John W. Rogers Jr. - Ariel Appreciation Fund 13F Activity & Position Changes (Q2 2019)

As of Jun 30, 2019, 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 Q2 2019, the filing reported:

New Buys - Blackstone Inc., Enzo Biochem, Inc., Equity, Gaia, Inc., iShares Russell 2000 Value ETF, and 1 more

Increases - Affiliated Managers Group, Inc., Baidu, Inc., BOK Financial Corporation, BorgWarner Inc., CBRE Group Inc, and 32 more

Reductions - Acacia Research Corporation, iShares MSCI ACWI ex U.S. ETF, AFLAC Incorporated, AstroNova, Inc., Aspen Aerogels, Inc., and 56 more

Complete Exits - American Express Company, Discover Financial Services, DBA Sempra

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 2019	ACTG Acacia Research Corporation	Acacia Research Corporation	Sell	-23,153	-0.9%	$7.19K	2,428,943
Q2 2019	ACWX iShares MSCI ACWI ex U.S. ETF	iShares MSCI ACWI ex U.S. ETF	Sell	-207,120	-90.0%	$1.07K	22,999
Q2 2019	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-10,990	-0.7%	$88.31K	1,611,250
Q2 2019	ALOT AstroNova, Inc.	AstroNova, Inc.	Sell	-172,060	-43.0%	$5.89K	227,910
Q2 2019	AMG Affiliated Managers Group, Inc.	Affiliated Managers Group, Inc.	Buy	+52,139	+12.9%	$42.16K	457,553
Q2 2019	ASPN Aspen Aerogels, Inc.	Aspen Aerogels, Inc.	Sell	-785,563	-53.6%	$4.85K	679,817
Q2 2019	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Sell	-14,365	-1.5%	$42.28K	938,436
Q2 2019	AXP American Express Company	American Express Company	Sell - Position Exit	-21,161	-100.0%	$0.00	-
Q2 2019	BCO Brinks Company (The)	Brinks Company (The)	Sell	-45,786	-8.9%	$38.02K	468,396
Q2 2019	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+142,261	+9.4%	$193.80K	1,651,311
Q2 2019	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Sell	-9,031	-3.8%	$72.31K	231,318
Q2 2019	BOKF BOK Financial Corporation	BOK Financial Corporation	Buy	+56,287	+6.2%	$72.40K	959,244
Q2 2019	BRC Brady Corporation	Brady Corporation	Sell	-199,583	-15.3%	$54.57K	1,106,482
Q2 2019	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-6,499	-1.1%	$121.54K	570,136
Q2 2019	BSAC Banco Santander - Chile	Banco Santander - Chile	Sell	-38,933	-5.4%	$20.34K	679,761
Q2 2019	BWA BorgWarner Inc.	BorgWarner Inc.	Buy	+239,506	+13.9%	$82.45K	1,964,059
Q2 2019	BX Blackstone Inc.	Blackstone Inc.	Buy - Position Entry	+777,213	-	$34.52K	777,213
Q2 2019	CAH Cardinal Health, Inc.	Cardinal Health, Inc.	Sell	-5,733	-0.7%	$40.52K	860,367
Q2 2019	CBRE CBRE Group Inc	CBRE Group Inc	Buy	+29,288	+1.6%	$95.08K	1,853,428
Q2 2019	CNTY Century Casinos, Inc.	Century Casinos, Inc.	Sell	-1,110,439	-36.9%	$18.44K	1,901,309
Q2 2019	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Sell	-42,341	-31.4%	$24.48K	92,635
Q2 2019	CPIX Cumberland Pharmaceuticals Inc.	Cumberland Pharmaceuticals Inc.	Buy	+81,397	+6.8%	$8.16K	1,281,104
Q2 2019	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Sell	-30,935	-3.7%	$115.72K	815,507
Q2 2019	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Sell	-81,300	-11.9%	$12.60K	601,256
Q2 2019	CVU CPI Aerostructures, Inc.	CPI Aerostructures, Inc.	Sell	-55,255	-10.3%	$4.05K	481,113
Q2 2019	DFS Discover Financial Services	Discover Financial Services	Sell - Position Exit	-21,762	-100.0%	$0.00	-
Q2 2019	DGX Quest Diagnostics Incorporated	Quest Diagnostics Incorporated	Buy	+6,263	+1.6%	$40.73K	400,014
Q2 2019	ENZ Enzo Biochem, Inc.	Enzo Biochem, Inc.	Buy - Position Entry	+323,615	-	$1.09K	323,615
Q2 2019	EOG EOG Resources, Inc.	EOG Resources, Inc.	Buy	+93,059	+15.1%	$65.98K	708,282
Q2 2019	EQC Equity	Equity	Buy - Position Entry	+36,049	-	$1.17K	36,049

Page 1 of 4