John W. Rogers Jr. - Ariel Appreciation Fund 13F Activity & Position Changes (Q2 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 Jun 30, 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 Q2 2016, the filing reported:

New Buys - iShares MSCI ACWI ex U.S. ETF, BOK Financial Corporation, iShares Microcap ETF

Increases - Accenture plc, Acacia Research Corporation, ANSYS, Inc., ArcBest Corporation, American Express Company, and 49 more

Reductions - AFLAC Incorporated, AstroNova, Inc., AXT Inc, Brinks Company (The), Franklin Resources, Inc., and 45 more

Complete Exits - Newell Brands Inc., Vanguard FTSE Emerging Markets

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
Q2 2016	ACN Accenture plc	Accenture plc	Buy	+308	+3.3%	$1.08K	9,576
Q2 2016	ACTG Acacia Research Corporation	Acacia Research Corporation	Buy	+59,516	+1.7%	$16.05K	3,648,477
Q2 2016	ACWX iShares MSCI ACWI ex U.S. ETF	iShares MSCI ACWI ex U.S. ETF	Buy - Position Entry	+37,170	-	$1.45K	37,170
Q2 2016	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-125,727	-6.4%	$132.54K	1,836,789
Q2 2016	ALOT AstroNova, Inc.	AstroNova, Inc.	Sell	-171,671	-16.3%	$13.43K	882,174
Q2 2016	ANSS ANSYS, Inc.	ANSYS, Inc.	Buy	+76,094	+71.5%	$16.56K	182,479
Q2 2016	ARCB ArcBest Corporation	ArcBest Corporation	Buy	+3,300	+3.0%	$1.83K	112,900
Q2 2016	AXP American Express Company	American Express Company	Buy	+165,556	+25.3%	$49.85K	820,453
Q2 2016	AXTI AXT Inc	AXT Inc	Sell	-802,124	-24.7%	$7.79K	2,440,564
Q2 2016	AZTA Azenta, Inc.	Azenta, Inc.	Buy	+36,500	+5.3%	$8.09K	720,600
Q2 2016	BCO Brinks Company (The)	Brinks Company (The)	Sell	-179,987	-13.2%	$33.67K	1,181,800
Q2 2016	BEN Franklin Resources, Inc.	Franklin Resources, Inc.	Sell	-11,818	-0.6%	$62.98K	1,887,442
Q2 2016	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+95,974	+11.5%	$153.30K	928,237
Q2 2016	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Sell	-23,641	-2.4%	$140.28K	980,851
Q2 2016	BOKF BOK Financial Corporation	BOK Financial Corporation	Buy - Position Entry	+6,600	-	$414.00	6,600
Q2 2016	BRC Brady Corporation	Brady Corporation	Sell	-605,858	-12.7%	$127.75K	4,180,434
Q2 2016	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+7,526	+4.8%	$23.97K	165,562
Q2 2016	BSAC Banco Santander - Chile	Banco Santander - Chile	Buy	+47,053	+4.3%	$21.92K	1,131,420
Q2 2016	BTI British American Tobacco Indus	British American Tobacco Indus	Buy	+9,593	+11.0%	$12.53K	96,775
Q2 2016	BWA BorgWarner Inc.	BorgWarner Inc.	Buy	+1,212,551	+1062.1%	$39.16K	1,326,716
Q2 2016	CBRE CBRE Group Inc	CBRE Group Inc	Buy	+186,953	+6.1%	$86.59K	3,269,893
Q2 2016	CFR Cullen/Frost Bankers, Inc.	Cullen/Frost Bankers, Inc.	Buy	+571	+1.9%	$1.97K	30,850
Q2 2016	CNTY Century Casinos, Inc.	Century Casinos, Inc.	Buy	+394,251	+12.5%	$22.06K	3,540,858
Q2 2016	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Buy	+23,136	+156.0%	$5.96K	37,970
Q2 2016	CPIX Cumberland Pharmaceuticals Inc.	Cumberland Pharmaceuticals Inc.	Buy	+15,942	+0.8%	$8.97K	1,992,613
Q2 2016	CRAI CRA International,Inc.	CRA International,Inc.	Buy	+4,200	+2.9%	$3.82K	151,500
Q2 2016	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Sell	-202,825	-12.2%	$120.70K	1,464,130
Q2 2016	CRWS Crown Crafts, Inc.	Crown Crafts, Inc.	Sell	-113,188	-16.5%	$5.43K	574,455
Q2 2016	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Buy	+356,181	+143.6%	$8.26K	604,281
Q2 2016	CVU CPI Aerostructures, Inc.	CPI Aerostructures, Inc.	Buy	+61,651	+4.4%	$9.03K	1,468,866

Page 1 of 4