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Ariel International Institutional AINIX

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Morningstar’s Analysis

Will AINIX outperform in future?

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Ariel International’s Defensive Traits Shine in Recent Sell-Off; Ratings Unchanged

Analyst Note

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Ariel International AINIX has held up well in the downturn that began in non-U.S. markets on Jan. 20, 2020. From then through March 23, the fund’s Institutional shares dropped 25.9%. While painful, that was better than the MSCI EAFE Index’s 33.9% decline and bested all but a few foreign large-blend rivals. Stock selection was solid across most sectors, but an overweighting in--and solid picks within--the defensive telecommunication services industry notably buoyed results, as did an above-average cash stake, which stood at 9.4% of assets on Dec. 31, 2019.

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