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Ariel Appreciation Fund
mutual fund
CAAIX
Payout Change
Pending
Price as of:
$39.32
+0.44
+1.13%
primary theme
U.S. Mid-Cap Value Equity
share class
CAAIX (Mutual Fund)
Ariel Appreciation Fund
Payout Change
Pending
Price as of:
$39.32
+0.44
+1.13%
primary theme
U.S. Mid-Cap Value Equity
share class
CAAIX (Mutual Fund)
Ariel Appreciation Fund
Payout Change
Pending
Price as of:
$39.32
+0.44
+1.13%
primary theme
U.S. Mid-Cap Value Equity
share class
Name
As of 12/20/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
0.3%
1 yr return
0.5%
3 Yr Avg Return
0.1%
5 Yr Avg Return
5.6%
Net Assets
$1 B
Holdings in Top 10
32.6%
52 WEEK LOW AND HIGH
$38.9
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.82%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 24.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000,000
IRA
$1,000,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/20/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
CAAIX - Profile
Distributions
- YTD Total Return 0.3%
- 3 Yr Annualized Total Return 0.1%
- 5 Yr Annualized Total Return 5.6%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.87%
- Dividend Yield 0.0%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameAriel Appreciation Fund
-
Fund Family NameAriel Investments
-
Inception DateDec 01, 1989
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJohn Rogers
Fund Description
The Fund invests in mid‑capitalization (“mid cap”) undervalued companies that show strong potential for growth. It invests primarily in equity securities of U.S. companies that have market capitalizations within the range of the companies in the Russell Midcap® Index, measured at the time of initial purchase. As of December 31, 2023, the market capitalizations of the companies in the Russell Midcap Index ranged from $270 million to $73.29 billion (Source: FactSet). The Fund may invest a portion of the portfolio outside (above or below) this market capitalization range. Also, the market capitalizations for the Fund’s portfolio companies may change over time, and the Fund is permitted to invest in (hold and purchase) a company even if its market capitalization moves outside the stated range.
The Fund’s strategy is rooted in the contrarian investment philosophy of Ariel Investments, LLC (“Ariel” or the “Adviser”), which depends on four interrelated tenets: Active Patience®, Independent Thinking, Focused Expertise, and Bold Teamwork.
Active Patience. We generally seek to own differentiated companies with certain characteristics, such as strong cash flows, low debt, quality products or services, significant barriers to entry, predictable fundamentals that allow for the potential for double-digit earnings growth (at time of initial purchase), and low reinvestment requirements. We take a long-term view, and look past short-term price volatility, seeking to hold investments for a relatively long period of time—generally three to five years. However, the holding period may vary for any particular stock. Our long-term approach enables the Fund’s investment team to research a company and wait as long as necessary for a stock to reach a price we view as undervalued relative to our internally generated estimate of its intrinsic worth (“private market value”).
Independent Thinking. We make opportunistic purchases when we see value in companies that are temporarily out of favor, misunderstood or ignored—trading at a low valuation relative to potential earnings and/or at a discount to the team’s
estimate of intrinsic worth. We perform our own original proprietary research that often leads us to buy when others are selling and to sell when others are buying. The primary reasons a stock will be sold are: (i) if its valuation reaches our determination of its private market value, (ii) if a better opportunity for investment presents itself, or (iii) if there are material adverse changes to a company’s fundamentals. In addition, the Adviser has adopted procedures to sell stocks that it views as substantially outside the Fund’s mid cap range.
Focused Expertise. We seek to invest within our circle of competence, allowing us to build expertise and accumulate deep knowledge in specific sectors, to isolate key issues of importance, and to have strong convictions in the stocks purchased and held. This often results in the Fund investing in fewer sectors than its respective benchmark. The Fund is a diversified fund that generally will hold between 25‑45 securities in its portfolio. We also integrate environmental, social, and governance considerations across our investment process as part of the broader review of material risks and opportunities for a given investment. The Fund does not invest in companies whose primary source of revenue is derived from the production or sale of tobacco products, the manufacture of firearms, or the operation of for‑profit prisons. Our investment team believes these industries may be more likely to face shrinking growth prospects, litigation costs and legal liability that cannot be quantified.
Bold Teamwork. No one person is sufficient to our shareholders’ success. Different approaches and opinions allow our domestic research team to constantly learn, improve and aspire to exceed expectations. Our investment professionals seek to leverage their contacts and knowledge, while also striving to work collaboratively with a shared commitment to excellence.
CAAIX - Performance
Return Ranking - Trailing
| Period | CAAIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 0.3% | -7.2% | 28.7% | 98.06% |
| 1 Yr | 0.5% | -6.7% | 31.5% | 98.61% |
| 3 Yr | 0.1%* | -1.0% | 15.9% | 97.46% |
| 5 Yr | 5.6%* | 0.8% | 16.6% | 93.97% |
| 10 Yr | 5.7%* | 1.1% | 11.0% | 92.40% |
* Annualized
Return Ranking - Calendar
| Period | CAAIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 3.4% | -11.3% | 33.3% | 83.33% |
| 2022 | -20.7% | -41.6% | 2.3% | 87.92% |
| 2021 | 10.2% | -41.5% | 44.9% | 82.54% |
| 2020 | -2.8% | -29.0% | 22.1% | 74.79% |
| 2019 | 15.6% | -8.1% | 31.2% | 84.91% |
Total Return Ranking - Trailing
| Period | CAAIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 0.3% | -7.2% | 28.7% | 98.06% |
| 1 Yr | 0.5% | -6.7% | 31.5% | 98.61% |
| 3 Yr | 0.1%* | -1.0% | 15.9% | 97.46% |
| 5 Yr | 5.6%* | 0.8% | 16.6% | 93.97% |
| 10 Yr | 5.7%* | 1.1% | 11.0% | 92.40% |
* Annualized
Total Return Ranking - Calendar
| Period | CAAIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 9.7% | -1.7% | 36.5% | 80.28% |
| 2022 | -12.2% | -35.0% | 2.4% | 86.24% |
| 2021 | 26.2% | 6.2% | 48.3% | 71.55% |
| 2020 | 7.7% | -22.9% | 23.2% | 15.19% |
| 2019 | 25.0% | -3.0% | 35.7% | 67.16% |
NAV & Total Return History
CAAIX - Holdings
Concentration Analysis
| CAAIX | Category Low | Category High | CAAIX % Rank | |
|---|---|---|---|---|
| Net Assets | 1 B | 991 K | 28 B | 48.48% |
| Number of Holdings | 43 | 8 | 2308 | 89.20% |
| Net Assets in Top 10 | 330 M | 349 K | 5.52 B | 37.40% |
| Weighting of Top 10 | 32.61% | 4.6% | 100.2% | 15.51% |
Top 10 Holdings
- Northern Trust Corporation COM USD1.666 4.14%
- Mattel, Inc. COM USD1.00 3.76%
- Goldman Sachs Group, Inc. COM USD0.01 3.61%
- Generac Holdings Inc. COM USD0.01 3.25%
- Stanley Black Decker, Inc. COM USD2.50 3.12%
- The Interpublic Group of Companies, Inc. COM USD0.10 3.08%
- Lazard Inc COM 3.05%
- Carmax Inc COM USD0.50 2.95%
- Core Laboratories Inc COM 2.83%
- Charles River Laboratories International, Inc. COM STK USD0.01 2.81%
Asset Allocation
| Weighting | Return Low | Return High | CAAIX % Rank | |
|---|---|---|---|---|
| Stocks | 98.95% | 55.64% | 103.20% | 34.90% |
| Cash | 1.05% | 0.00% | 27.43% | 57.62% |
| Preferred Stocks | 0.00% | 0.00% | 1.68% | 13.85% |
| Other | 0.00% | 0.00% | 7.98% | 42.66% |
| Convertible Bonds | 0.00% | 0.00% | 0.02% | 6.96% |
| Bonds | 0.00% | 0.00% | 19.09% | 11.08% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | CAAIX % Rank | |
|---|---|---|---|---|
| Financial Services | 29.76% | 0.00% | 60.11% | 2.23% |
| Industrials | 15.04% | 0.00% | 29.02% | 54.32% |
| Healthcare | 14.64% | 0.00% | 32.47% | 10.86% |
| Communication Services | 13.15% | 0.00% | 19.80% | 3.34% |
| Consumer Cyclical | 11.77% | 0.00% | 29.62% | 40.67% |
| Technology | 4.35% | 0.00% | 30.07% | 93.31% |
| Consumer Defense | 3.79% | 0.00% | 33.79% | 79.94% |
| Energy | 2.94% | 0.00% | 29.17% | 88.58% |
| Basic Materials | 2.72% | 0.00% | 23.88% | 86.35% |
| Real Estate | 1.84% | 0.00% | 40.74% | 86.35% |
| Utilities | 0.00% | 0.00% | 24.69% | 89.69% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | CAAIX % Rank | |
|---|---|---|---|---|
| US | 98.95% | 55.64% | 103.20% | 30.75% |
| Non US | 0.00% | 0.00% | 33.85% | 26.59% |
CAAIX - Expenses
Operational Fees
| CAAIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.82% | 0.06% | 16.92% | 71.67% |
| Management Fee | 0.72% | 0.00% | 1.20% | 57.06% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.01% | 0.40% | N/A |
Sales Fees
| CAAIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 3.50% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
| CAAIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| CAAIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 24.00% | 0.00% | 227.00% | 18.84% |
CAAIX - Distributions
Dividend Yield Analysis
| CAAIX | Category Low | Category High | CAAIX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 22.79% | 11.94% |
Dividend Distribution Analysis
| CAAIX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | None | Annual | Quarterly | Annual |
Net Income Ratio Analysis
| CAAIX | Category Low | Category High | CAAIX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.87% | -1.84% | 4.73% | 43.02% |
Capital Gain Distribution Analysis
| CAAIX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 21, 2023 | $0.202 | CapitalGainShortTerm |
| Nov 21, 2023 | $1.951 | CapitalGainLongTerm |
| Dec 20, 2022 | $0.375 | OrdinaryDividend |
| Nov 22, 2022 | $3.729 | OrdinaryDividend |
| Dec 21, 2021 | $0.352 | OrdinaryDividend |
| Nov 18, 2021 | $6.567 | OrdinaryDividend |
| Dec 22, 2020 | $0.363 | OrdinaryDividend |
| Nov 19, 2020 | $4.022 | CapitalGainLongTerm |
| Dec 17, 2019 | $0.565 | OrdinaryDividend |
| Nov 21, 2019 | $0.036 | CapitalGainShortTerm |
| Nov 21, 2019 | $2.926 | CapitalGainLongTerm |
| Dec 27, 2018 | $0.582 | OrdinaryDividend |
| Nov 15, 2018 | $0.209 | CapitalGainShortTerm |
| Nov 15, 2018 | $2.213 | CapitalGainLongTerm |
| Dec 28, 2017 | $0.550 | OrdinaryDividend |
| Nov 16, 2017 | $0.285 | CapitalGainShortTerm |
| Nov 16, 2017 | $5.323 | CapitalGainLongTerm |
| Dec 29, 2016 | $0.438 | OrdinaryDividend |
| Nov 17, 2016 | $0.411 | CapitalGainShortTerm |
| Nov 17, 2016 | $2.997 | CapitalGainLongTerm |
| Dec 30, 2015 | $0.689 | OrdinaryDividend |
| Nov 19, 2015 | $0.296 | CapitalGainShortTerm |
| Nov 19, 2015 | $4.634 | CapitalGainLongTerm |
| Dec 30, 2014 | $0.560 | OrdinaryDividend |
| Nov 20, 2014 | $1.144 | CapitalGainShortTerm |
| Nov 20, 2014 | $5.017 | CapitalGainLongTerm |
| Dec 30, 2013 | $0.589 | OrdinaryDividend |
| Nov 14, 2013 | $1.130 | CapitalGainShortTerm |
| Nov 14, 2013 | $2.506 | CapitalGainLongTerm |
| Dec 27, 2012 | $0.440 | OrdinaryDividend |
| Nov 16, 2012 | $0.019 | CapitalGainShortTerm |
| Nov 16, 2012 | $4.471 | CapitalGainLongTerm |
CAAIX - Fund Manager Analysis
Managers
John Rogers
Start Date
Tenure
Tenure Rank
Sep 01, 2002
19.76
19.8%
John’s passion for investing began at age 12 when his father began buying him stocks as Christmas and birthday gifts. His interest in equities grew at Princeton University, where he majored in economics, and over the two-plus years he worked as a stockbroker for William Blair & Company, LLC. In 1983, John founded Ariel to focus on patient, value investing within small- and medium-sized companies. While our research capabilities have expanded across the globe, patience is still the disciplined approach that drives the firm today. Early in his career, John’s investment acumen brought him to the
Timothy Fidler
Start Date
Tenure
Tenure Rank
Nov 10, 2009
12.56
12.6%
Timothy Fidler, CFA, Executive Vice President, is co-portfolio manager for Ariel’s mid cap value strategy. He joined Ariel in 1999. Mr. Fidler is the Ariel's director of research and also responsible for the Ariel ’s proprietary research in financial services companies. Mr. Fidler graduated Phi Beta Kappa from Northwestern University with a B.A. with honors distinction and earned his M.B.A. with high honors from the University of Chicago. Prior to joining Ariel in 1999, he was a Research Analyst and Portfolio Manager at Morgan Stanley working on the firm’s U.S. value management te
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 35.59 | 8.15 | 10.92 |
