when dyed-in-the wool value investing strategists have been pushed aside for sexier growth and quantitative managers, John W. Rogers Jr.’s patient contrarian approach has proven resilient in the aftermath of multiple market storms.
Meanwhile, Rogers remains Ariel’s chief investment officer and stock-picker. His flagship $2.5 billion Ariel Fund was launched in 1986, making it the longest-running fund in Morningstar’s mid-cap value category. Since inception, it has posted a 10.5% average annual return, slightly better than both the Russell 2500 Value Index and the S&P 500.
Last year was another rough one for the Ariel Fund: It fell 19%, compared with a 13% drop for its benchmark Russell 2500 Value Index, largely because it has few energy stocks and is more heavily weighted toward sectors like media and entertainment, which underperformed. It’s a hazard that comes with Rogers’ high-conviction and high-concentration investing style—39% of the fund is invested in his top 10 holdings. In January, the fund was up 14%, outperforming the S&P 500’s 6% gain.
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