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In this article Charlie Bobrinskoy candidly discusses his opinions on the market, different sectors, and individual companies that were at the time of publication held in one or more of Ariel’s strategies. 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 a Fund. 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 Focus Fund. See current holdings information for Ariel Focus Fund by clicking here.

Ariel Focus Fund is a non-diversified fund and therefore may be subject to greater volatility than a more diversified investment. Investing in equity stocks is risky and subject to the volatility of the markets. Investing in small- and mid-cap stocks is riskier 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.