John W. Rogers Jr. - Ariel Appreciation Fund 13F Activity & Position Changes (Q3 2016)

As of Sep 30, 2016, 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 2016, the filing reported:

New Buys - Aspen Aerogels, Inc., CME Group Inc., FutureFuel Corp., Fluor Corporation, Gaia, Inc., and 4 more

Increases - iShares MSCI ACWI ex U.S. ETF, ANSYS, Inc., ArcBest Corporation, Azenta, Inc., Baidu, Inc., and 30 more

Reductions - Acacia Research Corporation, AFLAC Incorporated, American Express Company, AXT Inc, Brinks Company (The), and 51 more

Complete Exits - Cullen/Frost Bankers, Inc., Diageo plc, HSBC Holdings, plc., Intercontinental Exchange Inc., iShares Microcap ETF

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 2016	ACTG Acacia Research Corporation	Acacia Research Corporation	Sell	-241,784	-6.6%	$22.21K	3,406,693
Q3 2016	ACWX iShares MSCI ACWI ex U.S. ETF	iShares MSCI ACWI ex U.S. ETF	Buy	+39,344	+105.8%	$3.17K	76,514
Q3 2016	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-202,007	-11.0%	$117.49K	1,634,782
Q3 2016	ANSS ANSYS, Inc.	ANSYS, Inc.	Buy	+15	+0.0%	$16.90K	182,494
Q3 2016	ARCB ArcBest Corporation	ArcBest Corporation	Buy	+75,620	+67.0%	$3.59K	188,520
Q3 2016	ASPN Aspen Aerogels, Inc.	Aspen Aerogels, Inc.	Buy - Position Entry	+721,737	-	$4.30K	721,737
Q3 2016	AXP American Express Company	American Express Company	Sell	-22,983	-2.8%	$51.07K	797,470
Q3 2016	AXTI AXT Inc	AXT Inc	Sell	-408,689	-16.7%	$10.54K	2,031,875
Q3 2016	AZTA Azenta, Inc.	Azenta, Inc.	Buy	+95,400	+13.2%	$11.11K	816,000
Q3 2016	BCO Brinks Company (The)	Brinks Company (The)	Sell	-53,218	-4.5%	$41.85K	1,128,582
Q3 2016	BEN Franklin Resources, Inc.	Franklin Resources, Inc.	Sell	-70,026	-3.7%	$64.64K	1,817,416
Q3 2016	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+60,431	+6.5%	$180.01K	988,668
Q3 2016	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Sell	-22,805	-2.3%	$156.94K	958,046
Q3 2016	BOKF BOK Financial Corporation	BOK Financial Corporation	Buy	+243,642	+3691.5%	$17.26K	250,242
Q3 2016	BRC Brady Corporation	Brady Corporation	Sell	-447,391	-10.7%	$129.20K	3,733,043
Q3 2016	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+250,100	+151.1%	$60.05K	415,662
Q3 2016	BSAC Banco Santander - Chile	Banco Santander - Chile	Sell	-14,956	-1.3%	$23.10K	1,116,464
Q3 2016	BTI British American Tobacco Indus	British American Tobacco Indus	Sell	-25,106	-25.9%	$9.15K	71,669
Q3 2016	BWA BorgWarner Inc.	BorgWarner Inc.	Buy	+342,062	+25.8%	$58.71K	1,668,778
Q3 2016	CBRE CBRE Group Inc	CBRE Group Inc	Buy	+563,518	+17.2%	$107.26K	3,833,411
Q3 2016	CFR Cullen/Frost Bankers, Inc.	Cullen/Frost Bankers, Inc.	Sell - Position Exit	-30,850	-100.0%	$0.00	-
Q3 2016	CME CME Group Inc.	CME Group Inc.	Buy - Position Entry	+29,788	-	$3.11K	29,788
Q3 2016	CNTY Century Casinos, Inc.	Century Casinos, Inc.	Buy	+180,611	+5.1%	$25.71K	3,721,469
Q3 2016	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Buy	+37,697	+99.3%	$11.54K	75,667
Q3 2016	CPIX Cumberland Pharmaceuticals Inc.	Cumberland Pharmaceuticals Inc.	Buy	+57,147	+2.9%	$10.27K	2,049,760
Q3 2016	CRAI CRA International,Inc.	CRA International,Inc.	Buy	+19,100	+12.6%	$4.54K	170,600
Q3 2016	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Sell	-37,288	-2.5%	$118.91K	1,426,842
Q3 2016	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Buy	+242,987	+40.2%	$12.46K	847,268
Q3 2016	CVU CPI Aerostructures, Inc.	CPI Aerostructures, Inc.	Buy	+181,649	+12.4%	$11.32K	1,650,515
Q3 2016	DEO Diageo plc	Diageo plc	Sell - Position Exit	-2,711	-100.0%	$0.00	-

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