Past performance does not guarantee future results. The intrinsic value of the stocks in which a portfolio invests may never be recognized by the broader market. See product performance pages for each product’s current performance. Click here for the Funds’ prospectus to learn about the specific investment objectives, risks, and charges and expenses.

In this video, Ariel portfolio managers candidly discuss their viewpoints on active management versus passive management. The information provided in the video 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.

An actively managed portfolio is more risky than a passively managed portfolio that replicates an index because it contains fewer stocks than its benchmark index. Indexes are unmanaged, and an investor cannot invest directly in an index. However, investors may invest in an index fund, which mimics the composition of an index. There are lower costs associated with index funds, as compared to actively managed funds.