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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. Any extraordinary performance shown for the recent short-term periods may not be sustainable and is not representative of the performance over longer periods. Current performance may be lower or higher than the performance data quoted. While the growth of $10,000 data mentioned in the article cannot be verified, the growth of $10,000 for the period from November 6, 1986 through September 30, 2021 was $443,694. The growth $10,000 does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares, nor does it reflect a maximum 4.75% sales load charged prior to 7/15/94. Click here for Fund performance current to the most recent quarter end, as well as the Fund’s annual expense ratio.

Ariel Fund invests in small cap and mid-cap stocks, which is more risky and more volatile than investing in large cap stocks. The intrinsic value of the stocks in which the Fund invests may never be recognized by the broader market. The Fund is often concentrated in fewer sectors than its benchmarks, 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.

In this article John Rogers candidly discusses his opinions on value investing and the market. These opinions were current as of the date of the article but are subject to change. The information provided in this article 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 article is not guaranteed as to its accuracy or completeness.

Past performance does not guarantee future results. The rankings quoted in the article are for the Investor Class. Rankings for the Institutional Class will differ. For the twelve-month period ended 12/31/20, Ariel Fund ranked 21 out of 415 among the funds in the Mid-Cap Value category. For the period ended 09/30/21, Ariel Fund ranked 15 out of 408, 14 out of 348, and 1 out of 250 among the funds in the Mid-Cap Value category for the one-, five- and ten-year periods.

Morningstar, Inc. is a nationally recognized organization that reports performance and calculates rankings for mutual funds. Each fund is ranked relative to all funds in the same category. Rankings are based on total returns. © 2021 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

A growth investment strategy seeks stocks that are deemed to have superior growth potential. Growth stocks offer an established track record and are perceived to be less risky than value stocks. 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.