AFOYX – Ariel Focus Institutional Investment Strategy | Morningstar

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Strategy

The investment seeks long-term capital appreciation. The fund invests primarily in equity securities of companies of any size in order to provide investors access to superior opportunities in companies of all market capitalizations. The fund’s strategy is rooted in the contrarian investment philosophy of the Adviser, which depends on four interrelated tenets: Active Patience®, Independent Thinking, Focused Expertise, and Bold Teamwork. It is non-diversified.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
ARFFX	Ariel Focus Fund Investor Class	No Load	Open			Jun 30, 2005	$55.84M	1.000%	Average	$1,000	$1.23M
AFOYX	Ariel Focus Fund Institutional Class	Institutional	Open			Dec 30, 2011	$24.99M	0.750%	Below Average	$1M	−$193,267.90

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