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Ariel Emerging Markets Value

This separately managed account strategy targets companies in emerging markets that demonstrate long-term earnings power at attractive valuations.

Ariel Emerging Markets Value (Gross)
Inception Date 04/30/2023
Assets (as of 06/30/2023) $10.4 million

Our Portfolio Managers

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Henry Mallari-D’Auria, CFA®

Chief Investment Officer, Global and Emerging Markets Equities

Vlad Byalik headshot
Vlad Byalik

Portfolio Manager & Senior Research Analyst

Christine-Philpotts headshot
Christine Phillpotts, CFA®

Portfolio Manager & Senior Research Analyst

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We Embrace

Active patience

Long investment horizon
Discernable catalysts
Lower turnover

Independent thinking

Finding unrecognized value
Benchmark agnostic
Inefficiency equals opportunity

Focused expertise

Emerging and Frontier market specialists
Non-consensus, best ideas portfolios
Bottom-up stock selection


Long-tenured colleagues
Collective experience leveraged
Aligned incentives
Inclusive engagement

We Reject

Short termism

Risk on/risk off investing
Value traps
Trading mentality

Group think

Crowded trades
Closet indexing
Company guidance

Thematic investing

Novice practitioners
Noah’s Ark investing
Top-down portfolios


Job hoppers
Smartest in the room mentality
Winner takes all

Sector Weightings

Weightings table for Ariel Emerging Markets Value
(as of 06/30/2023)
(as of 06/30/2023) Ending Weight (%) MSCI EM Net Index (%)
Ending Weight (%)
MSCI EM Net Index (%)
Information Technology
Ending Weight (%)
MSCI EM Net Index (%)
Consumer Discretionary
Ending Weight (%)
MSCI EM Net Index (%)
Real Estate
Ending Weight (%)
MSCI EM Net Index (%)
Ending Weight (%)
MSCI EM Net Index (%)
Ending Weight (%)
MSCI EM Net Index (%)
Ending Weight (%)
MSCI EM Net Index (%)
Ending Weight (%)
MSCI EM Net Index (%)
Health Care
Ending Weight (%)
MSCI EM Net Index (%)
Consumer Staples
Ending Weight (%)
MSCI EM Net Index (%)
Ending Weight (%)
MSCI EM Net Index (%)
Ending Weight (%)
MSCI EM Net Index (%)
Communication Services
Ending Weight (%)
MSCI EM Net Index (%)

Disclosures related to the data above can be found at the bottom of this page.

The following includes disclosures and benchmark definitions relevant to the investment strategy of this product.

Ariel Investments, LLC (Ariel) is a Delaware limited liability company and federally registered investment adviser regulated by the U.S. Securities and Exchange Commission. Ariel is headquartered in Chicago, Illinois, with offices in New York, San Francisco, and Sydney. Ariel offers investment strategies that seek long-term capital appreciation by investing primarily in equity securities. Ariel utilizes a bottom-up, fundamental analysis to select quality company stocks. Taking a long-term view and applying independent thinking to our investment decisions, Ariel spans the market cap spectrum from small to large and covers the globe with international and global offerings. Ariel claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

The Ariel Emerging Markets Value strategy seeks long-term capital appreciation as a primary objective. The strategy’s secondary objectives are to seek long-term capital preservation, to generate attractive absolute returns and to attain higher absolute and relative returns compared to its benchmark over a full market cycle. The strategy invests primarily in equity securities of non-U.S. companies in emerging markets. The strategy will invest in non-U.S. securities by purchasing equity securities directly or through instruments that provide exposure to non-U.S. companies. The strategy is permitted to invest in companies of any size. The Ariel Emerging Markets Value Composite differs from its benchmarks, the MSCI EM (Emerging Markets) Index and MSCI EM (Emerging Markets) Value Index because the Composite has fewer holdings than the benchmarks.

The strategy uses various techniques to hedge currency exposure or to invest significant cash inflows in the market (i.e., reducing “cash drag”), including derivatives, exchange-traded funds (“ETFs”) and other hedges. The strategy will buy and sell currency on a spot basis and enter into foreign currency forward contracts. Ariel uses these techniques primarily in an attempt to ensure that stock selection is the primary driver of relative returns. Indexes are unmanaged. An investor cannot invest directly in an index.

The MSCI Emerging Markets Index captures large and mid cap representation across 24 Emerging Markets (EM) countries. Its inception date is January 1, 2001.

The MSCI Emerging Markets Value Index captures large and mid cap securities exhibiting overall value style characteristics across 24 Emerging Markets (EM) countries. Its inception date is December 8, 1997.

All MSCI Index net returns reflect the reinvestment of income and other earnings, including the dividends net of the maximum withholding tax applicable to non-resident institutional investors that do not benefit from double taxation treaties. MSCI uses the maximum tax rate applicable to institutional investors, as determined by the companies’ country of incorporation. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.

The sectors shown for the Global strategies are the Global Industry Classification Standard (“GICS”). GICS was developed by and is the exclusive property and service mark of MSCI Inc. and Standard & Poor’s (S&P), a division of The McGraw Hill Companies, Inc. GICS is licensed for use by Ariel Investments, LLC. Neither MSCI, S&P nor any third party involved in making or compiling GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.