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In this broadcast replay, John W. Rogers, Jr. discusses his opinions on value investing and the market in general, including the effects from COVID-19, and specific stocks in the current market environment. These opinions were current as of the date of this interview but are subject to change. The information provided in this interview does not provide information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase or sell any particular security. This material should not be considered an offer for any of the securities referenced. The information contained in the interview is not guaranteed as to its accuracy or completeness. Portfolio holdings are subject to change. See the Products section of our website for current product holdings.

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 here for Ariel Fund’s expense ratio and performance data current to the most recent month end.

Investing in equity stocks is risky and subject to the volatility of the markets. Investing in small cap and mid-cap stocks is more risky and more volatile than investing in large cap stocks. Ariel Fund is often concentrated in fewer sectors than its benchmarks, and its performance may suffer if these sectors underperform the overall stock market. The performance of any single portfolio holding is no indication of the performance of other portfolio holdings. A value investment strategy seeks undervalued stocks that show a strong potential for growth. The intrinsic value of the stocks in which a value strategy invests may be based on incorrect assumptions or estimations, may be affected by declining fundamentals or external forces, and may never be recognized by the broader market. Reference to a stock being “cheap” means that its price is significantly lower than Ariel’s estimate of the stock’s private market value.