The Ariel International Fund is managed by Ariel Investments, LLC, founded in 1983 by John W. Rogers, Jr. and now the largest minority-run mutual fund firm in the United States. The fund was established on December 30, 2011, to pursue long-term capital appreciation by investing primarily in companies outside the U.S., focusing on developed international markets. Led by Henry Mallari-D'Auria as Chief Investment Officer of Global and Emerging Markets Equities, who brings nearly 40 years of experience including over 20 years as CIO at AllianceBernstein, the fund employs a concentrated value approach with 42 holdings versus 742 in the benchmark. The fund offers two share classes with expense ratios of 1.17% (Investor) and 0.91% (Institutional), managing $261.6 million in assets as of December 2025. Ariel Investments maintains comprehensive operational infrastructure with $12.37 billion in total regulatory assets under management across 168 discretionary accounts.

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We seek to own undervalued, out-of-favor, quality businesses whose earnings power is not yet reflected in valuations. We strive to capitalize on price dislocations and short-term market inefficiencies to drive long-term capital appreciation and higher risk-adjusted returns relative to the benchmark over a full market cycle. The investment process follows a rigorous four-step approach: Eliminate, Focus, Validate, and Build, with a validation team involving a Lead Analyst, a Devil's Advocate, and a Fresh Analyst to challenge investment theses. We integrate all material issues, including sustainability-related factors, as part of the broader review of material risks and opportunities. Our long-term returns are generated by having a correct, non-consensus point of view while maintaining active patience and independent thinking in our investment decisions.

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