John W. Rogers Jr. - Ariel Appreciation Fund 13F Activity & Position Changes (Q1 2015)

As of Mar 31, 2015, the Ariel Appreciation Fund portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 14, 2026. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q1 2015, the filing reported:

New Buys - Credicorp, Fastenal Company, W.W. Grainger, Inc.

Increases - Accenture plc, Acacia Research Corporation, AFLAC Incorporated, AstroNova, Inc., ANSYS, Inc., and 59 more

Reductions - Azenta, Inc., CBRE Group Inc, Cumberland Pharmaceuticals Inc., Charles River Laboratories Inte, Capital Southwest Corporation, and 24 more

Complete Exits - iShares Russell 2000 Value ETF, Target Corporation

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q1 2015	ACN Accenture plc	Accenture plc	Buy	+5,084	+16.6%	$3.34K	35,637
Q1 2015	ACTG Acacia Research Corporation	Acacia Research Corporation	Buy	+402,102	+24.0%	$22.21K	2,075,577
Q1 2015	AFL AFLAC Incorporated	AFLAC Incorporated	Buy	+292,442	+17.8%	$123.66K	1,931,904
Q1 2015	ALOT AstroNova, Inc.	AstroNova, Inc.	Buy	+1,127	+0.1%	$16.35K	1,168,773
Q1 2015	ANSS ANSYS, Inc.	ANSYS, Inc.	Buy	+37,295	+92.8%	$6.83K	77,485
Q1 2015	AXP American Express Company	American Express Company	Buy	+13,308	+187.9%	$1.59K	20,390
Q1 2015	AXTI AXT Inc	AXT Inc	Buy	+2,257,105	+503.4%	$7.28K	2,705,520
Q1 2015	AZTA Azenta, Inc.	Azenta, Inc.	Sell	-35,450	-12.7%	$2.83K	243,300
Q1 2015	BAP Credicorp	Credicorp	Buy - Position Entry	+43,318	-	$6.09K	43,318
Q1 2015	BCO Brinks Company (The)	Brinks Company (The)	Buy	+227,753	+22.3%	$34.46K	1,247,233
Q1 2015	BEN Franklin Resources, Inc.	Franklin Resources, Inc.	Buy	+86,233	+4.7%	$99.38K	1,936,408
Q1 2015	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+95,176	+55.7%	$55.46K	266,144
Q1 2015	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Buy	+80,575	+7.6%	$154.26K	1,141,142
Q1 2015	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Buy	+100	+0.1%	$4.69K	116,615
Q1 2015	BRC Brady Corporation	Brady Corporation	Buy	+288,884	+6.5%	$134.42K	4,751,462
Q1 2015	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+10,298	+16.1%	$10.72K	74,266
Q1 2015	BSAC Banco Santander - Chile	Banco Santander - Chile	Buy	+274,999	+38.5%	$21.47K	990,174
Q1 2015	BTI British American Tobacco Indus	British American Tobacco Indus	Buy	+8,620	+25.0%	$4.47K	43,120
Q1 2015	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-83,404	-2.2%	$145.26K	3,752,492
Q1 2015	CME CME Group Inc.	CME Group Inc.	Buy	+2,240	+10.3%	$2.27K	23,912
Q1 2015	CNTY Century Casinos, Inc.	Century Casinos, Inc.	Buy	+498,733	+16.4%	$19.24K	3,530,618
Q1 2015	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Buy	+111	+3.3%	$530.00	3,500
Q1 2015	CPIX Cumberland Pharmaceuticals Inc.	Cumberland Pharmaceuticals Inc.	Sell	-178,184	-8.5%	$12.70K	1,907,242
Q1 2015	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Sell	-245,610	-12.3%	$139.43K	1,758,445
Q1 2015	CRWS Crown Crafts, Inc.	Crown Crafts, Inc.	Buy	+1,371	+0.1%	$10.02K	1,295,028
Q1 2015	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Sell	-17,248	-13.7%	$5.05K	108,752
Q1 2015	CVS CVS Health Corporation	CVS Health Corporation	Sell	-9,580	-10.2%	$8.68K	84,095
Q1 2015	CVU CPI Aerostructures, Inc.	CPI Aerostructures, Inc.	Buy	+1,700	+0.1%	$19.20K	1,573,457
Q1 2015	DGX Quest Diagnostics Incorporated	Quest Diagnostics Incorporated	Buy	+129,450	+33.5%	$39.65K	515,958
Q1 2015	EXPD Expeditors International of Was	Expeditors International of Was	Sell	-40,445	-54.7%	$1.61K	33,472

Page 1 of 4