John W. Rogers Jr. - Ariel Appreciation Fund 13F Activity & Position Changes (Q1 2019)

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, 2019. 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 2019, the filing reported:

New Buys - Generac Holdlings Inc., Korn Ferry, CarMax Inc

Increases - Affiliated Managers Group, Inc., Adtalem Global Education Inc., Baidu, Inc., Bio-Rad Laboratories, Inc., BOK Financial Corporation, and 32 more

Reductions - Acacia Research Corporation, iShares MSCI ACWI ex U.S. ETF, AFLAC Incorporated, AstroNova, Inc., Aspen Aerogels, Inc., and 59 more

Complete Exits - Acuity Brands, Inc., iShares Russell 2000 Value ETF, iShares Russell Mid-cap Value E

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 2019	ACTG Acacia Research Corporation	Acacia Research Corporation	Sell	-62,340	-2.5%	$7.99K	2,452,096
Q1 2019	ACWX iShares MSCI ACWI ex U.S. ETF	iShares MSCI ACWI ex U.S. ETF	Sell	-14,803	-6.0%	$10.65K	230,119
Q1 2019	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-6,216	-0.4%	$81.11K	1,622,240
Q1 2019	ALOT AstroNova, Inc.	AstroNova, Inc.	Sell	-29,989	-7.0%	$8.15K	399,970
Q1 2019	AMG Affiliated Managers Group, Inc.	Affiliated Managers Group, Inc.	Buy	+2,389	+0.6%	$43.42K	405,414
Q1 2019	ASPN Aspen Aerogels, Inc.	Aspen Aerogels, Inc.	Sell	-360,900	-19.8%	$3.74K	1,465,380
Q1 2019	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Buy	+313	+0.0%	$44.13K	952,801
Q1 2019	AXP American Express Company	American Express Company	Sell	-68,868	-76.5%	$2.31K	21,161
Q1 2019	AYI Acuity Brands, Inc.	Acuity Brands, Inc.	Sell - Position Exit	-31,678	-100.0%	$0.00	-
Q1 2019	BCO Brinks Company (The)	Brinks Company (The)	Sell	-12,242	-2.3%	$38.77K	514,182
Q1 2019	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+106,748	+7.6%	$248.77K	1,509,050
Q1 2019	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Buy	+16,011	+7.1%	$73.47K	240,349
Q1 2019	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Sell	-637	-0.6%	$5.04K	100,014
Q1 2019	BOKF BOK Financial Corporation	BOK Financial Corporation	Buy	+12,170	+1.4%	$73.64K	902,957
Q1 2019	BRC Brady Corporation	Brady Corporation	Sell	-120,018	-8.4%	$60.61K	1,306,065
Q1 2019	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+18,177	+3.3%	$115.84K	576,635
Q1 2019	BSAC Banco Santander - Chile	Banco Santander - Chile	Sell	-46,060	-6.0%	$21.38K	718,694
Q1 2019	BWA BorgWarner Inc.	BorgWarner Inc.	Sell	-10,376	-0.6%	$66.24K	1,724,553
Q1 2019	CAH Cardinal Health, Inc.	Cardinal Health, Inc.	Buy	+10,350	+1.2%	$41.70K	866,100
Q1 2019	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-38,365	-2.1%	$90.20K	1,824,140
Q1 2019	CNTY Century Casinos, Inc.	Century Casinos, Inc.	Sell	-454,357	-13.1%	$27.29K	3,011,748
Q1 2019	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Sell	-2,584	-1.9%	$32.68K	134,976
Q1 2019	CPIX Cumberland Pharmaceuticals Inc.	Cumberland Pharmaceuticals Inc.	Buy	+19,904	+1.7%	$6.97K	1,199,707
Q1 2019	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Sell	-141,729	-14.3%	$122.95K	846,442
Q1 2019	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Sell	-199,248	-22.6%	$14.36K	682,556
Q1 2019	CVU CPI Aerostructures, Inc.	CPI Aerostructures, Inc.	Sell	-252,509	-32.0%	$3.49K	536,368
Q1 2019	DFS Discover Financial Services	Discover Financial Services	Sell	-406	-1.8%	$1.55K	21,762
Q1 2019	DGX Quest Diagnostics Incorporated	Quest Diagnostics Incorporated	Buy	+39,709	+11.2%	$35.41K	393,751
Q1 2019	EOG EOG Resources, Inc.	EOG Resources, Inc.	Buy	+61,904	+11.2%	$58.56K	615,223
Q1 2019	EXPD Expeditors International of Was	Expeditors International of Was	Sell	-420	-1.9%	$1.61K	21,243

Page 1 of 4