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Ariel Global Concentrated

This separately managed account strategy takes concentrated positions in all-cap companies both within and outside the U.S., across developed and emerging markets.

Our Portfolio Managers

RUPAL_BHANSALI(optimized)
Rupal J. Bhansali

Chief Investment Officer & Portfolio Manager, Global Equities

MICKY_JAGIRDAR_optimized
Micky Jagirdar

Senior Vice President, Head of Investments, Global Equities

Products_Global_Philosophy(2)

We Embrace

Active patience

Long investment horizon
Lower turnover
Margin of safety*

Independent thinking

Non-consensus perspective
Benchmark agnostic
Volatility equals opportunity
Connecting, not just collecting, information

Focused expertise

Best ideas portfolios
Deep domain knowledge
Global sector analysts
Bottom-up stock selection

Teamwork

Ideas compete, not people
Team validation
No hierarchy

*Attempting to purchase a stock with a margin of safety does not protect investors from the loss of their investment, volatility associated with stocks, declining fundamentals, external forces, or our incorrect assumptions.​

Sector Weightings

(as of 12/31/2022)
(as of 12/31/2022) Ending Weight (%) MSCI ACWI Net Index (%)
Communication Services
Ending Weight (%)
18.92
MSCI ACWI Net Index (%)
6.78
Information Technology
Ending Weight (%)
16.57
MSCI ACWI Net Index (%)
20.00
Health Care
Ending Weight (%)
16.31
MSCI ACWI Net Index (%)
13.37
Financials
Ending Weight (%)
12.33
MSCI ACWI Net Index (%)
15.19
Consumer Staples
Ending Weight (%)
11.43
MSCI ACWI Net Index (%)
7.75
Real Estate
Ending Weight (%)
8.42
MSCI ACWI Net Index (%)
2.59
Consumer Discretionary
Ending Weight (%)
6.49
MSCI ACWI Net Index (%)
10.43
Cash
Ending Weight (%)
6.08
MSCI ACWI Net Index (%)
0.00
Utilities
Ending Weight (%)
3.45
MSCI ACWI Net Index (%)
3.18
Energy
Ending Weight (%)
0.00
MSCI ACWI Net Index (%)
5.58
Industrials
Ending Weight (%)
0.00
MSCI ACWI Net Index (%)
10.16
Materials
Ending Weight (%)
0.00
MSCI ACWI Net Index (%)
4.98

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

The following disclosures provide definitions relevant to the Key Facts / General Information about this Product, its Performance tables, Top 10 Positions tables, and Industry or Sector Weightings data tables shown above.

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 global concentrated 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 and risk-adjusted returns, and to attain higher relative returns compared to its benchmark over a full market cycle. The strategy invests primarily in equity securities of both U.S. and foreign (non-U.S.) companies, including companies in developed or emerging markets, with highly concentrated positions, such that the portfolio typically will hold large positions of 10-30 stocks. The strategy will invest in foreign securities by purchasing equity securities directly or through instruments that provide exposure to foreign companies. The strategy is permitted to invest in companies of any size, but typically will not invest in companies with market capitalizations below $1 billion. The Ariel Global Concentrated Composite differs from its benchmark, the MSCI ACWI (All Country World Index) Index, because the Composite has dramatically fewer holdings than the benchmark.

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 reduce unintended tracking error versus its benchmark, decrease the strategy’s exposure to changing security prices or foreign currency risk, or address other factors that affect security values. The strategy will at times include the holding of cash or cash equivalents for defensive purposes.

Performance results are net of transaction costs and reflect the reinvestment of dividends and other earnings. Net returns reflect the deduction of the maximum advisory fee in effect for the respective period. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. Fee information is available upon request and may also be found in Ariel’s Form ADV, Part 2. Results shown may be preliminary. Returns are calculated in U.S. dollars. Past performance does not guarantee future results. Investments in foreign securities may underperform and may be more volatile because of the risks involving foreign economies and markets, foreign political systems, foreign regulatory standards, foreign currencies and taxes. The use of currency derivatives, ETFs, and other hedges 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. A concentrated portfolio may be subject to greater volatility than a more diversified portfolio. The intrinsic value of the stocks in which the portfolio invests may never be recognized by the broader market. The portfolio is often concentrated in fewer sectors than its benchmarks, and its performance may suffer if these sectors underperform the overall stock market. Investing in equity stocks is risky and subject to the volatility of the markets.

The Ariel Global Concentrated Composite has been examined for the period from January 1, 2020 through December 31, 2021. Click here to obtain a GIPS Composite Report.

Indexes are unmanaged. An investor cannot invest directly in an index.

The MSCI ACWI (All Country World Index) Index is an equity index of large and mid-cap representation across 23 Developed Markets (DM) and 24 Emerging Markets (EM) countries. Its inception date is January 1, 2001.

The MSCI ACWI Value Index captures large and mid-cap securities exhibiting overall value style characteristics across 23 Developed Markets countries and 24 Emerging Markets (EM) countries. Its inception date is December 8, 1997.
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.

Ending Weight is the value of the holding relative to the portfolio’s total assets as of the report date.