Dreyfus Appreciation Fund, Inc.

Why invest in this Fund?

The fund seeks long-term capital growth consistent with the preservation of capital. Its secondary goal is current income. To pursue these goals, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in common stock. The fund focuses on “blue-chip” companies with total market capitalizations of more than $5 billion at the time of purchase, including multinational companies.
Min. class investment
$2,500
Class Inception Date
01/18/84
Fund Assets
$1,664,413,055  As of  04/25/19
Class Assets
$1,466,873,643  As of  04/25/19
Portfolio Turnover Rate
5.12%  As of fiscal year end  12/31/18
Morningstar Category
Large Blend
Benchmark
S&P 500(r) Index
Morningstar Overall Rating
Fund Holdings
52  As of  03/31/19

Morningstar Rating™ as of March 31, 2019 for the Investor Shares class shares; other classes may have different performance characteristics. Overall rating for the Large Blend category. Fund ratings are out of 5 Stars: Overall 3 Stars (1218 funds rated); 3 Yrs. 3 Stars (1218 funds rated); 5 Yrs. 3 Stars (1081 funds rated); 10 Yrs. 2 Stars (810 funds rated). The Morningstar Rating™ for funds, or "star rating", is calculated for managed products with at least a 3-year history. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance (not including the effects of sales charges, loads and redemption fees if applicable), placing more emphasis on downward variations and rewarding consistent performance. Managed products; including open-end mutual funds, closed-end funds and exchange-traded funds; are considered a single population for comparative purposes. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. ©2018 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The fund represents a single portfolio with multiple share classes that have different expense structures. Other share classes may have achieved different results.

Investors should consider the investment objectives, risks, charges, and expenses of the fund carefully before investing. Download a prospectus, or a summary prospectus, if available, that contains this and other information about the fund, and read it carefully before investing.  Past performance is no guarantee of future results.  MBSC Securities Corporation, a registered broker-dealer and FINRA member, is the distributor for the Dreyfus Funds.


As of  03/31/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Appreciation Fund, Inc.
DGAGX
8.87 12.49 8.76 13.22 10.48 01/18/84
S&P 500(r) Index
9.50 13.51 10.91 15.92 - -
As of  03/31/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Appreciation Fund, Inc.
DGAGX
8.87 12.49 8.76 13.22 10.48 01/18/84
S&P 500(r) Index
9.50 13.51 10.91 15.92 - -
As of  03/31/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Appreciation Fund, Inc.
DGAGX
8.87 42.33 52.14 246.06 3,233.45 01/18/84
S&P 500(r) Index
9.50 46.25 67.81 338.09 - -
As of  03/31/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Appreciation Fund, Inc.
DGAGX
8.87 42.33 52.14 246.06 3,233.45 01/18/84
S&P 500(r) Index
9.50 46.25 67.81 338.09 - -

The performance data quoted represents past performance, which is no guarantee of future results. Yield, share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Click above for month-end returns.

The S&P 500® Index is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization.

Investors should consider, when deciding whether to purchase a particular class of shares, the investment amount, anticipated holding period and other relevant factors.

Average Annual Returns After Taxes

As of  03/31/19 1 YR 5 YRS 10 YRS
Return after taxes on distributions 3.83% 4.14% 10.63%
Return after taxes on distributions and sale of fund shares 8.11% 6.14% 10.66%

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 an investor's tax situation and may differ from those shown here and are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Return after taxes on distributions (pre-liquidation) assume an investor held shares throughout the measurement period and reflect the effect of taxable distributions (assuming reinvestment in the fund) by a fund to its shareholders.

Return after taxes on distributions and sale of fund shares (post-liquidation) assume an investor sold shares at the end of the measurement period and, therefore, reflect the effect of both taxable distributions and any taxable gain or loss realized by the shareholder upon sale of fund shares.

Growth of $10,000 Investment

Investors should consider, when deciding whether to purchase a particular class of shares, the investment amount, anticipated holding period and other relevant factors.

Historical Performance

Investors should consider, when deciding whether to purchase a particular class of shares, the investment amount, anticipated holding period and other relevant factors.

    Investors should consider, when deciding whether to purchase a particular class of shares, the investment amount, anticipated holding period and other relevant factors.

    Yearly Total Return

    Fund 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
    DGAGX
    -6.38% 26.65% 7.23% -2.51% 8.27% 21.44% 10.18% 7.62% 15.26% 21.01%

    Investment return fluctuates and past performance is no guarantee of future results.


    Monthly Expense Ratios (Annualized)

    As of  03/31/19 Fee Description Expense Ratio (%)
    Management Fee 0.55%
    Service Fee 0.25%
    Other Expenses 0.10%
    Total Expenses 0.90%

    This data is annualized. Monthly operating expenses may vary month to month.

    Prospectus Fee Table Expense Ratios

    As of  05/01/18 Fee Description Expense Ratio (%)
    Management Fee 0.55%
    Service Fee 0.25%
    Other Expenses 0.11%
    Total Expenses 0.91%

    Portfolio Manager/Sub-Investment Advisor

    The Dreyfus Corporation, the fund's investment adviser, has engaged Fayez Sarofim & Co. ('Sarofim & Co.'), to serve as the fund's sub-investment adviser. Sarofim & Co., subject to Dreyfus' supervision and approval, provides investment advisory assistance, research and the day-to-day management of the fund's investments. The fund is managed by a team of portfolio managers employed by Sarofim & Co., consisting of Fayez Sarofim, Catherine Crain, Gentry Lee, Christopher Sarofim and Charles Sheedy. The team is supported by Sarofim & Co.'s Investment Committee, all the members of which are senior investment professionals at Sarofim & Co. Mr. Fayez Sarofim, Co-Chief Investment Officer, Chairman of the Board and Chief Investment Officer, founded Sarofim & Co. in 1958 and has been a portfolio manager of the fund since 1990.

    Top Holdings

    As of  03/31/19   Holdings % Portfolio  Weight
    Microsoft 6.52
    Apple 5.19
    Facebook, Cl. A 4.96
    Alphabet, Cl. C 4.32
    Visa, Cl. A 4.02
    Texas Instruments 3.06
    Philip Morris International 3.05
    Estee Lauder, Cl. A 2.99
    JPMorgan Chase & Co. 2.84
    Chubb 2.77

    Portfolio composition is subject to change at any time. The holdings listed should not be considered recommendations to buy or sell a security. Large concentrations can increase share price volatility.

    Asset Allocation


        Daily Statistics

        As of  04/25/19 Name NAV Change 09/21/18  12 Month 
        High Nav
        12/24/18  12 Month 
        Low Nav
        YTD Return
        DGAGX
        $32.03
        $0.14
        0.44%
        $37.64 $26.11 19.06%

        Performance Metrics

        Overall Morningstar Rating


        MORNINGSTAR CATEGORY Large Blend


        Morningstar Rating™ as of 03/31/19 for the Investor Shares shares; other classes may have different performance characteristics. Overall rating for the Large Blend. Fund ratings are out of 5 Stars: Overall 3 Stars (3109 funds rated); 3 Yrs. 3 Stars (1218 funds rated); 5 Yrs. 3 Stars (1081 funds rated); 10 Yrs. 2 Stars (810 funds rated).
        The Morningstar Rating™ for funds, or "star rating", is calculated for managed products with at least a 3-year history. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance (not including the effects of sales charges, loads and redemption fees if applicable), placing more emphasis on downward variations and rewarding consistent performance. Managed products; including open-end mutual funds, closed-end funds and exchange-traded funds; are considered a single population for comparative purposes. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. © Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The fund represents a single portfolio with multiple share classes that have different expense structures. Other share classes may have achieved different results.

        Lipper Rankings

        • 1 Year
          240 out of 728
        • 3 Year
          302 out of 633
        • 5 Year
          374 out of 561
        • 10 Year
          365 out of 436

        LIPPER CLASSIFICATION Large-Cap Core Funds


        Lipper Category returns and rankings are calculated by Lipper Inc., a Reuters Company, which is a nationally recognized organization that compares the performance of mutual funds with similar investment objectives. The Category returns represent the average performance of included funds, while rankings compare an individual fund's returns to those of the other funds in its category. Both are based on total return performance, with capital gains and dividends reinvested, with annual operating expenses deducted, but without including front or back-end sales charges. Rankings begin with the actual share class inception. Rankings are relative to a peer group and do not necessarily mean that the fund had high total returns. Rankings do not reflect sales loads

        Past performance is no guarantee of future results. Source: Lipper Inc., Rankings are based on total return and do not reflect sales loads.

        Main Risks

        Equities are subject to market, market sector, market liquidity, issuer, and investment style risks to varying degrees.

        Investing in foreign denominated and/or domiciled securities involves special risks, including changes in currency exchange rates, political, economic, and social instability, limited company information, differing auditing and legal standards, and less market liquidity. These risks generally are greater with emerging market countries.

        Risk Metrics

        As of  03/31/19, 3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
        DGAGX
        9.68 0.64 0.86 91.41 1.13

        STANDARD DEVIATION - A statistical measure of dispersion around an average which depicts how widely fund returns varied over a certain period of time. A smaller standard deviation statistic indicates less variability of historic returns around a mean.

        ALPHA - A measure of a fund's actual returns compared to its expected performance, as measured by beta. A positive alpha indicates a fund outperformed what its beta would predict.

        BETA - Measures an investment's market-related risk. A beta higher than 1.0 suggests that the fund's expected return will exceeds the market's return; a beta lower than 1.0 suggests that the fund's expected return will lag the market's return.

        R-SQUARED - Reflects the percentage of a fund's movements that can be explained by movements in it's benchmark. An R-squared of 100 indicates fund movements that are perfectly correlated to those of the benchmark.

        SHARPE RATIO - The Sharpe ratio is based on a risk-adjusted measure developed by Nobel Laureate William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe ratio, the better the fund's historical risk-adjusted performance.

        Source: Morningstar, Inc.


        Dividend Schedule

        Declared
        Quarterly
        Distributed
        Quarterly
        Paid
        Quarterly
        Fiscal Year End
        Dec 31
        Year Dividend ($) Capital Gains ($)
        2019 0.1152 0.9519
        2018 0.4120 5.6036
        2017 0.4272 5.4055
        2016 0.5674 8.7017
        2015 0.8788 11.8660
        2014 0.9046 1.9470
        2013 0.8433 0.0000
        2012 0.7239 0.0000
        2011 0.5788 0.0000
        2010 0.4326 0.0000
        There is no guarantee that the fund will distribute any level annually. Capital gains may be short-term, long-term, or both.

        Distributions History

        (Values Listed In $) Ordinary 
        Non-Qualified 
        Dividends
        Qualified 
        Dividends
        Non-Qualified 
        Short-Term 
        Capital Gain
        Qualified 
        Short-Term 
        Capital Gain
        Long-Term 
        Capital Gain
        Total 
        Distribution
        Reinvest 
        NAV
        DGAGX
        0.0000 0.1152 0.0000 0.0000 0.9519 1.0671 30.55
        Record Date Ex-Dividend Date Payable Date
        DGAGX
        03/28/19 03/29/19 03/29/19
        (Values Listed In $) Distribution Status Ordinary 
        Non-Qualified 
        Dividends
        Qualified 
        Dividends
        Non-Qualified 
        Short-Term 
        Capital Gain
        Qualified 
        Short-Term 
        Capital Gain
        Long-Term 
        Capital Gain
        Total 
        Distribution
        Reinvest 
        NAV
        DGAGX
        Final 0.0000 0.0962 0.0000 0.0000 4.9688 5.0650 27.26
        Record Date Ex-Dividend Date Payable Date
        DGAGX
        12/19/18 12/20/18 12/20/18

        Capital gains, if any, may be short-term, long-term or a combination of both.

        Investors should consider the investment objectives, risks, charges, and expenses of the fund carefully before investing. Download a prospectus, or a summary prospectus, if available, that contains this and other information about the fund, and read it carefully before investing.

        The performance data quoted represents past performance, which is no guarantee of future results. Share price, yield and investment return fluctuate and an investor's shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Click here to view standardized total returns and for month-end returns reflecting the fund's current performance.