John W. Rogers Jr. - Ariel Appreciation Fund 13F Activity & Position Changes (Q1 2023)

As of Mar 31, 2023, the Ariel Appreciation Fund portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 12, 2023. 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 2023, the filing reported:

New Buys - Ambev S.A.

Increases - ADT Inc., AFLAC Incorporated, APA Corporation, Adtalem Global Education Inc., Bank of America Corporation, and 50 more

Reductions - iShares MSCI ACWI ex U.S. ETF, Affiliated Managers Group, Inc., Axalta, Brinks Company (The), Baidu, Inc., and 45 more

Complete Exits - Astrazeneca PLC, Haleon plc, 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 2023	ABEV Ambev S.A.	Ambev S.A.	Buy - Position Entry	+1,431,326	-	$4.04M	1,431,326
Q1 2023	ACWX iShares MSCI ACWI ex U.S. ETF	iShares MSCI ACWI ex U.S. ETF	Sell	-19,260	-14.7%	$5.47M	112,163
Q1 2023	ADT ADT Inc.	ADT Inc.	Buy	+1,933,159	+11.5%	$135.62M	18,758,109
Q1 2023	AFL AFLAC Incorporated	AFLAC Incorporated	Buy	+2,783	+0.3%	$57.48M	890,836
Q1 2023	AMG Affiliated Managers Group, Inc.	Affiliated Managers Group, Inc.	Sell	-36,147	-3.2%	$155.55M	1,092,160
Q1 2023	APA APA Corporation	APA Corporation	Buy	+5,580	+3.0%	$6.90M	191,442
Q1 2023	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Buy	+1,217	+0.0%	$147.18M	3,811,096
Q1 2023	AXTA Axalta	Axalta	Sell	-664,492	-9.4%	$194.90M	6,434,450
Q1 2023	AZN Astrazeneca PLC	Astrazeneca PLC	Sell - Position Exit	-22,396	-100.0%	$0.00	-
Q1 2023	BAC Bank of America Corporation	Bank of America Corporation	Buy	+25,415	+26.5%	$3.47M	121,454
Q1 2023	BAP Credicorp	Credicorp	Buy	+404,508	+38.4%	$192.90M	1,457,090
Q1 2023	BCO Brinks Company (The)	Brinks Company (The)	Sell	-36,315	-1.8%	$132.35M	1,981,267
Q1 2023	BIDU Baidu, Inc.	Baidu, Inc.	Sell	-18,115	-0.6%	$427.83M	2,834,783
Q1 2023	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Sell	-99	-0.3%	$15.23M	31,797
Q1 2023	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Sell	-3,203	-0.4%	$54.51M	786,463
Q1 2023	BOKF BOK Financial Corporation	BOK Financial Corporation	Sell	-80,238	-3.0%	$216.66M	2,566,711
Q1 2023	BRC Brady Corporation	Brady Corporation	Buy	+4,214	+1.5%	$15.29M	284,609
Q1 2023	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-49	-0.4%	$4.00M	12,950
Q1 2023	BSAC Banco Santander - Chile	Banco Santander - Chile	Buy	+366,421	+35.8%	$24.77M	1,388,986
Q1 2023	BWA BorgWarner Inc.	BorgWarner Inc.	Sell	-69,898	-4.2%	$79.27M	1,614,207
Q1 2023	BYD Boyd Gaming Corporation	Boyd Gaming Corporation	Sell	-1,799	-0.1%	$221.54M	3,455,120
Q1 2023	CAH Cardinal Health, Inc.	Cardinal Health, Inc.	Sell	-93,961	-26.7%	$19.52M	258,578
Q1 2023	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-4,758	-0.4%	$94.40M	1,296,578
Q1 2023	CG The Carlyle Group Inc.	The Carlyle Group Inc.	Buy	+106,228	+3.6%	$94.19M	3,032,620
Q1 2023	CHKP Check Point	Check Point	Sell	-41,085	-7.6%	$65.39M	502,985
Q1 2023	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Buy	+45,292	+7.1%	$137.85M	683,054
Q1 2023	DNB Dun & Bradstreet Holdings, Inc.	Dun & Bradstreet Holdings, Inc.	Buy	+2,036,029	+16440.8%	$24.05M	2,048,413
Q1 2023	EQC Equity	Equity	Buy	+676,086	+11.2%	$138.88M	6,705,738
Q1 2023	EVR Evercore Inc.	Evercore Inc.	Buy	+2,311	+1.5%	$18.05M	156,422
Q1 2023	FAF First American Corporation (New	First American Corporation (New	Sell	-21,788	-0.5%	$222.41M	3,995,930

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