Ariel Investments was founded in 1983 by John W. Rogers, Jr., whose passion for investing began at age 12 when his father bought him stocks as gifts. Rogers graduated from Princeton University with a BA in economics and was captain of the Ivy League co-champion basketball team. He founded Ariel to focus on patient, value investing within small- and medium-sized companies, building the firm into one of the most established minority-owned investment management companies in the United States. Today, Ariel manages approximately $14.1 billion in assets with 123 team members across offices in Chicago, New York, San Francisco, and Sydney. The firm has been SEC-registered since April 15, 1983, and has built a reputation for independent thinking and contrarian investment approaches. Rogers has been recognized alongside legendary investors Warren Buffett, Sir John Templeton, and Ben Graham in distinguished investment literature.

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The Ariel Appreciation Fund employs a contrarian investment strategy built on Active Patience®, Independent Thinking, Focused Expertise, and Bold Teamwork. The fund seeks value among small- and medium-sized companies that are widely misunderstood, ignored and/or underfollowed by the broader market. The investment approach results from meticulous, fundamental bottom-up research through a systematic process of idea generation, initial review, due diligence, and committee deliberation. The fund maintains a concentrated portfolio with high active share, reflecting management's conviction in their research process. The strategy emphasizes patient, long-term value investing while actively seeking opportunities for clients. Portfolio managers make final investment decisions based on comprehensive fundamental analysis of undervalued opportunities in the mid-cap space.

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