John W. Rogers Jr. - Ariel Appreciation Fund 13F Activity & Position Changes (Q3 2017)

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 Sep 30, 2017. 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 2017, the filing reported:

New Buys - Fastenal Company, iShares Russell Mid-Cap ETF, Tejon Ranch Co

Increases - Accenture plc, AstroNova, Inc., Aspen Aerogels, Inc., American Express Company, Acuity Brands, Inc., and 53 more

Reductions - Acacia Research Corporation, AFLAC Incorporated, Adtalem Global Education Inc., AXT Inc, Brinks Company (The), and 46 more

Complete Exits - Church & Dwight Company, Inc., Digi International Inc., Itau Unibanco Banco Holding SA, LL Flooring Holdings, Inc., LG Display Co, Ltd AMERICAN DEP, and 3 more

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 2017	ACN Accenture plc	Accenture plc	Buy	+1,415	+4.4%	$4.57K	33,794
Q3 2017	ACTG Acacia Research Corporation	Acacia Research Corporation	Sell	-461,643	-13.5%	$13.43K	2,952,115
Q3 2017	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-7,210	-0.5%	$128.64K	1,580,593
Q3 2017	ALOT AstroNova, Inc.	AstroNova, Inc.	Buy	+240,065	+47.2%	$9.73K	748,142
Q3 2017	ASPN Aspen Aerogels, Inc.	Aspen Aerogels, Inc.	Buy	+1,520	+0.1%	$4.76K	1,095,517
Q3 2017	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Sell	-39,644	-1.9%	$72.58K	2,024,619
Q3 2017	AXP American Express Company	American Express Company	Buy	+33,363	+3.9%	$80.84K	893,621
Q3 2017	AXTI AXT Inc	AXT Inc	Sell	-251,805	-39.2%	$3.57K	390,513
Q3 2017	AYI Acuity Brands, Inc.	Acuity Brands, Inc.	Buy	+294	+3.5%	$1.50K	8,780
Q3 2017	BCO Brinks Company (The)	Brinks Company (The)	Sell	-123,081	-28.5%	$26.02K	308,801
Q3 2017	BEN Franklin Resources, Inc.	Franklin Resources, Inc.	Sell	-350,121	-54.2%	$13.17K	295,853
Q3 2017	BIDU Baidu, Inc.	Baidu, Inc.	Sell	-106,709	-8.9%	$270.42K	1,091,778
Q3 2017	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Sell	-49,993	-8.7%	$116.50K	524,244
Q3 2017	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Sell	-9,588	-8.5%	$5.47K	103,249
Q3 2017	BOKF BOK Financial Corporation	BOK Financial Corporation	Buy	+4,029	+0.8%	$43.12K	484,109
Q3 2017	BRC Brady Corporation	Brady Corporation	Buy	+5,355	+0.2%	$89.94K	2,369,820
Q3 2017	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+21,815	+4.1%	$100.58K	548,655
Q3 2017	BSAC Banco Santander - Chile	Banco Santander - Chile	Sell	-109,043	-12.2%	$23.36K	786,160
Q3 2017	BWA BorgWarner Inc.	BorgWarner Inc.	Sell	-6,482	-0.4%	$88.17K	1,721,109
Q3 2017	CAH Cardinal Health, Inc.	Cardinal Health, Inc.	Buy	+74,212	+11.2%	$49.23K	735,687
Q3 2017	CARS Cars.com Inc.	Cars.com Inc.	Sell	-59,627	-17.6%	$7.45K	280,059
Q3 2017	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-582,385	-16.9%	$108.80K	2,872,129
Q3 2017	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Sell - Position Exit	-28,683	-100.0%	$0.00	-
Q3 2017	CME CME Group Inc.	CME Group Inc.	Buy	+3,161	+4.2%	$10.67K	78,646
Q3 2017	CNTY Century Casinos, Inc.	Century Casinos, Inc.	Buy	+124,972	+3.9%	$27.60K	3,361,757
Q3 2017	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Buy	+9,034	+4.1%	$37.56K	228,597
Q3 2017	CPIX Cumberland Pharmaceuticals Inc.	Cumberland Pharmaceuticals Inc.	Sell	-89,233	-9.1%	$6.26K	887,144
Q3 2017	CRAI CRA International,Inc.	CRA International,Inc.	Sell	-26,300	-14.7%	$6.28K	152,998
Q3 2017	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Sell	-270,301	-13.9%	$181.48K	1,680,066
Q3 2017	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Buy	+12,058	+1.3%	$16.51K	963,726

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