The manager has contractually committed to waive fees and/or reimburse expenses to the extent necessary to cap the fund’s total annual fund operating expenses after fee waivers at 1.55% (a), 2.30% (c) ...

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%, respectively.

Emerging market economies have held up remarkably well in recent years, even after periods of global financial turbulence. While favorable external conditions (in other words, good luck) often helped, ...