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Ariel Fund invests in small cap and mid-cap stocks, which is more risky and more volatile than investing in large cap stocks. Ariel Appreciation Fund invests in 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 Funds invest may never be recognized by the broader market. The Funds are often concentrated in fewer sectors than their benchmarks, and their 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 the market, different sectors, and individual companies that were at the time of publication held in Ariel Fund and/or Ariel Appreciation Fund. These opinions are current as of the date of this 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.

Any holdings mentioned do not constitute all holdings in the Funds. Portfolio holdings are subject to change. The performance of any single portfolio holding is no indication of the performance of other portfolio holdings of Ariel Fund. See current holdings information for Ariel Fund by clicking here. See current holdings information for Ariel Appreciation Fund by clicking here.

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.