John W. Rogers Jr. - Ariel Appreciation Fund 13F Activity & Position Changes (Q3 2015)

As of Sep 30, 2015, 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 Q3 2015, the filing reported:

New Buys - Broadwind, Inc., EOG Resources, Inc., Progressive Corporation (The), Richardson Electronics, Ltd., WEC Energy Group, Inc.

Increases - Acacia Research Corporation, AFLAC Incorporated, ANSYS, Inc., American Express Company, AXT Inc, and 51 more

Reductions - Accenture plc, AstroNova, Inc., Brinks Company (The), Bio-Rad Laboratories, Inc., The Bank of New York Mellon Cor, and 34 more

Complete Exits - CVS Health Corporation, Expeditors International of Was, M&T Bank Corporation

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
Q3 2015	ACN Accenture plc	Accenture plc	Sell	-12,681	-29.4%	$3.00K	30,512
Q3 2015	ACTG Acacia Research Corporation	Acacia Research Corporation	Buy	+447,483	+16.2%	$29.11K	3,206,352
Q3 2015	AFL AFLAC Incorporated	AFLAC Incorporated	Buy	+78,550	+3.7%	$126.36K	2,173,809
Q3 2015	ALOT AstroNova, Inc.	AstroNova, Inc.	Sell	-15,985	-1.4%	$15.83K	1,142,161
Q3 2015	ANSS ANSYS, Inc.	ANSYS, Inc.	Buy	+12,613	+13.9%	$9.10K	103,237
Q3 2015	AXP American Express Company	American Express Company	Buy	+57,906	+114.9%	$8.03K	108,317
Q3 2015	AXTI AXT Inc	AXT Inc	Buy	+827,319	+28.5%	$7.17K	3,732,390
Q3 2015	AZTA Azenta, Inc.	Azenta, Inc.	Buy	+17,500	+7.1%	$3.08K	263,000
Q3 2015	BAP Credicorp	Credicorp	Buy	+4,732	+9.9%	$5.60K	52,613
Q3 2015	BAX Baxter International Inc.	Baxter International Inc.	Buy	+4,380	+7.1%	$2.18K	66,331
Q3 2015	BCO Brinks Company (The)	Brinks Company (The)	Sell	-10,785	-0.8%	$34.99K	1,295,603
Q3 2015	BEN Franklin Resources, Inc.	Franklin Resources, Inc.	Buy	+74,880	+3.9%	$74.82K	2,007,974
Q3 2015	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+337,808	+79.1%	$105.09K	764,799
Q3 2015	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Sell	-122,822	-10.9%	$134.33K	1,000,161
Q3 2015	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Sell	-4,900	-4.2%	$4.42K	113,015
Q3 2015	BRC Brady Corporation	Brady Corporation	Buy	+6,805	+0.1%	$97.35K	4,951,897
Q3 2015	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+20,502	+22.9%	$14.37K	110,167
Q3 2015	BSAC Banco Santander - Chile	Banco Santander - Chile	Buy	+24,015	+2.3%	$19.75K	1,084,113
Q3 2015	BTI British American Tobacco Indus	British American Tobacco Indus	Sell	-349	-0.7%	$5.14K	46,685
Q3 2015	BWEN Broadwind, Inc.	Broadwind, Inc.	Buy - Position Entry	+266,933	-	$553.00	266,933
Q3 2015	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-473,330	-13.2%	$99.67K	3,114,680
Q3 2015	CME CME Group Inc.	CME Group Inc.	Buy	+4,112	+14.0%	$3.10K	33,419
Q3 2015	CNTY Century Casinos, Inc.	Century Casinos, Inc.	Sell	-22,724	-0.7%	$21.22K	3,450,133
Q3 2015	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Buy	+10,357	+279.5%	$2.03K	14,063
Q3 2015	CPIX Cumberland Pharmaceuticals Inc.	Cumberland Pharmaceuticals Inc.	Sell	-20,990	-1.4%	$8.56K	1,484,096
Q3 2015	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Sell	-5,320	-0.3%	$106.35K	1,674,330
Q3 2015	CRWS Crown Crafts, Inc.	Crown Crafts, Inc.	Sell	-346,020	-27.0%	$7.68K	936,562
Q3 2015	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Sell	-12,500	-12.3%	$4.22K	89,000
Q3 2015	CVS CVS Health Corporation	CVS Health Corporation	Sell - Position Exit	-82,895	-100.0%	$0.00	-
Q3 2015	CVU CPI Aerostructures, Inc.	CPI Aerostructures, Inc.	Sell	-22,202	-1.4%	$13.55K	1,538,155

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