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Start Date End Date

BNY Mellon Appreciation Fund, Inc.

Overview

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
$1,000
Class Inception Date
01/18/84
Fund Assets
$2,105,183,222  As of  03/04/21
Class Assets
$1,649,782,548  As of  03/04/21
Portfolio Turnover Rate
9.52%  As of fiscal year end  12/31/20
Morningstar Category
Large Blend
Benchmark
S&P 500(r) Index
Morningstar Overall Rating
Fund Holdings
50  As of  01/31/21

Morningstar Rating™ as of January 31, 2021 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 4 Stars (1230 funds rated); 3 Yrs. 5 Stars (1230 funds rated); 5 Yrs. 5 Stars (1066 funds rated); 10 Yrs. 3 Stars (809 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.

Portfolio Managers

  • Sarofim, Fayez

    Fayez Sarofim

    Portfolio Manager

    31 yr(s). on fund

  • Crain, Catherine

    Catherine Crain

    21 yr(s). on fund

  • Lee, Gentry

    Gentry Lee

    11 yr(s). on fund

  • Sarofim, Christopher

    Christopher Sarofim

    Portfolio Manager

    21 yr(s). on fund

  • Sheedy, Charles

    Charles Sheedy

    Portfolio Manager

    21 yr(s). on fund

  • Christensen, Alan R.

    Alan R. Christensen

    Portfolio Manager

    1 yr(s). on fund

Performance

Average Annual Returns

Month End

As of  02/28/21 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Appreciation Fund, Inc.
DGAGX
 32.92 15.72 17.26 11.87 11.04 01/18/84

Quarter End

As of  12/31/20 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Appreciation Fund, Inc.
DGAGX
 24.01 16.20 16.33 12.47 11.11 01/18/84
S&P 500(r) Index
 18.40 14.18 15.22 13.88 - -

Cumulative Returns

Month End

As of  02/28/21 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Appreciation Fund, Inc.
DGAGX
 32.92 54.97 121.69 206.96 4,779.14 01/18/84

Quarter End

As of  12/31/20 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Appreciation Fund, Inc.
DGAGX
 24.01 56.89 113.04 223.84 4,797.78 01/18/84
S&P 500(r) Index
 18.40 48.85 103.04 267.00 - -
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  12/31/20 1 YR 5 YRS 10 YRS
Return after taxes on distributions 22.31% 12.30% 9.61%
Return after taxes on distributions and sale of fund shares 15.15% 11.92% 9.41%

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.

    Yearly Total Return

    Yearly

    Fund 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
    DGAGX
    		 24.01% 35.14% -6.38% 26.65% 7.23% -2.51% 8.27% 21.44% 10.18% 7.62%

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

    Fees & Expenses

    Prospectus Fee Table Expense Ratios

    As of  05/01/20 Fee Description Expense Ratio (%)
    Management Fee 0.55%
    Service Fee 0.25%
    Other Expenses 0.09%
    Total Expenses 0.89%
    Total Expenses is the total annual operating expense ratio for the fund, before any fee waivers or expense reimbursements. Net Expenses is the total annual operating expense ratio for the fund, after any applicable fee waivers or expense reimbursements. The Total Expenses, or Net Expenses (if including fee waivers or expense reimbursements) is the actual fund expense ratio applicable to investors.
    Portfolio

    Portfolio Manager/Sub-Investment Adviser

    The fund's investment adviser is BNY Mellon Investment Adviser, Inc., and the fund's sub-investment adviser is Fayez Sarofim & Co. (Sarofim & Co.). The fund is managed by a team of portfolio managers employed by Sarofim & Co., consisting of Fayez Sarofim, Alan R. Christensen, CFA, 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. The team members hold the following positions at Sarofim & Co.: Mr. Fayez Sarofim is Chairman of the Board and Co-Chief Investment Officer, Mr. Christensen is the President and Head of Investment Risk, Ms. Crain is a Vice President, Mr. Lee is Chief Executive Officer and Co-Chief Investment Officer, Mr. Christopher Sarofim is Vice Chairman, and Mr. Sheedy is a Senior Vice President. Messrs. Fayez Sarofim and Christopher Sarofim have been portfolio managers of the fund since December 1990 and October 2000, respectively. Mr. Christensen has been a portfolio manager of the fund since March 2020. Ms. Crain and Mr. Sheedy have been portfolio managers of the fund since October 2000. Mr. Lee has been a portfolio manager of the fund since November 2010.

    Top Holdings

    As of 01/31/21
    Holdings % Portfolio Weight
    Apple 8.12
    Microsoft 8.11
    Amazon.com 5.61
    Facebook, Cl. A 4.83
    Alphabet, Cl. C 4.70
    Visa, Cl. A 3.47
    Texas Instruments 3.31
    Estee Lauder, Cl. A 2.93
    ASML 2.58
    Air Products And Chemicals 2.58

    Asset Allocation

        Stats & Risks

        Daily Statistics

        As of  03/04/21 Name NAV Change 02/16/21  12 Month 
        High Nav        		 04/01/20  12 Month 
        Low Nav        		 YTD Return
        DGAGX
        		 $38.79
        -$0.53
        -1.35%
        		 $40.73 $26.59 -1.55%

        Performance Metrics

        Overall Morningstar Rating

        MORNINGSTAR CATEGORY Large Blend

        Morningstar Rating™ as of 01/31/21 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 4 Stars (3105 funds rated); 3 Yrs. 5 Stars (1230 funds rated); 5 Yrs. 5 Stars (1066 funds rated); 10 Yrs. 3 Stars (809 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
          189 out of 635
        • 3 Year
          52 out of 578
        • 5 Year
          75 out of 515
        • 10 Year
          233 out of 404

        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

        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 currencyexchange 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.
        Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund's exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

        Risk Metrics

        As of  01/31/21, 3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
        DGAGX
        		 17.58 2.05 0.93 97.24 0.72
        Distributions

        Dividend Schedule

        Declared
        Quarterly
        Distributed
        Quarterly
        Paid
        Quarterly
        Fiscal Year End
        Dec 31
        Year Dividend ($) Capital Gains ($)
        2020 0.2327 1.8501
        2019 0.3244 3.2203
        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
        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 0.0419 0.0000 0.0000 1.4228 1.4647 38.62
        Record Date Ex-Dividend Date Payable Date
        DGAGX
        		 12/18/20 12/21/20 12/21/20
        (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 0.0419 0.0000 0.0000 1.4228 1.4647 38.62
        Record Date Ex-Dividend Date Payable Date
        DGAGX
        		 12/18/20 12/21/20 12/21/20
        Literature