V. 866,850 1.1
SINGAPORE     208,501 0.3
  15,100 United Overseas Bank Ltd. 208,501 0.3
SPAIN     1,270,673 1.6
  52,049 Endesa SA 1,115,593 1.4
  3,979 Tecnicas Reunidas SA 155,080 0.2
SWITZERLAND     5,946,904 7.2
  16,733 Roche Holding AG 4,150,955 5.0
  3,779 Swisscom AG 1,795,949 2.2
THAILAND     167,208 0.2
  18,000 Kasikornbank PCL 97,403 0.1
  12,900 Kasikornbank PCL 69,805 0.1
UNITED KINGDOM     5,586,079 6.7
  61,450 GlaxoSmithKline plc ADR 2,650,338 3.2
  85,991 GlaxoSmithKline plc 1,831,242 2.2
  9,787 Reckitt Benckiser Group plc 921,596 1.1
  36,271 British Telecom Group plc 182,903 0.2
UNITED STATES     31,953,591 38.8
  88,544 Microsoft Corp. 5,100,135 6.2
  52,714 Gilead Sciences, Inc. 4,170,732 5.1
  28,819 Johnson & Johnson 3,404,389 4.1
  37,804 Harman Intl Industries, Inc. 3,192,548 3.9
  14,754 Berkshire Hathaway Inc. 2,131,510 2.6
  20,551 Rockwell Collins, Inc. 1,733,271 2.1
  23,010 American Express Co. 1,473,560 1.8
  27,742 Verizon Communications Inc. 1,442,029 1.7
  14,422 Quest Diagnostics Inc. 1,220,534 1.5
  12,345 Philip Morris Intl, Inc. 1,200,181 1.5
  20,036 Southern Co. 1,027,847 1.2
  122,144 Acacia Research Corp. 796,379 1.0
  6,180 Core Laboratories N.V. 694,199 0.8
  15,316 U.S. Bancorp 656,903 0.8
  8,188 Schlumberger Ltd. 643,904 0.8
  6,446 Ansys, Inc. 596,964 0.7
  2,722 Costco Wholesale Corp. 415,132 0.5
  8,002 Fluor Corp. 410,663 0.5
  3,599 EOG Resources Inc. 348,059 0.4
  3,137 Sempra Energy 336,255 0.4
  6,818 Coach, Inc. 249,266 0.3
  1,870 Varian Medical Systems Inc. 186,121 0.2
  1,809 Occidental Petroleum Corp. 131,912 0.2
  800 CME Group Inc. 83,616 0.1
  1,487 Fastenal Co. 62,127 0.1
  254 W.W. Grainger Inc. 57,109 0.1
  431 Union Pacific 42,036 0.1
  1,170 The PNC Financial Service Group, Inc. 105,405 0.1
  334 Accenture plc 40,805 0.0
Total Equities     74,201,213 90.0
Cash, Other Assets less Liabilities     8,239,062 10.0
Grand Total     82,440,275 100.0

Ariel Global Fund


Monthly Commentary: Perspectives on the current market
Quarterly Report: Quarterly performance update and communication to investors
Fact Sheets: Quarterly overview of fund objectives and performance summary
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