Over the trailing one-year period, the Ariel Small Cap Value Concentrated Composite increased +12.07% (+11.46% net of fees). We did not initiate or exit any positions in the quarter. Several ...

Ariel Emerging Markets Value Composite fell - 9.99% gross of fees (-10.21% net of fees) in the quarter, trailing MSCI EM Index and MSCI EM Value Index, which declined -8.01% and -9.21% ...