In 1983, John W. Rogers, Jr. founded Ariel Investments. The investment philosophy from the beginning was to invest in great small- and medium-size companies at bargain prices, with true value that would be realized over time. In the early 1980s, few firms focused on small- and mid-cap value investing. Thirty-five years later, our record of outperformance in our flagship Ariel Fund is attributable to the one portfolio manager and our expertise in the asset class is virtually unmatched. Today, we span the market cap spectrum from micro- to large-, and cover the world with our international and global offerings. We accomplished this by diversifying our product offerings through the acquisition of exceptional talent.
In 2005, we launched a mid- to large-cap value strategy, consisting of the focused value product and Ariel Focus Fund. Portfolio manager Charles K. Bobrinskoy has managed this product, which has since evolved into an all cap strategy, since its inception. Next, we launched the Ariel Micro-Cap Value Product in 2009 when David M. Maley joined to lead a new, complementary deep value strategy. We had known David for many years and we were founding investors in his private fund in 2002. David brought a terrific track record and 25 years of investment experience to Ariel. David is also the lead portfolio manager of Ariel Discovery Fund and a small-cap deep value separate account, which follow a similar investment strategy. We launched the former in January 2011 and the latter in October 2013.
Finally, we went global at the end of 2011 by introducing Ariel International Fund and Ariel Global Fund, along with complementary separate account strategies. We acquired our global investment capabilities when we hired Rupal J. Bhansali, Chief Investment Officer, International & Global Equities, in October 2011. Rupal is a seasoned investor whose long-term contrarian perspective squarely aligns with our patient investment philosophy. By expanding our stock-picking around the world, we are able to go wherever the opportunities are, while also leveraging this global view in the management of our domestic portfolios.
In addition to managing separate accounts for institutional investors and high net worth individuals, we also serve as the investment adviser for Ariel Investment Trust — comprising six no-load mutual funds, which are available to institutional and individual investors, financial intermediaries and defined contribution plans.
Ariel's clients include institutional investors such as corporations, government entities and unions investing on behalf of their employees' pension and retirement plans, endowments and foundations investing to grow principal, financial and wealth advisors investing on behalf of their clients, and individual investors with a wide range of long-term investment goals. Our clients range in size from the smallest companies to the largest Fortune 500 corporations, novice investors building their first portfolio as well as seasoned investors seeking to increase their exposure to value stocks.
Our Patient Investment Philosophy
We use the market's short-term focus to uncover mispriced companies whose true value will be realized over time. Our motto as investors is slow and steady wins the race.
The expertise we have honed over the years is reflected in every portfolio we manage. We invest in publicly traded companies but we are not owned by one. Our employees own our firm and invest in our portfolios, so we will never outgrow the entrepreneurial spirit that made us pioneers. This allows us to stay true to our convictions and gives us freedom to do what we do best as we relentlessly pursue outstanding returns for our clients.
Past performance does not guarantee future results. Investing in micro, small and mid cap stocks is more risky and more volatile than investing in large cap stocks. Investments in foreign securities may underperform and may be more volatile than comparable U.S. stocks because of the risks involving foreign economies and markets, foreign political systems, foreign regulatory standards, foreign currencies and taxes. The use of currency derivatives and exchange-traded funds (ETFs) may increase investment losses and expenses and create more volatility. Investments in emerging markets present additional risks, such as difficulties in selling on a timely basis and at an acceptable price. The intrinsic value of the stocks in which the Funds and products invest may never be recognized by the broader market.
Ariel separate account products are available only to institutional investors, including public and private retirement plans, union plans, foundations and endowment funds, and high net worth individuals. Ariel's separate account products are not available to retail investors. Ariel's mutual funds are available to both retail and institutional investors. Please read a Fund's prospectus before investing.