CAAIX Fees and Costs — Ariel Appreciation Fund, Institutional Class
Data updated: 2026-08-20
The net expense ratio is 0.84%: a 0.73% management fee plus 0.11% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $480K in broker commissions, 0.0528% of average net assets, and portfolio turnover was 25%.
CAAIX Fees and Expenses
Annual operating expenses and sales charges of CAAIX. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.73% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.11% |
| Gross expense ratio | 0.84% |
| Fee waiver | — |
| Net expense ratio | 0.84% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
CAAIX Costs Over Time
On $10,000 invested in CAAIX, assuming 5% a year before costs, total costs come to $560 over 5 years, cutting the return by 0.94% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.84%) | $88 | $275 | $478 |
| Trading costs (broker commissions) | $6 | $17 | $30 |
| Lost growth on money paid in costs | $0 | $14 | $51 |
| Total costs | $94 | $307 | $560 |
| Value after costs | $10,406 | $11,269 | $12,203 |
| Impact on return, per year | 0.94% | 0.94% | 0.94% |
CAAIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0528%
- Total broker commissions: $480K
- Bought from dealers (principal trades, not a cost): $399.3M
- Portfolio turnover (prospectus): 25%
- Securities lending: none during the year
CAAIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INSTINET, LLC | $84K | 27.07% |
| CAPITAL INSTITUTIONAL SERVICES, INC. | $52K | 16.70% |
| RAYMOND JAMES LTD. | $29K | 9.51% |
| J.P. Morgan Securities LLC | $29K | 9.36% |
| WR Securities, LLC | $26K | 8.44% |
| MORGAN STANLEY & CO. LLC | $19K | 6.07% |
| BARCLAYS CAPITAL INC | $18K | 5.88% |
| WILLIAM BLAIR & COMPANY, L.L.C. | $18K | 5.78% |
| Citigroup Global Markets Inc. | $18K | 5.71% |
| Jefferies LLC | $17K | 5.47% |
CAAIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| The Northern Trust Company | $399.3M | 100.00% |
Ariel Appreciation Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| CAAIX | Institutional Class | 0.84% | none |
| CAAPX | Investor Class | 1.15% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.