PARA - Ariel Investments Q1 2024 Small Cap Value Strategy Letter
2024-06-26 06:30:00 ET
Summary
- Ariel Investments, LLC is a global value-based asset management firm founded four decades ago in 1983. Ariel serves individual and institutional investors through five no-load mutual funds and eleven separate account strategies.
- During the quarter, our own portfolios held their own - more specifically, our small cap portfolios outperformed their value indices and our small/mid cap value strategy beat its value and core benchmarks.
- During the first quarter, we initiated a new position in leading spirits manufacturer, MGP Ingredients in our small cap value portfolios.
- We did not initiate or exit any positions in our small cap concentrated or small/mid cap portfolios during the period.
| Performance (%) as of March 31, 2024 |
| Annualized |
| QTD |
| 1-Year |
| 3-Year |
| 5-Year |
| 10-Year |
| Since Inception |
| Ariel Small Cap Value Tax-Exempt |
| 09/30/1983 |
| Gross of Fees |
| 3.97 |
| 14.52 |
| 2.21 |
| 9.82 |
| 8.16 |
| 12.33 |
| Net of Fees |
| 3.71 |
| 13.38 |
| 1.20 |
| 8.74 |
| 7.09 |
| 11.22 |
| Russell 2000™ Value Index |
| 2.90 |
| 18.75 |
| 2.22 |
| 8.16 |
| 6.87 |
| 10.22 |
| Russell 2000™ Index |
| 5.18 |
| 19.71 |
| -0.10 |
| 8.10 |
| 7.58 |
| 9.05 |
| S&P 500® Index |
| 10.56 |
| 29.88 |
| 11.49 |
| 15.04 |
| 12.96 |
| 11.46 |
| Ariel Small Cap Value Concentrated |
| 04/30/2020 |
| Gross of Fees |
| 5.54 |
| 16.99 |
| 1.59 |
| - |
| - |
| 16.87 |
| Net of Fees |
| 5.28 |
| 15.83 |
| 0.58 |
| - |
| - |
| 15.71 |
| Russell 2000™ Value Index |
| 2.90 |
| 18.75 |
| 2.22 |
| - |
| - |
| 17.38 |
| Russell 2000™ Index |
| 5.18 |
| 19.71 |
| -0.10 |
| - |
| - |
| 14.64 |
| S&P 500® Index |
| 10.56 |
| 29.88 |
| 11.49 |
| - |
| - |
| 18.13 |
| Ariel Small/Mid Cap Value |
| 12/31/2000 |
| Gross of Fees |
| 7.53 |
| 17.96 |
| 4.37 |
| 10.42 |
| 9.61 |
| 9.54 |
| Net of Fees |
| 7.27 |
| 16.80 |
| 3.33 |
| 9.32 |
| 8.53 |
| 8.46 |
| Russell 2500™ Value Index |
| 6.07 |
| 21.33 |
| 5.36 |
| 9.37 |
| 7.68 |
| 9.09 |
| Russell 2500™ Index |
| 6.92 |
| 21.43 |
| 2.97 |
| 9.90 |
| 8.84 |
| 8.97 |
| S&P 500® Index |
| 10.56 |
| 29.88 |
| 11.49 |
| 15.04 |
| 12.96 |
| 8.18 |
| Ariel Mid Cap Value |
| 03/31/1990 |
| Gross of Fees |
| 4.37 |
| 14.26 |
| 4.05 |
| 9.26 |
| 8.00 |
| 11.23 |
| Net of Fees |
| 4.11 |
| 13.13 |
| 3.02 |
| 8.18 |
| 6.94 |
| 10.13 |
| Russell Midcap® Value Index |
| 8.23 |
| 20.40 |
| 6.80 |
| 9.93 |
| 8.57 |
| 11.19 |
| Russell Midcap® Index |
| 8.60 |
| 22.35 |
| 6.06 |
| 11.09 |
| 9.95 |
| 11.35 |
| S&P 500® Index |
| 10.56 |
| 29.88 |
| 11.49 |
| 15.04 |
| 12.96 |
| 10.63 |