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

As of Mar 31, 2016, 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 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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