# Ariel Appreciation Fund (CAAPX): Mutual Fund Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/caapx for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: — · Asset class: Equity - Strategy: Actively Managed · Inception: 1989-11-30 The Ariel Appreciation Fund primarily allocates its capital to mid-capitalization companies deemed undervalued but possessing robust growth potential. Its portfolio predominantly consists of shares in American firms whose market capitalization falls within the typical range of constituents of the Russell Midcap® Index, as assessed at the moment of the initial investment. The investment approach employed by the fund is grounded in the Adviser's contrarian philosophy, a method underpinned by three core, interconnected principles: patience, focus, and independent thinking. ## Key Facts | Metric | Value | |---|---| | Price | $44.73 | | Expense Ratio | 1.15% | | Assets Under Management | $914.1M | | NAV | $44.73 | | Holdings Count | — | | Distribution Yield (TTM) | 11.09% | | Annual Distribution (TTM) | $4.96 /share | | Distribution Frequency | Annual | | 52-Week Range | $37.80 – $47.27 | | Beta | 1.03 | ## Latest Distribution - Amount: $4.9623 /share - Ex-date: 2025-12-17 - Pay date: 2025-12-17 ## Frequently Asked Questions ### What does CAAPX invest in? The Ariel Appreciation Fund primarily allocates its capital to mid-capitalization companies deemed undervalued but possessing robust growth potential. Its portfolio predominantly consists of shares in American firms whose market capitalization falls within the typical range of constituents of the Russell Midcap® Index, as assessed at the moment of the initial investment. The investment approach employed by the fund is grounded in the Adviser's contrarian philosophy, a method underpinned by three core, interconnected principles: patience, focus, and independent thinking. ### What is the expense ratio of CAAPX? Ariel Appreciation Fund (CAAPX) charges an expense ratio of 1.15%. This is the annual fee deducted from fund assets to cover management and operations. ### How big is CAAPX? Ariel Appreciation Fund (CAAPX) manages $914.1M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation. ### Is CAAPX actively managed or an index fund? CAAPX is actively managed: the manager selects holdings rather than tracking an index. Active funds typically charge higher expense ratios than index funds (CAAPX's is 1.15%) in exchange for the discretion to over- or under-weight positions. ### When was CAAPX launched? Ariel Appreciation Fund (CAAPX) launched in November 1989 and is managed by the fund issuer. ### How has CAAPX performed? CAAPX's total return (price change plus reinvested distributions) is charted at the top of this page. Switch the price chart to Total Return and pick a 1-year, 3-year, 5-year, or 10-year window to read the compound annual growth rate (CAGR) over each horizon. ### Does CAAPX pay a dividend? Ariel Appreciation Fund (CAAPX) currently distributes little or no income. Trailing-twelve-month yield is 11.09%. Investors looking for income should consider income-focused alternatives. See the Peers tab. ### How often does CAAPX pay dividends? Ariel Appreciation Fund pays dividends Annual. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### What is CAAPX's dividend yield? CAAPX's trailing-twelve-month yield is 11.09%, calculated from the sum of dividends over the past year divided by the current price. ### When is CAAPX's next ex-dividend date? The most recently announced ex-dividend date for CAAPX was 2025-12-17. The next ex-date typically follows Annual; once announced it appears at the top of the dividend history table on this page. ### How much will CAAPX's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 1.15% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does CAAPX charge its expense ratio? The expense ratio is deducted in tiny daily slices from CAAPX's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does CAAPX cost more than a fund like VOO? CAAPX is actively managed (current expense ratio 1.15%). Active funds charge more than passive index trackers in exchange for the manager's discretion to over- or under-weight positions. The Cost Verdict card above tells you whether CAAPX's fee is competitive for the active-management cohort. ### Are there cheaper alternatives to CAAPX? The Lower-Fee Alternatives card above lists mutual funds following the same investment strategy as CAAPX (1.15%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/caapx - Distribution history: https://www.dividenddata.com/funds/caapx/dividend - Holdings & diversification: https://www.dividenddata.com/funds/caapx/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/caapx/expenses - Peer comparison: https://www.dividenddata.com/funds/caapx/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.