At Ariel, I have found a company that shares the same patient investment philosophy I have honed for over 25 years. Ariel exemplifies the independent and unconventional thinking I have always embraced—the willingness to go against the grain to drive long-term performance. Our approach to global investing is to uncover hidden investment gems wherever they exist. This patient approach has resulted in a 5-star Overall Morningstar Rating™ for Ariel International Fund and a 4-star Overall Morningstar Rating™ for Ariel Global Fund.
Rupal J. Bhansali
Chief Investment Officer, International & Global Equities
Performance data quoted represents past performance. Past performance does not guarantee future results. All performance assumes the reinvestment of dividends and capital gains and represents returns of the Investor Class shares. 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. Click on the following links for annual expense ratios and standardized performance data current to the most recent month-end: Ariel International Fund and Ariel Global Fund.
+Effective November 29, 2016, Ariel Investments, LLC, the Adviser, has contractually agreed to waive fees or reimburse expenses (the “Expense Cap”) in order to limit Ariel International Fund’s total annual operating expenses to 1.13% of net assets for the Investor Class through the end of the fiscal year ending September 30, 2018. The Expense Cap has been lowered over time.
Ariel International Fund’s Overall Morningstar Rating™ is five stars for the Investor Class among 261 Foreign Large Value Funds. The Overall Morningstar Rating for the Fund’s Investor Class is derived only from the three-year rating of four stars among the 261 funds in the category for the period ended 9/30/2017 and the five year rating of five stars among the 210 funds in the category for the period ended 9/30/2017. Ariel Global Fund’s Overall Morningstar Rating™ is four stars for the Investor Class and four stars for the Institutional Class among 703 World Large Stock Funds. The Overall Morningstar Rating for the Fund’s Investor Class is derived only from the three-year rating of three stars among the 703 funds in the category for the period ended 9/30/2017 and the five-year rating of four stars among the 583 funds in the category for the period ended 9/30/2017. The inception date for both Funds is 12/30/11 and therefore they do not yet have performance or ratings for the ten-year period. Total returns (on which ratings are based) would have been lower if certain fees and expenses had not been reduced during these periods.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchangetraded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
© 2017 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Both Funds seek long-term capital appreciation. Ariel International Fund invests primarily in foreign equity securities in developed international markets and Ariel Global Fund invests primarily in equity securities of both domestic and foreign issuers in developed or emerging market countries. Foreign investments may underperform and may be more volatile than comparable U.S. stocks because of the risks involving foreign economies and markets, political systems, regulatory standards, 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 and developing markets present additional risks, such as difficulties in selling on a timely basis and at an acceptable price.
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, call us at 800-292-7435 or 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.