Ariel Focus Fund Investor CL · NASDAQ:ARFFX

Ariel Focus Fund Investor CL — Ariel Focus Fund — Fact Sheet (January 2024)

2 slides from Ariel Focus Fund Investor CL's fact sheet, January 2024

1. Slide 1: Annualized performance and portfolio characteristics

   1.00% 0.75% 1.13% 0.85% Annualized Since • 1983 QTR YTD 1-Year 3-Year 5-Year 10-Year Inception • Ariel Focus Fund 11.05 6.97 6.97 5.56 9.57 5.90 5.90 (Investor Class) Ariel Focus Fund • (Institutional Class)2 11.23 7.23 7.23 5.83 9.85 6.17 6.08 • Russell 1000® Value Index3 9.50 11.46 11.46 8.86 10.9

2. Slide 2: Holdings and contribution data

   27.22 16.07 6.49 24.84 20.20 6.45 15.24 8.66 5.23 8.82 7.86 5.16 8.75 13.92 4.82 7.18 3.60 4.79 4.79 8.29 4.68 0.00 7.29 4.59 0.00 5.05 4.46 0.00 3.95 0.00 5.12 3.72 3.40 0.00 50.40 16.47 29.39 $71,147 $139,027 13.77 34.07 $471 $270 19.06 24.40 $377,301 $773,353 30.85 10.92 19.85 1.22 2.76 88.63 2.7

Ariel Focus Fund — Fact Sheet (January 2024) on 6ix