Ariel Appreciation Fund Institutional Class (CAAIX)

Fund Assets	960.37M
Expense Ratio	0.84%
Min. Investment	$1,000,000
Turnover	25.00%
Dividend (ttm)	0.01
Dividend Yield	0.02%
Dividend Growth	-96.06%
Payout Frequency	Annual
Ex-Dividend Date	Dec 17, 2025

Previous Close	47.23
YTD Return	21.64%
1-Year Return	25.43%
5-Year Return	40.79%
52-Week Low	38.06
52-Week High	47.65
Beta (5Y)	1.27
Holdings	46
Inception Date	Dec 30, 2011

About CAAIX

Ariel Appreciation Fund Institutional Class is an actively managed mutual fund focused on achieving long-term capital appreciation by investing primarily in U.S. mid-cap value stocks. The fund targets medium-sized companies that are considered undervalued but demonstrate strong potential for growth. Using a contrarian, fundamental investment approach, its management emphasizes patience, independent analysis, and sector expertise. The fund typically maintains a concentrated yet diversified portfolio—its top 10 holdings often account for over a third of total assets—and follows the Russell Midcap® Value Index as a benchmark. With an experienced management team and a disciplined investment philosophy, Ariel Appreciation Fund Institutional Class serves institutional investors seeking exposure to mid-cap equities across various sectors, such as financial services, healthcare, consumer cyclical, and industrials. The fund has a history dating back to 2011 under its current share class and is classified as a diversified fund within the U.S. equity market segment.

• Fund Family: Ariel Investments
• Category: Mid-Cap Value
• Performance Rating: Below Average
• Risk Rating: High
• Stock Exchange: NASDAQ
• Ticker Symbol: CAAIX
• Share Class: Institutional Class
• Index: Russell MidCap Value TR

Performance

CAAIX had a total return of 25.43% in the past year, including dividends. Since the fund's inception, the average annual return has been 11.13%.

Other Share Classes

These are alternative share classes of the same fund, from the same provider.

Symbol	Share Class	Expense Ratio
CAAPX	Investor Class	1.15%

Top 10 Holdings

31.40% of assets

Name	Symbol	Weight
Charles River Laboratories International, Inc.	CRL	4.04%
Madison Square Garden Entertainment Corp.	MSGE	3.40%
OneSpaWorld Holdings Limited	OSW	3.39%
The Middleby Corporation	MIDD	3.35%
Jones Lang LaSalle Incorporated	JLL	2.91%
Madison Square Garden Sports Corp.	MSGS	2.91%
Norwegian Cruise Line Holdings Ltd.	NCLH	2.91%
Omnicom Group Inc.	OMC	2.90%
First American Financial Corporation	FAF	2.84%
The Charles Schwab Corporation	SCHW	2.74%

Dividend History

Ex-Dividend	Amount	Pay Date
Dec 17, 2025	$4.96036	Dec 17, 2025
Dec 18, 2024	$2.52402	Dec 18, 2024
Dec 19, 2023	$0.44866	Dec 19, 2023
Nov 21, 2023	$2.15298	Nov 21, 2023
Dec 20, 2022	$0.3752	Dec 20, 2022
Nov 22, 2022	$3.72882	Nov 22, 2022

Data Sources: Tiingo, Twelve Data, and more

Historical data is provided by Tiingo. Delayed stock pricing data is provided by Twelve Data. Several fund data points are also provided by Finnhub.

Last checked:

Aug 27, 2026

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