Ariel Appreciation Fund

Ariel Appreciation Fund 2Q16 Commentary

Ariel Appreciation Fund commentary for the second quarter ended June 30, 2016.

H/T Dataroma

For the second quarter in a row, investors will likely remember the harrowing ride better than the end result. That is, domestic stocks posted solid gains and foreign shares had relatively mild losses. In the meantime, however, there was Brexit. On June 23, 2016 the British people shocked the world by voting for the United Kingdom to exit the European Union—an enormously complex and economically risky decision. As you know, the market hates uncertainty . . .

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