Ariel Appreciation Fund Investor Class (CAAPX) Fund Details & Analysis

Fund Information

Fund Category Mid-Cap Value

Fund Family Ariel Investments

Fund Style Large

ISIN US0403372065

CUSIP 040337206

Inception Date 1989-12-01

Domicile United States

Country USA

Fiscal Year End September

NAV Chart

Fund Metrics

Net Assets $977.13 Million

Share Class Net Assets $813.79 Million

Expense Ratio 1.15%

Expense Ratio Date 2026-02-01

Dividend Yield 0.00%

Morning Star Rating -

Morning Star Risk Rating -

Morning Star Category -

Performance

YTD Return 12.52%

1-Year Return 17.44%

3-Year Return 13.33%

5-Year Return 6.00%

NAV $43.41

Previous Close Price $43.19

Last Update 2026-09-30

Dividend Information

Dividend Yield 0.00%

Dividend (ttm) 0.17

Dividend Growth -58.12%

Payout Frequency Annual

Ex-Dividend Date n/a

Ratings

Morning Star Rating -

Morning Star Risk Rating -

Morning Star Category -

Beta (5Y) 1.23

About Ariel Appreciation Fund Investor Class

The fund invests in mid-capitalization 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. The fund’s strategy is rooted in the contrarian investment philosophy of the Adviser, which depends on four interrelated tenets: Active patience, Independent Thinking, Focused Expertise, and Bold Teamwork.

Detailed Metrics

Market Cap Distribution

AverageMarketCap 11241.53%

Giant 0.00%

Large 5.81%

Medium 30.47%

Micro 14.26%

Small 47.87%

Value & Growth Metrics

Book-Value Growth % 4.13%

Cash-Flow Growth % 8.36%

Dividend Yield % 1.13%

Historical Earnings % -1.36%

Long-Term Earnings % 10.29%

Asset Allocation

Type	Net %	Long %	Short %	Category Average	benchmark
Bond	0.00%	0.00%	0.00%	0.00%	0.00%
Cash	1.59%	1.59%	0.00%	1.92%	0.00%
Non US Stock	4.64%	4.64%	0.00%	4.94%	1.29%
Not Classified	0.00%	0.00%	0.00%	0.02%	0.00%
Other	0.00%	0.00%	0.00%	0.89%	0.00%
US Stock	93.77%	93.77%	0.00%	92.44%	98.71%

Top Holdings

Name	Weight	Owned	Change
Northern Trust Corporation COM USD1.666	3.89%	-	-
Goldman Sachs Group, Inc. COM USD0.01	3.61%	-	-
Core Laboratories Inc COM	2.90%	-	-
Mattel, Inc. COM USD1.00	3.34%	-	-
Labcorp Holdings Inc COM SHS	3.20%	-	-
Generac Holdings Inc. COM USD0.01	2.94%	-	-
Charles River Laboratories International, Inc. COM STK USD0.01	3.38%	-	-
The Interpublic Group of Companies, Inc. COM USD0.10	3.08%	-	-
Carmax Inc COM USD0.50	3.02%	-	-
Madison Square Garden Sports Corp COM USD0.01 CLASS A	None	-	-
Stanley Black Decker, Inc. COM USD2.50	3.12%	-	-
Lazard Inc COM	3.05%	-	-
The Charles Schwab Corporation COM USD0.01	3.09%	-	-
First American Financial Corporation COM USD0.00001	2.88%	-	-
Carlyle Group Inc COM	3.01%	-	-
Middleby Corp. COM USD0.01	3.12%	-	-
Jones Lang LaSalle Incorporated COM USD0.01	3.28%	-	-
Sphere Entertainment Co. CL A	3.42%	-	-
Madison Square Garden Entertainment Corp New COM CL A	3.53%	-	-
Norwegian Cruise Line Holdings Ltd COM USD0.001	3.31%	-	-
Knowles Corporation COM USD1.0	3.00%	-	-
Omnicom Group Inc COM USD0.15	2.97%	-	-
Bio-Rad Laboratories, Inc. CLASS'A'COM USD0.0001	2.85%	-	-
Madison Square Garden Sports Corp. COM USD0.01 CLASS A	3.37%	-	-
SLB Ltd. COM USD0.01	3.34%	-	-
OneSpaWorld Holdings Ltd. COM USD0.0001	3.18%	-	-
CHARLES RIVER LABORATORIES INTERNATIONAL INC COM STK USD0.01	4.04%	-	-
MADISON SQUARE GARDEN ENTERTAINMENT CORP COM CL A	3.41%	-	-
ONESPAWORLD HOLDINGS LTD COM USD0.0001	3.39%	-	-
MIDDLEBY CORP (THE) COM USD0.01	3.35%	-	-
JONES LANG LASALLE INC COM USD0.01	2.91%	-	-
MADISON SQUARE GARDEN SPORTS CORP COM USD0.01 CLASS A	2.91%	-	-
NORWEGIAN CRUISE LINE HOLDINGS LTD COM USD0.001	2.91%	-	-
OMNICOM GROUP INC COM USD0.15	2.90%	-	-
FIRST AMERICAN FINANCIAL CORP COM USD0.00001	2.84%	-	-
CHARLES SCHWAB CORP (THE) COM USD0.01	2.74%	-	-

See the full breakdown of CAAPX fund's asset allocation and top holdings .

Sector Weights

Category	Subcategory	Amount %	Category Avg	Stocks %	Benchmark
Bond Sector	Cash and Equivalents	0.00%	98.75%	100.00%	0.00%
Bond Sector	Corporate	0.00%	1.12%	0.00%	0.00%
Bond Sector	Derivative	0.00%	0.00%	0.00%	0.00%
Bond Sector	Government	0.00%	0.12%	0.00%	0.00%
Bond Sector	Municipal	0.00%	0.00%	0.00%	0.00%
Bond Sector	Securitized	0.00%	0.00%	0.00%	0.00%
Cyclical	Basic Materials	2.37%	4.52%	0.00%	4.64%
Cyclical	Consumer Cyclical	12.66%	10.20%	0.00%	7.88%
Cyclical	Financial Services	24.09%	17.42%	0.00%	17.49%
Cyclical	Real Estate	5.47%	5.85%	0.00%	5.16%
Defensive	Consumer Defensive	2.16%	6.12%	0.00%	8.46%
Defensive	Healthcare	15.41%	11.42%	0.00%	11.13%
Defensive	Utilities	0.00%	6.07%	0.00%	8.66%
Sensitive	Communication Services	14.01%	2.78%	0.00%	2.20%
Sensitive	Energy	4.43%	6.97%	0.00%	12.92%
Sensitive	Industrials	12.19%	14.95%	0.00%	11.00%
Sensitive	Technology	7.20%	13.69%	0.00%	10.47%

World Regions

Region	Subregion	Category Average	Stocks Percent	Benchmark
Americas	Latin America	0.71%	-	-
Americas	North America	96.12%	95.29%	98.71%
Greater Asia	Asia Developed	0.14%	-	-
Greater Asia	Asia Emerging	0.36%	-	0.31%
Greater Asia	Australasia	0.00%	-	-
Greater Asia	Japan	0.33%	-	-
Greater Europe	Africa/Middle East	0.05%	-	-
Greater Europe	Europe Developed	1.35%	-	0.55%
Greater Europe	Europe Emerging	-	-	-
Greater Europe	United Kingdom	0.94%	4.71%	0.44%

Dividend History

Date	Amount	Unadjusted Amount	Currency	Declaration Date	Record Date	Payment Date	Period
2024-12-18	$0.171	$0.171	USD	-	-	-	-
2023-12-19	$0.318	$0.318	USD	-	2023-12-18	2023-12-19	Annual
2022-12-20	$0.251	$0.251	USD	-	2022-12-19	2022-12-20	Annual
2021-12-21	$0.212	$0.212	USD	-	2021-12-20	2021-12-21	Annual
2020-12-22	$0.245	$0.245	USD	2020-12-22	2020-12-21	2020-12-22	Annual
2019-12-17	$0.418	$0.418	USD	2019-12-17	2019-12-16	2019-12-17	Annual
2018-12-27	$0.424	$0.424	USD	2018-12-27	2018-12-26	2018-12-27	Annual
2017-12-28	$0.389	$0.389	USD	2017-12-28	2017-12-27	2017-12-28	Annual
2016-12-29	$0.302	$0.302	USD	2016-12-29	2016-12-28	2016-12-29	Annual
2015-12-30	$0.502	$0.502	USD	2015-12-30	2015-12-29	2015-12-30	Annual
2014-12-30	$0.374	$0.374	USD	2014-12-30	2014-12-29	2014-12-30	Annual
2013-12-30	$0.423	$0.423	USD	2013-12-30	2013-12-27	2013-12-30	Annual
2012-12-27	$0.331	$0.331	USD	2012-12-27	2012-12-26	2012-12-27	Annual
2011-12-29	$0.157	$0.157	USD	-	2011-12-28	2011-12-29	Annual
2010-12-29	$0.013	$0.013	USD	-	2010-12-28	2010-12-29	Annual
2010-04-30	$0.047	$0.047	USD	-	-	-	-
2009-12-29	$0.042	$0.042	USD	-	2009-12-28	2009-12-29	Annual
2008-12-29	$0.184	$0.184	USD	-	2008-12-26	2008-12-29	Annual
2007-12-27	$0.230	$0.230	USD	-	2007-12-26	2007-12-27	Annual
2006-12-28	$0.022	$0.022	USD	-	2006-12-27	2006-12-28	Annual
2005-12-29	$0.133	$0.133	USD	-	2005-12-28	2005-12-29	Annual
2004-12-31	$0.048	$0.048	USD	-	-	-	-
2004-12-29	$0.046	$0.046	USD	-	2004-12-28	2004-12-29	Annual
2001-12-10	$0.065	$0.065	USD	-	2001-12-07	2001-12-10	Other
2000-12-04	$0.117	$0.117	USD	-	2000-12-01	2000-12-04	Other
1999-12-15	$0.042	$0.042	USD	-	1999-12-14	1999-12-15	Other
1998-12-30	$0.036	$0.036	USD	-	1998-12-29	1998-12-30	Other
1997-12-30	$0.068	$0.068	USD	-	-	-	-
1997-12-23	$3.172	$3.172	USD	-	1997-12-22	1997-12-24	Other
1996-12-30	$0.074	$0.074	USD	-	1996-12-27	1996-12-30	Other
1995-12-28	$0.200	$0.200	USD	-	1995-12-27	1995-12-28	Other
1994-12-30	$0.063	$0.063	USD	-	1994-12-29	1994-12-30	Annual
1994-12-29	$1.268	$1.268	USD	-	1994-12-29	1994-12-30	Annual
1993-12-27	$0.004	$0.004	USD	-	-	-	-
1993-11-22	$0.048	$0.048	USD	-	-	-	-
1992-12-21	$0.019	$0.019	USD	-	-	-	-
1992-11-23	$0.065	$0.065	USD	-	-	-	-
1991-12-23	$0.169	$0.169	USD	-	-	-	-
1990-12-24	$0.167	$0.167	USD	-	-	-	-

View the full dividend history for CAAPX.

Ariel Appreciation Fund Investor Class NMFQS:CAAPX