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Intrinsic Value 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
Investment style:
Global all cap, intrinsic value
Market Cap: All cap
Investor Class: 12/30/2011
Institutional Class: 12/30/2011
Number of companies: 50-150
Turnover: typically 25-40%
Ticker Symbol:
Investor Class: AGLOX
Institutional Class: AGLYX
Fund Assets (all classes):
$209.4 million as of 9/30/2021
Portfolio Manager
Bhansali_Rupal_Web.png Rupal J. Bhansali
Portfolio Manager

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
  • Team members with defined roles vet each stock

Our global process

Negative Screening

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

Bottom-up Research

Proprietary bottom-up research enables better stock picking
  • Process:
    Analysts perform fundamental 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:
    Team debates and stress tests each idea
  • Risk management:
    Incorporate macro and micro factors in scenario analyses
  • Benefit:
    Ideas vetted from multiple perspectives yield more informed final decisions by portfolio manager(s)

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, industry weights at the higher of 25% or 1.5x the benchmark*, hedge currency if practical and cost-efficient
  • Benefit:
    Designed to generate superior long-term, risk-adjusted performance

*Global concentrated typically owns up to 15% at market and has no industry limits.

Investor Class
Institutional Class
Quarter End
Month End

Ariel Global Fund

Investor Class | AGLOX


As of October 31, 2021
Inception date: December 30, 2011 Annualized
To Date
Ariel Global Fund 3.63% 0.99% 9.39% 24.58% 8.67% 8.70% 8.48%
MSCI ACWI Index 5.10% 3.28% 16.79% 37.28% 17.47% 14.72% 11.89%

Ariel Global Fund

Investor Class | AGLOX


As of September 30, 2021
Inception date: December 30, 2011 Annualized
To Date
Ariel Global Fund -4.39% -3.92% 5.56% 15.91% 5.28% 7.18% 8.16%
MSCI ACWI Index -4.13% -1.05% 11.12% 27.44% 12.58% 13.20% 11.43%
Expense Ratio Cap: 1.13%
Gross Expense Ratio as of the fiscal year ended 9/30/21: 1.36%*

*As of September 30, 2020, Ariel Global Fund (Investor Class) had an annual net expense ratio of 1.13% and a gross expense ratio of 1.46%. Effective November 29, 2016, Ariel Investments, LLC, the Adviser, has contractually agreed to waive fees and 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, 2023. Prior to November 29, 2016, the Expense Cap was 1.25% for the Investor Class. Through January 31, 2014, the Expense Cap was 1.40% for the Investor Class. 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. Ariel Global Fund is often concentrated in fewer sectors than its benchmark, and its performance may suffer if these sectors underperform the overall stock market. Investing in equity stocks is risky and subject to the volatility of the markets.

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.

Click here for a fund prospectus.

Ariel Global Fund

Sector Weightings (%)

As of September 30, 2021
  Ariel Global Fund MSCI ACWI
Health Care 24.70 11.69
Information Technology 16.60 22.33
Communication Services 12.30 9.27
Consumer Staples 11.50 6.77
Financials 11.30 14.38
Consumer Discretionary 8.50 12.44
Utilities 4.90 2.64
Real Estate 1.60 2.62
Industrials 1.00 9.67
Materials 0.00 4.66
Energy 0.00 3.52

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, 2021
  Units Security Description Market Value % of Total Value
BELGIUM     252,482 0.1
  2,799 KBC Group NV 252,482 0.1
BRAZIL     5,860,937 2.9
  826,606 BB Seguridade Participacoes SA 3,028,194 1.5
  203,483 Telefonica Brasil SA 1,601,858 0.8
  570,476 TIM SA of Brazil 1,230,885 0.6
CHILE     497,710 0.2
  25,175 Banco Santander-Chile ADR 497,710 0.2
CHINA     15,010,751 7.2
  74,774 Baidu, Inc. ADR 11,496,503 5.5
  59,759 Group Ltd. ADR 1,837,589 0.9
  762,831 TravelSky Technology Ltd. 1,471,312 0.7
  4,324 Weibo Corp. ADR 205,347 0.1
DENMARK     1,174,402 0.5
  9,223 Novo Nordisk A/S 889,001 0.4
  10,507 H Lundbeck A/S 285,401 0.1
FINLAND     3,518,285 1.7
  568,218 Nokia Corp. 3,133,896 1.5
  70,530 Nokia Corp. ADR 384,389 0.2
FRANCE     10,346,740 5.0
  50,430 Michelin (CGDE) 7,732,960 3.7
  16,666 Sanofi 1,604,337 0.8
  4,106 Safran SA 519,330 0.3
  20,508 Vivendi SE 258,195 0.1
  2,392 Thales SA 231,918 0.1
GERMANY     7,704,287 3.7
  38,183 Deutsche Boerse AG 6,195,827 3.0
  369,409 Telefonica Deutschland Holding 1,049,767 0.5
  1,681 Muenchener Rueckversicherungs-Gesellschaft AG 458,693 0.2
HONG KONG     1,088,012 0.5
  113,000 CLP Holdings Ltd. 1,088,012 0.5
ITALY     2,359,987 1.2
  405,780 Snam SpA 2,244,731 1.1
  18,025 Italgas SpA 115,256 0.1
JAPAN     16,309,509 7.8
  10,150 Nintendo Co., Ltd. 4,850,511 2.3
  211,300 Subaru Corp. 3,904,765 1.9
  67,400 Bridgestone Corp. 3,188,775 1.5
  148,500 Japan Tobacco, Inc. 2,909,747 1.4
  17,100 Secom Co., Ltd. 1,236,809 0.6
  7,900 Nippon Telegraph & Telephone Corp. 218,902 0.1
MEXICO     655,729 0.3
  193,002 Wal-Mart de Mexico SAB de CV 655,729 0.3
NETHERLANDS     1,825,858 0.9
  38,343 Koninklijke Ahold Delhaize NV 1,276,751 0.6
  20,508 Universal Music Group NV 549,107 0.3
PERU     4,666,025 2.2
  42,059 Credicorp Ltd. 4,666,025 2.2
SOUTH AFRICA     870,692 0.4
  205,124 Sanlam Ltd. 870,692 0.4
SOUTH KOREA     5,277,073 2.5
  77,135 KT&G Corp. 5,277,073 2.5
SPAIN     6,374,065 3.0
  316,056 Endesa SA 6,374,065 3.0
SWITZERLAND     15,931,040 7.6
  39,246 Roche Holding AG 14,323,612 6.8
  9,774 Nestle SA 1,177,670 0.6
  5,241 Novartis AG 429,758 0.2
TAIWAN     1,147,722 0.6
  192,000 Catcher Technology Co., Ltd. 1,147,722 0.6
UNITED KINGDOM     13,774,478 6.5
  603,108 GlaxoSmithKline plc 11,382,560 5.4
  268,596 Direct Line Insurance Group plc 1,048,081 0.5
  31,640 Vodafone Group plc ADR 488,838 0.2
  313,480 Vodafone Group plc 477,020 0.2
  31,721 National Grid plc 377,979 0.2
UNITED STATES     78,823,287 37.6
  70,695 Microsoft Corp. 19,930,334 9.5
  135,162 Philip Morris Intl, Inc. 12,812,006 6.1
  170,698 Gilead Sciences, Inc. 11,923,255 5.7
  47,246 Johnson & Johnson 7,630,229 3.6
  21,143 Berkshire Hathaway, Inc., Class B 5,770,770 2.8
  58,927 Amdocs Ltd. 4,461,363 2.1
  60,829 Bristol-Myers Squibb Co. 3,599,252 1.7
  62,627 Verizon Communications, Inc. 3,382,484 1.6
  126,686 Equity Commonwealth 3,291,302 1.6
  33,774 NetApp, Inc. 3,031,554 1.5
  8,817 Check Point Software Technologies Ltd. 996,674 0.5
  29,313 Tapestry, Inc. 1,085,167 0.5
  15,291 U.S. Bancorp 908,897 0.4
Total Equities     193,469,071 92.4
Short Term Investments      
  14,043,001 Northern Institutional Treasury Portfolio 14,043,001 6.7
Foreign Currency and Other Assets less Liabilities 1,840,376 0.9
Grand Total     209,352,448 100.0%

Past performance does not guarantee future results. © Ariel Investments, LLC. This website and all of its content is for informational and educational purposes only and should not be considered to be investment advice or a recommendation to buy or sell any particular security. The mutual funds offered by Ariel Investment Trust are distributed by Ariel Distributors, LLC, a wholly-owned subsidiary of Ariel Investments, LLC. Use of this website is subject to our Terms & Conditions. 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 ineligible investors, investors for whom such products, funds or services are not suitable, or investors outside the United States.

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