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Name

As of 09/29/2023

Price

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

Ariel Appreciation Fund

CAAPX | Fund

$37.82

$1.15 B

0.66%

$0.25

1.10%

Vitals

YTD Return

-0.1%

1 yr return

25.9%

3 Yr Avg Return

18.1%

5 Yr Avg Return

8.5%

Net Assets

$1.15 B

Holdings in Top 10

33.8%

52 WEEK LOW AND HIGH

$38.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.10%

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

IRA

$1,000

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 09/29/2023

Price

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

Ariel Appreciation Fund

CAAPX | Fund

$37.82

$1.15 B

0.66%

$0.25

1.10%

CAAPX - Profile

Distributions

  • YTD Total Return -0.1%
  • 3 Yr Annualized Total Return 18.1%
  • 5 Yr Annualized Total Return 8.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.55%
DIVIDENDS
  • Dividend Yield 0.7%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Ariel Appreciation Fund
  • Fund Family Name
    Ariel Investments
  • Inception Date
    Dec 01, 1989
  • Shares Outstanding
    N/A
  • Share Class
    Inv
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    John Rogers

Fund Description

The Fund invests in mid‑capitalization (“mid cap”) undervalued companies that show strong potential for growth. The Fund 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, 2022, the market capitalizations of the companies in the Russell Midcap Index ranged from $310 million to $53 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 three interrelated tenets: patience, focus and independent thinking. 
A Patient View. The Fund generally seeks 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 us to take our time to research a company and wait as long as necessary for its stock to reach a price we view as undervalued relative to our estimate of its private market value. 
A Focused Approach. 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 a significant portion of its assets among fewer sectors than its benchmarks. The Fund is a diversified fund that generally will hold between 25‑45 securities in its portfolio. 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. We believe these industries may be more likely to face shrinking growth prospects, litigation costs and legal liability that cannot be quantified. 
A Team of Independent Thinkers. As independent thinkers, we make opportunistic purchases when we see companies that are temporarily out of favor, misunderstood or ignored—generally seeking to invest in companies that are trading at a low valuation relative to potential earnings and/or a low valuation relative to our estimate of intrinsic worth. We perform our own original proprietary research that often leads us to buy when others are selling and sell when others are buying. The primary reasons we will sell a stock 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 strategy’s mid cap range. 
Read More

CAAPX - Performance

Return Ranking - Trailing

Period CAAPX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.1% -47.5% 22.4% 64.21%
1 Yr 25.9% -50.4% 17.9% 16.32%
3 Yr 18.1%* -15.8% 26.9% 38.17%
5 Yr 8.5%* -14.8% 10.2% 41.18%
10 Yr 8.5%* -8.0% 9.2% 48.40%

* Annualized

Return Ranking - Calendar

Period CAAPX Return Category Return Low Category Return High Rank in Category (%)
2022 -20.7% -41.6% 1.2% 86.70%
2021 10.1% -41.5% 44.9% 82.93%
2020 -2.9% -29.0% 22.1% 76.09%
2019 15.5% -8.1% 32.7% 84.87%
2018 -19.4% -36.8% -7.2% 39.26%

Total Return Ranking - Trailing

Period CAAPX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.1% -47.5% 22.4% 64.21%
1 Yr 25.9% -50.4% 18.3% 16.32%
3 Yr 18.1%* -9.8% 28.8% 38.17%
5 Yr 8.5%* -8.3% 12.6% 41.18%
10 Yr 8.5%* 0.5% 12.2% 48.40%

* Annualized

Total Return Ranking - Calendar

Period CAAPX Return Category Return Low Category Return High Rank in Category (%)
2022 -4.1% -35.0% 2.4% 50.00%
2021 41.1% 6.2% 48.3% 24.80%
2020 7.4% -22.9% 23.2% 24.73%
2019 24.6% 5.5% 37.0% 74.23%
2018 -14.0% -22.3% -4.1% 59.03%

NAV & Total Return History

CAAPX - Holdings

Concentration Analysis

CAAPX Category Low Category High CAAPX % Rank
Net Assets 1.15 B 2.86 M 45 B 40.05%
Number of Holdings 44 9 2354 89.27%
Net Assets in Top 10 374 M 129 K 9.16 B 32.46%
Weighting of Top 10 33.84% 5.3% 99.9% 13.61%

Top 10 Holdings

  1. Mattel, Inc. COM USD1.00 3.89%
  2. Laboratory Corp of America Holdings COM USD0.1 3.74%
  3. Northern Trust Corporation COM USD1.666 3.56%
  4. Goldman Sachs Group, Inc. COM USD0.01 3.55%
  5. Carmax Inc COM USD0.50 3.46%
  6. The Charles Schwab Corporation COM USD0.01 3.22%
  7. Charles River Laboratories International, Inc. COM STK USD0.01 3.21%
  8. Kennametal Inc CAP USD1.25 3.09%
  9. Stanley Black Decker, Inc. COM USD2.50 3.08%
  10. The Interpublic Group of Companies, Inc. COM USD0.10 3.05%

Asset Allocation

Weighting Return Low Return High CAAPX % Rank
Stocks 		97.82% 85.69% 100.65% 58.38%
Cash 		2.54% -0.65% 14.30% 33.77%
Preferred Stocks 		0.00% 0.00% 5.42% 82.20%
Other 		0.00% 0.00% 5.56% 89.27%
Convertible Bonds 		0.00% 0.00% 0.02% 80.79%
Bonds 		0.00% 0.00% 4.65% 80.89%

Stock Sector Breakdown

Weighting Return Low Return High CAAPX % Rank
Financial Services 		29.76% 0.00% 60.11% 2.89%
Industrials 		15.04% 0.00% 29.02% 55.79%
Healthcare 		14.64% 0.00% 32.47% 11.32%
Communication Services 		13.15% 0.00% 19.80% 3.42%
Consumer Cyclical 		11.77% 0.00% 29.62% 41.05%
Technology 		4.35% 0.00% 30.07% 93.68%
Consumer Defense 		3.79% 0.00% 33.79% 79.47%
Energy 		2.94% 0.00% 29.17% 87.11%
Basic Materials 		2.72% 0.00% 23.88% 85.00%
Real Estate 		1.84% 0.00% 40.74% 85.79%
Utilities 		0.00% 0.00% 24.69% 97.37%

Stock Geographic Breakdown

Weighting Return Low Return High CAAPX % Rank
US 		97.82% 55.79% 100.30% 43.72%
Non US 		0.00% 0.00% 36.04% 85.86%

CAAPX - Expenses

Operational Fees

CAAPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.10% 0.01% 16.27% 43.46%
Management Fee 0.71% 0.00% 1.20% 62.83%
12b-1 Fee 0.25% 0.00% 1.00% 60.98%
Administrative Fee N/A 0.01% 0.40% N/A

Sales Fees

CAAPX 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

CAAPX 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.

CAAPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 24.00% 0.00% 227.00% 18.73%

CAAPX - Distributions

Dividend Yield Analysis

CAAPX Category Low Category High CAAPX % Rank
Dividend Yield 0.66% 0.00% 9.24% 20.42%

Dividend Distribution Analysis

CAAPX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annually Semi-Annually Annually

Net Income Ratio Analysis

CAAPX Category Low Category High CAAPX % Rank
Net Income Ratio 0.55% -1.84% 4.73% 64.38%

Capital Gain Distribution Analysis

CAAPX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

CAAPX - 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 8.57 10.92

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