February 28, 2021
John W. Rogers, Jr. discusses how his patient and contrarian investing philosophy is paying dividends once again.
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Investing in small- and mid-cap stocks is more risky and volatile than investing in large-cap stocks. The intrinsic value of the stocks in which Ariel Fund invests may never be recognized by the broader market. Ariel Fund is often concentrated in fewer sectors than its benchmarks, and its performance may suffer if these sectors underperform the overall stock market.
Performance data quoted represents past performance. All performance assumes the reinvestment of dividends and capital gains, and represents returns of the Investor Class shares. Past performance does not guarantee future results. 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. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end for Ariel Fund may be obtained by visiting our website, arielinvestments.com. As quoted in the interview, for the period from 2/25/20 to 2/24/21, Ariel Fund returned 36.22%. For the period ended 12/31/20, the average annual total returns of the Ariel Fund for the one-, five- and ten-year periods were 10.02%, 9.66%, and 10.04%, respectively. Ariel Fund’s Investor Class shares had an annual expense ratio of 1.04% for the year ended September 30, 2020.
Past performance does not guarantee future results. 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. The rankings above are for the Investor Class. Rankings for the Institutional Class will differ. For the period from 3/1/20 through 2/28/21, Ariel Fund ranked in the 6th percentile (6 out of 414 funds) in the Mid-Cap Value category. For the period ended December 31, 2020, Ariel Fund ranked 21 out of 415, 91 out of 349, and 53 out of 247 among the funds in the Mid-Cap Value category for the one-, five- and ten-year periods.
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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 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 Fund. See current holdings information for Ariel Fund by clicking here.
An economic moat is a perceived competitive advantage that acts as a barrier to entry for other companies in the same industry. This perceived advantage cannot protect investors from the volatility associated with stocks, incorrect assumptions or estimations, declining fundamentals or external forces.
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.
Investors should consider carefully the investment objectives, risks, and charges and expenses before investing. For a current summary prospectus or full prospectus which contains this and other information about the funds offered by Ariel Investment Trust, click here.Please read the summary prospectus or full prospectus carefully before investing. Distributed by Ariel Distributors, LLC, a wholly-owned subsidiary of Ariel Investments, LLC. Ariel Distributors, LLC is a member of the Securities Investor Protection Corporation.