John W. Rogers Jr. - Ariel Appreciation Fund 13F Activity & Position Changes (Q1 2018)

As of Mar 31, 2018, 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 2018, the filing reported:

New Buys - Fabrinet, Amdocs, Stericycle, Inc.

Increases - AFLAC Incorporated, Aspen Aerogels, Inc., AXT Inc, Acuity Brands, Inc., BOK Financial Corporation, and 20 more

Reductions - Acacia Research Corporation, iShares MSCI ACWI ex U.S. ETF, AstroNova, Inc., Adtalem Global Education Inc., American Express Company, and 72 more

Complete Exits - Accenture plc, CME Group Inc., Fastenal Company, F5, Inc., Gaia, 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 2018	ACN Accenture plc	Accenture plc	Sell - Position Exit	-20,374	-100.0%	$0.00	-
Q1 2018	ACTG Acacia Research Corporation	Acacia Research Corporation	Sell	-290,250	-10.3%	$8.80K	2,514,436
Q1 2018	ACWX iShares MSCI ACWI ex U.S. ETF	iShares MSCI ACWI ex U.S. ETF	Sell	-58,838	-19.5%	$12.07K	242,954
Q1 2018	AFL AFLAC Incorporated	AFLAC Incorporated	Buy	+936,908	+70.5%	$99.16K	2,265,896
Q1 2018	ALOT AstroNova, Inc.	AstroNova, Inc.	Sell	-147,406	-19.8%	$9.28K	598,361
Q1 2018	ASPN Aspen Aerogels, Inc.	Aspen Aerogels, Inc.	Buy	+112,058	+10.3%	$5.14K	1,202,956
Q1 2018	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Sell	-59,233	-3.1%	$87.17K	1,833,270
Q1 2018	AXP American Express Company	American Express Company	Sell	-31,078	-3.4%	$82.47K	884,170
Q1 2018	AXTI AXT Inc	AXT Inc	Buy	+16,833	+6.8%	$1.91K	263,723
Q1 2018	AYI Acuity Brands, Inc.	Acuity Brands, Inc.	Buy	+21,679	+241.3%	$4.27K	30,663
Q1 2018	BCO Brinks Company (The)	Brinks Company (The)	Sell	-7,574	-2.7%	$19.47K	272,911
Q1 2018	BIDU Baidu, Inc.	Baidu, Inc.	Sell	-58,743	-5.0%	$251.57K	1,127,180
Q1 2018	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Sell	-16,391	-6.1%	$62.80K	251,129
Q1 2018	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Sell	-60	-0.1%	$5.32K	103,166
Q1 2018	BOKF BOK Financial Corporation	BOK Financial Corporation	Buy	+46,810	+10.0%	$50.90K	514,177
Q1 2018	BRC Brady Corporation	Brady Corporation	Sell	-24,795	-1.1%	$84.46K	2,273,413
Q1 2018	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-18,192	-3.2%	$108.56K	544,219
Q1 2018	BSAC Banco Santander - Chile	Banco Santander - Chile	Sell	-96,388	-11.4%	$25.09K	748,613
Q1 2018	BWA BorgWarner Inc.	BorgWarner Inc.	Buy	+124,199	+7.8%	$86.13K	1,714,656
Q1 2018	CAH Cardinal Health, Inc.	Cardinal Health, Inc.	Sell	-10,964	-1.3%	$53.33K	850,845
Q1 2018	CARS Cars.com Inc.	Cars.com Inc.	Sell	-4,815	-1.9%	$7.13K	251,684
Q1 2018	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-448,084	-17.1%	$102.51K	2,170,848
Q1 2018	CME CME Group Inc.	CME Group Inc.	Sell - Position Exit	-29,910	-100.0%	$0.00	-
Q1 2018	CNTY Century Casinos, Inc.	Century Casinos, Inc.	Sell	-179,387	-5.6%	$22.58K	3,027,113
Q1 2018	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Sell	-7,688	-3.3%	$42.74K	226,825
Q1 2018	CPIX Cumberland Pharmaceuticals Inc.	Cumberland Pharmaceuticals Inc.	Buy	+103,850	+11.4%	$6.77K	1,013,926
Q1 2018	CRAI CRA International,Inc.	CRA International,Inc.	Sell	-52,750	-32.5%	$5.74K	109,748
Q1 2018	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Buy	+8,082	+0.6%	$145.30K	1,361,277
Q1 2018	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Sell	-17,080	-1.7%	$16.88K	991,723
Q1 2018	CVU CPI Aerostructures, Inc.	CPI Aerostructures, Inc.	Buy	+58,160	+9.1%	$6.79K	696,703

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