Ariel Appreciation Fund
CAAPX
NASDAQ- -
USD
- -
- -
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
FRC
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- CEO
- John W. RogersEric T. McKissack
- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 200 East Randolph Street Chicago IL United States of America 60601
- IPO Date
- Nov 30, 1989
- CIK
- 0000798365
- Website
- arielinvestments.com
- Similar Companies
- Business
- Ariel Appreciation Fund (CAAPX) is an open-end mutual fund managed by Ariel Investments LLC that seeks long-term capital appreciation by investing primarily in equity securities of mid-capitalization U.S. companies exhibiting strong growth potential at undervalued prices, with market capitalizations generally aligned with those in the Russell Midcap Index at the time of purchase; the fund employs a contrarian value investment philosophy emphasizing patience, independent thinking, and focused bottom-up stock selection across sectors such as consumer discretionary, industrials, financials, and health care. It offers Investor Class shares (ticker: CAAPX, CUSIP: 040337206, inception: December 1, 1989, minimum initial investment: $1,000, expense ratio: 1.14%) and Institutional Class shares (ticker: CAAIX, CUSIP: 040337834, inception: December 30, 2011, minimum initial investment: $1,000,000, expense ratio: 0.83%), with dividends and distributions paid annually and total fund assets of approximately $896.3 million as of September 30, 2025. The fund targets individual and institutional investors seeking mid-cap value exposure, maintaining lower turnover and benchmark-agnostic positioning compared to the Russell Midcap Value Index and Russell Midcap Index. Ariel Investments, the fund's adviser, was founded in 1983 and is headquartered in Chicago, Illinois, with additional offices in New York City, San Francisco, and Sydney, Australia; the firm manages the fund alongside other no-load mutual funds and separate account strategies as part of its global value-based asset management operations. In recent portfolio developments, the fund re-initiated its position in Walgreens Boots Alliance Inc. in 2024 following a tax-loss selling wash sale period, added holdings such as Charles Schwab Corp., The Goldman Sachs Group Inc., Envista Holdings Corp., and Vail Resorts Inc. in 2025, purchased Bio-Rad Laboratories Inc. and The Middleby Corp. while exiting Stericycle Inc. and Snap-on Inc., reflecting ongoing strategic adjustments to enhance long-term value amid market volatility and sector opportunities. Amid broader firm challenges including staff turnover and assets under management declining to $12.9 billion by April 2025 from a 2021 peak of $18.3 billion, the fund has experienced negative year-to-date returns of -14.06% as of late 2025, underperforming benchmarks, though it continues to prioritize active patience and margin of safety in its approach.