CAAIX Performance — Ariel Appreciation Fund, Institutional Class
Data updated: 2026-08-20
CAAIX returned +15.17% year to date and +30.15% over one year to Jun 2026. Annualised returns are +12.39% over 3 years and +6.79% over 5 years. Against its US Mid-Cap Value category average the fund came out behind over three years but ahead over one: $100 invested three years ago grew to $142, against $148 for the category, and to $130 over one year, against $120. Volatility over the past three years was 19.61% a year. In the 12 months to Jun 2026 the fund lost a net $20.7M, and assets reached $959.97M.
CAAIX Growth of $100
What $100 invested in Ariel Appreciation Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the US Mid-Cap Value category average over the same months.
| Period | CAAIX | Category average |
|---|---|---|
| 1 year (Jul 2025 – Jun 2026) | $130 | $120 |
| 3 years (Jul 2023 – Jun 2026) | $142 | $148 |
| 5 years (Jul 2021 – Jun 2026) | $139 | $154 |
| Since data start (Jul 2019 – Jun 2026) | $194 | $212 |
CAAIX Trailing Returns
Total returns to Jun 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +15.17% |
| 1 year | +30.15% |
| 3 years (annualised) | +12.39% |
| 5 years (annualised) | +6.79% |
CAAIX Annual Returns
Calendar-year total returns of Ariel Appreciation Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jun) | +15.17% |
| 2025 | +11.49% |
| 2024 | +6.61% |
| 2023 | +10.98% |
| 2022 | −12.15% |
| 2021 | +26.24% |
| 2020 | +7.70% |
| 2019 (Jul–Dec) | +6.69% |
CAAIX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +5.9% | +4.0% | −8.2% | +7.3% | +0.5% | +5.5% | — | — | — | — | — | — |
| 2025 | +4.2% | −4.3% | −6.6% | −7.2% | +6.3% | +7.4% | +4.5% | +5.0% | −0.2% | −1.3% | +1.1% | +3.4% |
| 2024 | −3.4% | +3.0% | +4.6% | −6.9% | +3.1% | −2.6% | +11.1% | −1.1% | +0.1% | +0.4% | +7.4% | −7.7% |
| 2023 | +9.2% | −2.2% | −4.6% | −0.5% | −3.6% | +9.5% | +4.8% | −5.4% | −5.6% | −8.0% | +9.7% | +9.7% |
| 2022 | −3.2% | −1.4% | 0.0% | −7.6% | +4.0% | −11.9% | +9.2% | −4.0% | −10.0% | +11.3% | +7.3% | −3.7% |
| 2021 | +3.1% | +6.2% | +5.7% | +5.5% | +1.9% | −2.5% | 0.0% | +1.6% | −4.4% | +5.7% | −4.2% | +5.8% |
| 2020 | −3.1% | −9.0% | −22.2% | +13.1% | +5.2% | +0.8% | +3.9% | +3.8% | −2.0% | +1.1% | +15.2% | +6.2% |
| 2019 | — | — | — | — | — | — | +1.7% | −7.1% | +4.2% | +1.6% | +4.4% | +2.1% |
CAAIX Risk
Risk measures from monthly returns over Jul 2023 – Jun 2026.
- 3-year volatility (annualised): 19.61%
- 3-year Sharpe ratio: 0.40 (vs 4.5% risk-free rate)
- Best month: +11.05% (Jul 2024)
- Worst month: −8.16% (Mar 2026)
CAAIX Fund Flows
Monthly money in and out of Ariel Appreciation Fund, from SEC Form N-PORT.
- 12-month net flow: −$20.7M
- 12-month gross sales (incl. reinvestments): $132.7M
- Sales ÷ redemptions: 0.87×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jun 2026 | $917K | $15.1M | −$14.2M |
| May 2026 | $1.6M | $12.3M | −$10.7M |
| Apr 2026 | $2.1M | $10.3M | −$8.2M |
| Mar 2026 | $5.7M | $10.9M | −$5.2M |
| Feb 2026 | $2.3M | $10.4M | −$8.1M |
| Jan 2026 | $1.5M | $15.5M | −$14.0M |
| Dec 2025 | $103.4M | $17.6M | $85.8M |
| Nov 2025 | $1.4M | $14.2M | −$12.8M |
| Oct 2025 | $8.9M | $11.2M | −$2.4M |
| Sep 2025 | $1.3M | $13.2M | −$11.9M |
| Aug 2025 | $1.9M | $11.0M | −$9.1M |
| Jul 2025 | $1.8M | $11.6M | −$9.8M |
CAAIX Assets Under Management
Net assets of Ariel Appreciation Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-06-30 | $959.97M |
| 2026-03-31 | $874.98M |
| 2025-12-31 | $891.27M |
| 2025-09-30 | $896.86M |
| 2025-06-30 | $847.79M |
| 2025-03-31 | $850.95M |
| 2024-12-31 | $956.15M |
| 2024-09-30 | $1.01B |
| 2024-06-28 | $963.89M |
| 2024-03-28 | $1.07B |
| 2023-12-29 | $1.07B |
| 2023-09-29 | $1.02B |
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.