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The mention of Knight Foundation as a client of Ariel Investments was not based on any performance-based data. It is not known whether Knight Foundation approves or disapproves of Ariel Investments or the advisory services provided, and such mention should not be considered a testimonial. The relationship was mentioned only in connection with this article that relates to Knight Foundation’s study assessing the representation of investment firms owned by women or members of racial or ethnic minority groups in the United States among investment firms used by the country’s top 55 charitable foundations.