Ariel Capital Management, long known as a value fund complex, has filed with the SEC to launch a new growth product, the company announced this week.

Ariel currently offers two no-load equity funds, the Ariel Fund, which invests in undervalued stocks with market caps of less than $2 billion and the Ariel Appreciation Fund, which invests in undervalued companies with market caps of between $1 billion and $10 billion. The firm oversees more than $6 billion in assets.

Pending approval, Ariel, investment adviser to Ariel Mutual Funds, plans to launch the new no-load large-cap growth product by February of next year. The fund will be sub-advised by Lincoln Capital Management. The product will provide two share classes, one with a $1 million minimum investment for institutional investors, the other with a $1,000 minimum for individual investors.

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