John W. Rogers Jr. - Ariel Appreciation Fund 13F Activity & Position Changes (Q1 2016)

According to the SEC 13F filed on Aug 14, 2026, the Ariel Appreciation Fund portfolio showed several notable changes in holdings as of quarter-end Mar 31, 2016. 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 2016, the filing reported:

New Buys - ArcBest Corporation, BorgWarner Inc., CRA International,Inc., Diageo plc, Digi International Inc., and 7 more

Increases - Acacia Research Corporation, ANSYS, Inc., American Express Company, Azenta, Inc., Brinks Company (The), and 50 more

Reductions - Accenture plc, AFLAC Incorporated, AstroNova, Inc., AXT Inc, Franklin Resources, Inc., and 38 more

Complete Exits - Credicorp, Baxter International Inc., Broadwind, Inc., CME Group Inc., CSW Industrials, Inc., and 6 more

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 2016	ACN Accenture plc	Accenture plc	Sell	-21,244	-69.6%	$1.07K	9,268
Q1 2016	ACTG Acacia Research Corporation	Acacia Research Corporation	Buy	+3,975	+0.1%	$13.60K	3,588,961
Q1 2016	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-148,423	-7.0%	$123.91K	1,962,516
Q1 2016	ALOT AstroNova, Inc.	AstroNova, Inc.	Sell	-6,516	-0.6%	$14.61K	1,053,845
Q1 2016	ANSS ANSYS, Inc.	ANSYS, Inc.	Buy	+2,597	+2.5%	$9.52K	106,385
Q1 2016	ARCB ArcBest Corporation	ArcBest Corporation	Buy - Position Entry	+109,600	-	$2.37K	109,600
Q1 2016	AXP American Express Company	American Express Company	Buy	+469,488	+253.2%	$40.21K	654,897
Q1 2016	AXTI AXT Inc	AXT Inc	Sell	-227,452	-6.6%	$8.01K	3,242,688
Q1 2016	AZTA Azenta, Inc.	Azenta, Inc.	Buy	+419,400	+158.4%	$7.12K	684,100
Q1 2016	BAP Credicorp	Credicorp	Sell - Position Exit	-43,518	-100.0%	$0.00	-
Q1 2016	BAX Baxter International Inc.	Baxter International Inc.	Sell - Position Exit	-63,595	-100.0%	$0.00	-
Q1 2016	BCO Brinks Company (The)	Brinks Company (The)	Buy	+52,494	+4.0%	$45.74K	1,361,787
Q1 2016	BEN Franklin Resources, Inc.	Franklin Resources, Inc.	Sell	-126,901	-6.3%	$74.17K	1,899,260
Q1 2016	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+25,267	+3.1%	$158.86K	832,263
Q1 2016	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Sell	-1,455	-0.1%	$137.33K	1,004,492
Q1 2016	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Buy	+5,655	+5.3%	$4.16K	112,970
Q1 2016	BRC Brady Corporation	Brady Corporation	Sell	-170,625	-3.4%	$128.46K	4,786,292
Q1 2016	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+18,642	+13.4%	$22.42K	158,036
Q1 2016	BSAC Banco Santander - Chile	Banco Santander - Chile	Buy	+733	+0.1%	$20.98K	1,084,367
Q1 2016	BTI British American Tobacco Indus	British American Tobacco Indus	Buy	+18,950	+27.8%	$10.19K	87,182
Q1 2016	BWA BorgWarner Inc.	BorgWarner Inc.	Buy - Position Entry	+114,165	-	$4.38K	114,165
Q1 2016	BWEN Broadwind, Inc.	Broadwind, Inc.	Sell - Position Exit	-272,233	-100.0%	$0.00	-
Q1 2016	CBRE CBRE Group Inc	CBRE Group Inc	Buy	+224,765	+7.9%	$88.85K	3,082,940
Q1 2016	CFR Cullen/Frost Bankers, Inc.	Cullen/Frost Bankers, Inc.	Buy	+13,682	+82.4%	$1.67K	30,279
Q1 2016	CME CME Group Inc.	CME Group Inc.	Sell - Position Exit	-33,926	-100.0%	$0.00	-
Q1 2016	CNTY Century Casinos, Inc.	Century Casinos, Inc.	Sell	-170,351	-5.1%	$19.38K	3,146,607
Q1 2016	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Buy	+771	+5.5%	$2.34K	14,834
Q1 2016	CPIX Cumberland Pharmaceuticals Inc.	Cumberland Pharmaceuticals Inc.	Buy	+560,011	+39.5%	$8.88K	1,976,671
Q1 2016	CRAI CRA International,Inc.	CRA International,Inc.	Buy - Position Entry	+147,300	-	$2.89K	147,300
Q1 2016	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Sell	-75,935	-4.4%	$126.59K	1,666,955

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