XML 30 R3.htm IDEA: XBRL DOCUMENT v3.21.4
Label Element Value
Ariel Appreciation Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Ariel Appreciation Fund
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
Ariel Appreciation Fund’s fundamental objective is long-term capital appreciation.
Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock
The table below describes fees and expenses that you may pay if you buy and hold shares of Ariel Appreciation Fund (the “Fund”).
 
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). Higher turnover rates may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 24% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 24.00%
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock
The example below illustrates the expenses you would pay on a $10,000 investment in the Fund. It assumes the Fund earned an annual return of 5% each year, the Fund’s operating expenses remain the same and that you redeem your shares at the end of each time period. The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. Your actual expenses may be greater or less than the amounts shown.
Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGY
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock
The Fund invests in mid‑capitalization (“mid cap”) undervalued companies that show strong potential for growth. The Fund invests primarily in equity securities of U.S. companies that have market capitalizations within the range of the companies in the Russell Midcap® Index, measured at the time of initial purchase. As of December 31, 2021, the market capitalizations of the companies in the Russell Midcap Index ranged from $430 million to $73.63 billion. (Source: FactSet) The Fund may invest a portion of the portfolio outside (above or below) this market capitalization range. Also, the market capitalizations for the Fund’s portfolio companies may change over time, and the Fund is permitted to invest in (hold and purchase) a company even if its market capitalization moves outside the stated range. 
The Fund’s strategy is rooted in the contrarian investment philosophy of Ariel Investments, LLC (“Ariel” or the “Adviser”), which depends on three interrelated tenets: patience, focus and independent thinking. 
A Patient View. The Fund generally seeks to own differentiated companies with certain characteristics, such as strong cash flows, low debt, quality products or services, significant barriers to entry, predictable fundamentals that allow for the potential for double-digit earnings growth (at time of initial purchase), and low reinvestment requirements. We take a long-term view, and look past short-term price volatility, seeking to hold investments for a relatively long period of time—generally three to five years. However, the holding period may vary for any particular stock. Our long-term approach enables us to take our time to research a company and wait as long as necessary for its stock to reach a price we view as undervalued relative to our estimate of its private market value. 
A Focused Approach. We seek to invest within our circle of competence, allowing us to build expertise and accumulate deep knowledge in specific sectors, to isolate key issues of importance, and to have strong convictions in the stocks purchased and held. This often results in the Fund investing a significant portion of its assets among fewer sectors than its benchmarks. The Fund is a diversified fund that generally will hold between 25‑45 securities in its portfolio. The Fund does not invest in companies whose primary source of revenue is derived from the production or sale of tobacco products, the manufacture of firearms, or the operation of for‑profit prisons. We believe these industries may be more likely to face shrinking growth prospects, litigation costs and legal liability that cannot be quantified. 
A Team of Independent Thinkers. As independent thinkers, we make opportunistic purchases when we see companies that are temporarily out of favor, misunderstood or ignored—generally seeking to invest in companies that are trading at a low valuation relative to potential earnings and/or a low valuation relative to our estimate of intrinsic worth. We perform our own original proprietary research that often leads us to buy when others are selling and sell when others are buying. The primary reasons we will sell a stock are: (i) if its valuation reaches our determination of its private market value, (ii) if a better opportunity for investment presents itself, or (iii) if there are material adverse changes to a company’s fundamentals. In addition, the Adviser has adopted procedures to sell stocks that it views as substantially outside the strategy’s mid cap range. 
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
Although Ariel makes every effort to achieve the Fund’s objective of long-term capital appreciation, Ariel cannot guarantee it will attain that objective. You could lose money by investing in the Fund. The principal risks of investing in the Fund are:
  
  •  
Mid cap stocks held by the Fund could fall out of favor and returns would subsequently trail returns of the overall stock market. The performance of such stocks could also be more volatile. Mid cap stocks often have less predictable earnings, more limited product lines and markets, and more limited financial and management resources than large cap stocks. 
  •  
The intrinsic value of the stocks in which the Fund invests may never be recognized by the broader market. 
  •  
The Fund is often concentrated in fewer sectors than its benchmarks, and its performance may suffer if these sectors underperform the overall stock market. 
  •  
Investing in equity securities is risky and subject to the volatility of the markets. Equity securities represent an ownership position in a company. The prices of equity securities fluctuate based on changes in the financial condition of their issuers and on market and economic conditions. Furthermore, when the stock market declines, most equity securities, even those issued by strong companies, often will decline in value. 
You should consider investing in the Fund if you are looking for long-term capital appreciation and are willing to accept the associated risks. 
Risk Lose Money [Text] rr_RiskLoseMoney You could lose money by investing in the Fund.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock
The bar chart and the table below show two aspects of the Fund: variability and performance. The bar chart shows the variability of the Fund’s Investor Class annual total returns over time by showing changes in the Fund’s Investor Class performance from year to year. The table shows the Fund’s average annual total returns for certain time periods compared to the returns of the Russell Midcap® Value Index and the Russell Midcap® Index, which reflect the markets in which the Fund invests, and the S&P 500® Index, a broad measure of market performance. The bar chart and table provide some indication of the risks of investing in the Fund. To obtain updated performance information, visit the Fund’s website at arielinvestments.com or call 800.292.7435. The Fund’s past performance, before and after taxes, is not necessarily an indication of its future performance. 
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows the variability of the Fund’s Investor Class annual total returns over time by showing changes in the Fund’s Investor Class performance from year to year.
Performance Additional Market Index [Text] rr_PerformanceAdditionalMarketIndex The table shows the Fund’s average annual total returns for certain time periods compared to the returns of the Russell Midcap® Value Index and the Russell Midcap® Index, which reflect the markets in which the Fund invests, and the S&P 500® Index, a broad measure of market performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800.292.7435
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress arielinvestments.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund’s past performance, before and after taxes, is not necessarily an indication of its future performance.
Bar Chart [Heading] rr_BarChartHeading Total return for the year ended December 31  
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best Quarter:4Q 2020+23.57%Worst Quarter:1Q 2020-31.43%
Performance Table Heading rr_PerformanceTableHeading Average annual total returns as of December 31, 2021
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after‑tax returns depend on your tax situation and are not relevant if Fund shares are held in tax‑deferred arrangements, such as Individual Retirement Accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After‑tax returns are shown for the Investor Class only. After‑tax returns for the Institutional Class will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock
After tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on your tax situation and are not relevant if Fund shares are held in tax‑deferred arrangements, such as Individual Retirement Accounts. After‑tax returns are shown for the Investor Class only. After‑tax returns for the Institutional Class will vary.
Ariel Appreciation Fund | Investor Class  
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) rr_MaximumDeferredSalesChargeOverOther none
Maximum sales charge (load) imposed on reinvested dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption fees rr_RedemptionFeeOverRedemption none
Management fees rr_ManagementFeesOverAssets 0.71%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses rr_OtherExpensesOverAssets 0.16%
Total annual fund operating expenses rr_ExpensesOverAssets 1.12%
1-Year rr_ExpenseExampleYear01 $ 114
3-Year rr_ExpenseExampleYear03 356
5-Year rr_ExpenseExampleYear05 617
10-Year rr_ExpenseExampleYear10 $ 1,363
2012 rr_AnnualReturn2012 19.35%
2013 rr_AnnualReturn2013 46.21%
2014 rr_AnnualReturn2014 8.15%
2015 rr_AnnualReturn2015 (6.22%)
2016 rr_AnnualReturn2016 12.67%
2017 rr_AnnualReturn2017 15.10%
2018 rr_AnnualReturn2018 (13.99%)
2019 rr_AnnualReturn2019 24.60%
2020 rr_AnnualReturn2020 7.36%
2021 rr_AnnualReturn2021 25.86%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2020
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 23.57%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Mar. 31, 2020
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (31.43%)
1-Year rr_AverageAnnualReturnYear01 25.86%
5-Year rr_AverageAnnualReturnYear05 10.76%
10-Year rr_AverageAnnualReturnYear10 12.76%
Since Inception rr_AverageAnnualReturnSinceInception 10.75%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 01, 1989
Ariel Appreciation Fund | Institutional Class  
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) rr_MaximumDeferredSalesChargeOverOther none
Maximum sales charge (load) imposed on reinvested dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption fees rr_RedemptionFeeOverRedemption none
Management fees rr_ManagementFeesOverAssets 0.71%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.10%
Total annual fund operating expenses rr_ExpensesOverAssets 0.81%
1-Year rr_ExpenseExampleYear01 $ 83
3-Year rr_ExpenseExampleYear03 259
5-Year rr_ExpenseExampleYear05 450
10-Year rr_ExpenseExampleYear10 $ 1,002
1-Year rr_AverageAnnualReturnYear01 26.24%
5-Year rr_AverageAnnualReturnYear05 11.10%
10-Year rr_AverageAnnualReturnYear10 13.11% [1]
Since Inception rr_AverageAnnualReturnSinceInception 10.85% [1]
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 01, 1989
Ariel Appreciation Fund | return after taxes on distributions | Investor Class  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 21.90%
5-Year rr_AverageAnnualReturnYear05 8.22%
10-Year rr_AverageAnnualReturnYear10 10.27%
Since Inception rr_AverageAnnualReturnSinceInception 9.16%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 01, 1989
Ariel Appreciation Fund | return after taxes on distributions and sale of fund shares | Investor Class  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 17.76%
5-Year rr_AverageAnnualReturnYear05 8.07%
10-Year rr_AverageAnnualReturnYear10 9.98%
Since Inception rr_AverageAnnualReturnSinceInception 8.96%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 01, 1989
Ariel Appreciation Fund | Russell Midcap® Value Index (reflects no deductions for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 28.34%
5-Year rr_AverageAnnualReturnYear05 11.22%
10-Year rr_AverageAnnualReturnYear10 13.44%
Since Inception rr_AverageAnnualReturnSinceInception 11.54%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 01, 1989
Ariel Appreciation Fund | Russell Midcap® Index (reflects no deductions for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 22.58%
5-Year rr_AverageAnnualReturnYear05 15.10%
10-Year rr_AverageAnnualReturnYear10 14.91%
Since Inception rr_AverageAnnualReturnSinceInception 11.81%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 01, 1989
Ariel Appreciation Fund | S&P 500® Index (reflects no deductions for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 28.71%
5-Year rr_AverageAnnualReturnYear05 18.47%
10-Year rr_AverageAnnualReturnYear10 16.55%
Since Inception rr_AverageAnnualReturnSinceInception 10.77%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 01, 1989
[1]
The inception date for the Institutional Class shares is December 30, 2011. Performance information for the Institutional Class prior to that date reflects the actual performance of the Fund’s Investor Class (and uses the actual expenses of the Investor Class, for such period of time), without any adjustments.