BNY Mellon Appreciation Fund, Inc.

TICKER DGAGX
Fund Code 0141
CUSIP 05589Q100
SHARE CLASS
Literature Download

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

$2,104,167,857 As of 09/22/23

Class Assets

$1,595,598,353 As of 09/22/23

Portfolio Turnover Rate

9.01% As of fiscal year end 12/31/22

Morningstar Category

Large Growth

Benchmark

S&P 500® Index

Morningstar Overall Rating

Fund Holdings

49 As of 08/31/23

Morningstar Rating™ as of August 31, 2023 for the Investor Shares class shares; other classes may have different performance characteristics. Overall rating for the Large Growth category. Fund ratings are out of 5 Stars: Overall 4 Stars (1122 funds rated); 3 Yrs. 4 Stars (1122 funds rated); 5 Yrs. 4 Stars (1035 funds rated); 10 Yrs. 3 Stars (803 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.

Portfolio Managers

Alan R. Christensen, CFA

Portfolio Manager,

3 yr(s). on fund
Catherine Crain, CFA

Portfolio Manager,

22 yr(s). on fund
Gentry Lee, CFA

Chief Executive Officer and Chief Investment Officer,

12 yr(s). on fund
Christopher Sarofim

Portfolio Manager,

22 yr(s). on fund
Charles E. Sheedy, CFA

Portfolio Manager,

22 yr(s). on fund

Performance

Total Returns

Month End

			Average Annual As of 08/31/23
Name	3 MO 08/31/23	YTD 08/31/23	1 YR	3 YRS	5 YRS	10 YRS	Since Inception
BNY Mellon Appreciation Fund, Inc. DGAGX	7.01	15.61	15.86	8.68	12.26	11.75	10.84
S&P 500® Index	8.28	18.73	15.94	10.52	11.12	12.81	-

Quarter End

			Average Annual As of 06/30/23
Name	3 MO 06/30/23	YTD 06/30/23	1 YR	3 YRS	5 YRS	10 YRS	Since Inception
BNY Mellon Appreciation Fund, Inc. DGAGX	7.41	14.19	19.96	13.37	13.09	11.76	10.86
S&P 500® Index	8.74	16.89	19.59	14.60	12.31	12.86	-

The performance data quotes 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 cannot invest directly in any index.

Growth of $10,000 Investment

Past performance is no guarantee of future results.

Historical Performance

Past performance is no guarantee of future results.

Yearly Total Return

Yearly

Fund	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DGAGX	-17.95%	27.03%	24.01%	35.14%	-6.38%	26.65%	7.23%	-2.51%	8.27%	21.44%

Fees & Expenses

Prospectus Fee Table Expense Ratios

As of 05/01/23 Fee Description	Expense Ratio (%)
Management Fee	0.55%
Service Fee	0.25%
Other Expenses	0.08%
Total Expenses	0.88%

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 Alan R. Christensen, CFA, Catherine Crain, CFA, Gentry Lee, CFA, Christopher Sarofim and Charles Sheedy, CFA. 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. Christensen is the President and Head of Investment Risk, Ms. Crain is a Vice President and Director of Marketing and Client Services, Mr. Lee is Chief Executive Officer and Chief Investment Officer, Mr. Sarofim is Chairman, and Mr. Sheedy is a Senior Vice President. Mr. Sarofim has been a portfolio manager of the fund since October 2000. 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. Mr. Christensen has been a portfolio manager of the fund since March 2020.

Top Holdings

Download Total Holdings

As of 08/31/23

Holdings	% Portfolio Weight
Microsoft	9.30
Apple	7.29
Amazon.com	4.28
Novo Nordisk	4.00
Chevron	3.98
Hess	3.95
Visa, Cl. A	3.75
Alphabet, Cl. C	3.38
UnitedHealth Group	3.09
Texas Instruments	2.98

Asset Allocation

Stats & Risks

Daily Statistics

As of 09/22/23 Name	NAV	Change	07/31/23 12 Month High Nav	10/11/22 12 Month Low Nav	YTD Return
DGAGX	$39.35	-$0.04 -0.10%	$41.29	$35.22	11.39%

Performance Metrics

Overall Morningstar Rating

MORNINGSTAR CATEGORY Large Growth

Morningstar Rating™ as of 08/31/23 for the Investor Shares shares; other classes may have different performance characteristics. Overall rating for the Large Growth. Fund ratings are out of 5 Stars: Overall 4 Stars (1122 funds rated); 3 Yrs. 4 Stars (1122 funds rated); 5 Yrs. 4 Stars (1035 funds rated); 10 Yrs. 3 Stars (803 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
270 out of 668
3 Year
412 out of 603
5 Year
29 out of 547
10 Year
215 out of 425

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 08/31/23 3-Year Trailing	Standard Deviation	Alpha	Beta	R-Squared	Sharpe Ratio
DGAGX	18.69	-1.84	1.03	96.17	0.44

All risk metrics are provided by Morningstar. The index used in the calculations are determined by Morningstar which may not be the funds primary benchmark. The index Morningstar used for this analysis is S&P 500® Index.

Alpha - Alpha is a measure of a security's or portfolio's excess return.

Beta - Beta is a measure of a security’s or portfolio’s volatility, or systematic risk.

R-Squared - R-squared is a statistical measure that represents the percentage of a fund’s or security’s movements that are explained by movements in a benchmark index.

Sharpe Ratio - Sharpe ratio is a risk-adjusted measure that measures reward per unit of risk. The higher the Sharpe ratio, the better.

Standard Deviation - Standard deviation is a statistical measure of the degree to which an individual portfolio return tends to vary from the mean, based on the entire population. The greater the degree of dispersion, the greater the degree of risk. In mutual funds, the standard deviation tells us how much the return on the fund is deviating from the expected normal returns.

Distributions

Dividend Schedule

Declared

Quarterly

Distributed

Quarterly

Paid

Quarterly

Fiscal Year End

Dec 31

Year	Dividend ($)	Capital Gains ($)
2023	0.1399	0.7940
2022	0.2250	3.0895
2021	0.1551	1.7239
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

Record Date	Ex-Dividend Date	Payable Date	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
06/29/23	06/30/23	06/30/23	-	0.0769	-	0.0000	0.0000	0.0769	40.34

Record Date	Ex-Dividend Date	Payable Date	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
03/30/23	03/31/23	03/31/23	-	0.0630	-	0.0000	0.7940	0.8570	-
12/20/22	12/21/22	12/21/22	0.0000	0.0712	0.0000	0.0000	2.7106	2.7818	-
09/29/22	09/30/22	09/30/22	-	0.0647	-	0.0000	0.0000	0.0647	-
06/29/22	06/30/22	06/30/22	-	0.0610	-	0.0000	0.0000	0.0610	-
03/30/22	03/31/22	03/31/22	-	0.0281	-	0.0000	0.3789	0.4070	-
12/20/21	12/21/21	12/21/21	0.0000	0.0221	0.0000	0.0050	1.6171	1.6442	-
09/29/21	09/30/21	09/30/21	-	0.0148	-	0.0000	0.0000	0.0148	-
06/29/21	06/30/21	06/30/21	-	0.0414	-	0.0000	0.0000	0.0414	-
03/30/21	03/31/21	03/31/21	0.0000	0.0768	0.0000	0.0000	0.1018	0.1786	-
12/18/20	12/21/20	12/21/20	0.0000	0.0419	0.0000	0.0000	1.4228	1.4647	-
09/29/20	09/30/20	09/30/20	0.0000	0.0433	0.0000	0.0000	0.0000	0.0433	-
06/29/20	06/30/20	06/30/20	0.0000	0.0615	0.0000	0.0000	0.0000	0.0615	-
03/30/20	03/31/20	03/31/20	0.0000	0.0860	0.0000	0.0000	0.4273	0.5133	-
12/19/19	12/20/19	12/20/19	0.0000	0.0556	0.0000	0.0000	2.2684	2.3240	-
09/27/19	09/30/19	09/30/19	0.0000	0.0637	0.0000	0.0000	0.0000	0.0637	-
06/27/19	06/28/19	06/28/19	0.0000	0.0899	0.0000	0.0000	0.0000	0.0899	-
03/28/19	03/29/19	03/29/19	0.0000	0.1152	0.0000	0.0000	0.9519	1.0671	-
12/19/18	12/20/18	12/20/18	0.0000	0.0962	0.0000	0.0000	4.9688	5.0650	-
09/27/18	09/28/18	09/28/18	0.0000	0.0879	0.0000	0.0000	0.0000	0.0879	-
06/28/18	06/29/18	06/29/18	0.0000	0.1133	0.0000	0.0000	0.0000	0.1133	-
03/28/18	03/29/18	03/29/18	0.0000	0.1146	0.0000	0.0296	0.6052	0.7494	-
12/21/17	12/22/17	12/22/17	0.0000	0.0540	0.0000	0.0000	3.1765	3.2305	-
09/28/17	09/29/17	09/29/17	0.0000	0.0850	0.0000	0.0000	0.0000	0.0850	-
06/29/17	06/30/17	06/30/17	0.0000	0.1200	0.0000	0.0000	0.0000	0.1200	-
03/30/17	03/31/17	03/31/17	0.0000	0.1682	0.0000	0.0243	2.2047	2.3972	-
12/21/16	12/22/16	12/22/16	0.0000	0.1102	0.0000	0.0000	5.3339	5.4441	-
09/29/16	09/30/16	09/30/16	0.0000	0.1180	0.0000	0.0000	0.0000	0.1180	-
06/29/16	06/30/16	06/30/16	0.0000	0.1530	0.0000	0.0000	0.0000	0.1530	-
03/30/16	03/31/16	03/31/16	0.0000	0.1862	0.0000	0.0000	3.3678	3.5540	-
12/22/15	12/23/15	12/23/15	0.0000	0.2008	0.0000	0.0000	10.8267	11.0275	-
09/29/15	09/30/15	09/30/15	0.0000	0.1990	0.0000	0.0000	0.0000	0.1990	-
06/29/15	06/30/15	06/30/15	0.0000	0.2190	0.0000	0.0000	0.0000	0.2190	-
03/30/15	03/31/15	03/31/15	0.0000	0.2600	0.0000	0.0000	1.0393	1.2993	-
12/29/14	12/30/14	12/30/14	0.0000	0.2106	0.0000	0.0000	1.9470	2.1576	-
09/29/14	09/30/14	09/30/14	0.0000	0.2060	0.0000	0.0000	0.0000	0.2060	-
06/27/14	06/30/14	06/30/14	0.0000	0.2340	0.0000	0.0000	0.0000	0.2340	-
03/28/14	03/31/14	03/31/14	0.0000	0.2540	0.0000	0.0000	0.0000	0.2540	-
12/20/13	12/23/13	12/23/13	0.0000	0.2023	0.0000	0.0000	0.0000	0.2023	-
09/27/13	09/30/13	09/30/13	0.0000	0.2020	0.0000	0.0000	0.0000	0.2020	-
06/27/13	06/28/13	06/28/13	0.0000	0.2260	0.0000	0.0000	0.0000	0.2260	-
03/27/13	03/28/13	03/28/13	0.0000	0.2130	0.0000	0.0000	0.0000	0.2130	-
12/20/12	12/21/12	12/21/12	0.0000	0.1992	0.0000	0.0000	0.0000	0.1992	-
09/27/12	09/28/12	09/28/12	0.0000	0.1670	0.0000	0.0000	0.0000	0.1670	-
06/28/12	06/29/12	06/29/12	0.0000	0.1870	0.0000	0.0000	0.0000	0.1870	-
04/02/12	04/03/12	04/03/12	0.0000	0.1707	0.0000	0.0000	0.0000	0.1707	-
12/21/11	12/22/11	12/22/11	0.0000	0.5725	0.0000	0.0000	0.0000	0.5725	-
03/23/11	03/24/11	03/24/11	0.0000	0.0063	0.0000	0.0000	0.0000	0.0063	-
12/27/10	12/28/10	12/28/10	0.0000	0.4203	0.0000	0.0000	0.0000	0.4203	-
03/19/10	03/22/10	03/22/10	0.0000	0.0123	0.0000	0.0000	0.0000	0.0123	-
12/23/09	12/24/09	12/24/09	0.0000	0.6213	0.0000	0.0000	0.0000	0.6213	-
03/25/09	03/26/09	03/26/09	0.0000	0.0192	0.0000	0.0000	0.0000	0.0192	-
12/19/08	12/22/08	12/22/08	0.0000	0.7000	0.0000	0.0000	1.1923	1.8923	-
03/27/08	03/28/08	03/28/08	0.0000	0.0210	0.0000	0.0071	0.0281	0.0562	-
12/19/07	12/20/07	12/20/07	0.0000	0.6150	0.0000	0.0539	1.2434	1.9123	-
03/28/07	03/29/07	03/29/07	0.0000	0.0236	0.0000	0.0000	0.0000	0.0236	-
12/20/06	12/21/06	12/21/06	0.0000	0.6140	0.0000	0.0100	1.7390	2.3630	-
03/29/06	03/30/06	03/30/06	0.0000	0.0070	0.0000	0.0000	0.0440	0.0510	-
12/27/05	12/28/05	12/28/05	0.0000	0.5370	0.0000	0.0000	0.0000	0.5370	-
03/30/05	03/31/05	03/31/05	0.0000	0.0077	0.0000	0.0000	0.0000	0.0077	-
12/22/04	12/23/04	12/23/04	0.0000	0.5115	0.0000	0.0000	0.0000	0.5115	-
03/30/04	03/31/04	03/31/04	0.0000	0.0067	0.0000	0.0000	0.0000	0.0067	-
12/18/03	12/19/03	12/19/03	0.0000	0.4059	0.0000	0.0000	0.0000	0.4059	-
03/25/03	03/26/03	03/26/03	0.0052	0.0000	0.0000	0.0000	0.0000	0.0052	-
12/16/02	12/17/02	12/17/02	0.2940	0.0000	0.0000	0.0000	0.0000	0.2940	-
03/27/02	03/28/02	03/28/02	0.0015	0.0000	0.0000	0.0000	0.0000	0.0169	-
12/18/01	12/19/01	12/19/01	0.2760	0.0000	0.0000	0.0000	0.0000	0.2760	-
03/27/01	03/28/01	03/28/01	0.0290	0.0000	0.0000	0.0000	0.0000	0.0290	-
12/19/00	12/20/00	12/20/00	0.2800	0.0000	0.4070	0.0000	0.0000	3.0830	-
03/29/00	03/30/00	03/30/00	0.0060	0.0000	0.1010	0.0000	0.0000	0.4260	-
12/22/99	12/23/99	12/23/99	0.2310	0.0000	0.0000	0.0000	0.0000	0.5340	-
03/30/99	03/31/99	03/31/99	0.0000	0.0000	0.0000	0.0000	0.0000	0.0030	-
12/23/98	12/24/98	12/24/98	0.2270	0.0000	0.0000	0.0000	0.0000	0.2940	-
09/11/98	09/14/98	09/14/98	0.0000	0.0000	0.0000	0.0000	0.0000	0.0041	-
12/26/97	12/29/97	12/29/97	0.2500	0.0000	0.0000	0.0000	0.0000	0.3108	-
08/21/97	08/22/97	08/22/97	0.0100	0.0000	0.0000	0.0000	0.0000	0.0100	-
12/27/96	12/30/96	12/30/96	0.2500	0.0000	0.0000	0.0000	0.0000	0.2500	-
12/18/95	12/19/95	12/19/95	0.3300	0.0000	0.0000	0.0000	0.0000	0.3300	-
08/29/95	08/30/95	08/30/95	0.0050	0.0000	0.0000	0.0000	0.0000	0.0300	-
12/13/94	12/14/94	12/14/94	0.2750	0.0000	0.0000	0.0000	0.0000	0.2825	-
08/31/94	09/01/94	09/01/94	0.0020	0.0000	0.0020	0.0000	0.0000	0.0040	-
12/14/93	12/15/93	12/15/93	0.2400	0.0000	0.0450	0.0000	0.0000	0.3000	-
06/22/93	06/23/93	06/24/93	0.0270	0.0000	0.0030	0.0000	0.0000	0.0300	-
12/21/92	12/22/92	12/23/92	0.1000	0.0000	0.0050	0.0000	0.0000	0.1500	-
09/10/92	09/11/92	09/14/92	0.0250	0.0000	0.0000	0.0000	0.0000	0.0500	-
See all rows...

Literature

PRODUCT MATERIALS

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