BNY Mellon 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
$1,000
Class Inception Date
01/18/84
Fund Assets
$1,702,537,112  As of  12/13/19
Class Assets
$1,511,623,992  As of  12/13/19
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
50  As of  11/30/19

Morningstar Rating™ as of November 30, 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 (1196 funds rated); 3 Yrs. 5 Stars (1196 funds rated); 5 Yrs. 3 Stars (1051 funds rated); 10 Yrs. 3 Stars (798 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.


As of  11/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Appreciation Fund, Inc.
DGAGX
19.83 16.65 9.83 11.32 10.69 01/18/84
S&P 500(r) Index
16.11 14.88 10.98 13.44 - -
As of  09/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Appreciation Fund, Inc.
DGAGX
8.60 14.09 9.29 11.31 10.56 01/18/84
S&P 500(r) Index
4.25 13.39 10.84 13.24 - -
As of  11/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Appreciation Fund, Inc.
DGAGX
19.83 58.71 59.82 192.18 3,718.46 01/18/84
S&P 500(r) Index
16.11 51.62 68.34 252.89 - -
As of  09/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Appreciation Fund, Inc.
DGAGX
8.60 48.52 55.90 191.88 3,501.39 01/18/84
S&P 500(r) Index
4.25 45.80 67.27 246.74 - -
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  09/30/19 1 YR 5 YRS 10 YRS
Return after taxes on distributions 3.59% 4.66% 8.75%
Return after taxes on distributions and sale of fund shares 7.51% 6.37% 8.84%

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

    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.


    Prospectus Fee Table Expense Ratios

    As of  05/01/19 Fee Description Expense Ratio (%)
    Management Fee 0.55%
    Service Fee 0.25%
    Other Expenses 0.10%
    Total Expenses 0.90%

    Portfolio Manager/Sub-Investment Advisor

    BNY Mellon Investment Adviser, Inc., 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 BNY Mellon Investment Adviser, Inc.'s 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 and Chairman of the Board, founded Sarofim & Co. in 1958 and has been a portfolio manager of the fund since 1990.

    Top Holdings

    As of  11/30/19   Holdings % Portfolio  Weight
    Microsoft 7.34
    Apple 6.03
    Facebook, Cl. A 5.26
    Alphabet, Cl. C 4.32
    Visa, Cl. A 4.19
    JPMorgan Chase & Co. 3.22
    Estee Lauder, Cl. A 3.08
    Texas Instruments 3.06
    Amazon.com 2.77
    Comcast, Cl. A 2.62

    Asset Allocation


        Daily Statistics

        As of  12/13/19 Name NAV Change 12/13/19  12 Month 
        High Nav
        01/03/19  12 Month 
        Low Nav
        YTD Return
        DGAGX
        $35.29
        $0.10
        0.28%
        $35.29 $27.00 32.38%

        Performance Metrics

        Overall Morningstar Rating


        MORNINGSTAR CATEGORY Large Blend


        Morningstar Rating™ as of 11/30/19 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 (3045 funds rated); 3 Yrs. 5 Stars (1196 funds rated); 5 Yrs. 3 Stars (1051 funds rated); 10 Yrs. 3 Stars (798 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
          20 out of 669
        • 3 Year
          33 out of 601
        • 5 Year
          231 out of 525
        • 10 Year
          323 out of 428

        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 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  11/30/19, 3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
        DGAGX
        11.29 2.58 0.91 95.03 1.28

        Dividend Schedule

        Declared
        Quarterly
        Distributed
        Quarterly
        Paid
        Quarterly
        Fiscal Year End
        Dec 31
        Year Dividend ($) Capital Gains ($)
        2019 0.2688 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 0.0637 0.0000 0.0000 0.0000 0.0637 32.85
        Record Date Ex-Dividend Date Payable Date
        DGAGX
        09/27/19 09/30/19 09/30/19
        (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
        Estimated 0.0000 0.0000 0.0000 0.0000 2.2359 2.2359 -
        Record Date Ex-Dividend Date Payable Date
        DGAGX
        12/19/19 12/20/19 12/20/19