John W. Rogers Jr. - Ariel Appreciation Fund 13F Activity & Position Changes (Q3 2018)

As of Sep 30, 2018, 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 2018, the filing reported:

New Buys - Affiliated Managers Group, Inc., QUALCOMM Incorporated

Increases - Aspen Aerogels, Inc., Acuity Brands, Inc., Brinks Company (The), Baidu, Inc., Bio-Rad Laboratories, Inc., and 48 more

Reductions - AFLAC Incorporated, AstroNova, Inc., Adtalem Global Education Inc., American Express Company, AXT Inc, and 38 more

Complete Exits - Lifecore Biomedical, Inc., Sanofi, Tractor Supply Company, Vanguard Total World Stock Inde

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 2018	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-35,793	-1.6%	$103.73K	2,203,665
Q3 2018	ALOT AstroNova, Inc.	AstroNova, Inc.	Sell	-18,986	-3.5%	$11.21K	519,221
Q3 2018	AMG Affiliated Managers Group, Inc.	Affiliated Managers Group, Inc.	Buy - Position Entry	+267,897	-	$36.63K	267,897
Q3 2018	ASPN Aspen Aerogels, Inc.	Aspen Aerogels, Inc.	Buy	+181,100	+10.9%	$8.40K	1,838,989
Q3 2018	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Sell	-492,129	-29.3%	$57.13K	1,185,289
Q3 2018	AXP American Express Company	American Express Company	Sell	-275,744	-31.3%	$64.44K	605,168
Q3 2018	AXTI AXT Inc	AXT Inc	Sell	-117,998	-41.6%	$1.19K	165,743
Q3 2018	AYI Acuity Brands, Inc.	Acuity Brands, Inc.	Buy	+615	+2.0%	$4.98K	31,678
Q3 2018	BCO Brinks Company (The)	Brinks Company (The)	Buy	+85,195	+26.9%	$28.00K	401,432
Q3 2018	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+98,580	+8.3%	$293.31K	1,282,642
Q3 2018	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Buy	+685	+0.3%	$72.82K	232,661
Q3 2018	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Sell	-54	-0.1%	$5.26K	103,076
Q3 2018	BOKF BOK Financial Corporation	BOK Financial Corporation	Buy	+44,880	+8.8%	$54.08K	555,898
Q3 2018	BRC Brady Corporation	Brady Corporation	Sell	-75,444	-4.0%	$78.36K	1,791,085
Q3 2018	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+8,500	+1.5%	$119.95K	560,217
Q3 2018	BSAC Banco Santander - Chile	Banco Santander - Chile	Buy	+34,161	+4.0%	$28.70K	897,525
Q3 2018	BWA BorgWarner Inc.	BorgWarner Inc.	Sell	-666	-0.0%	$72.56K	1,696,170
Q3 2018	CAH Cardinal Health, Inc.	Cardinal Health, Inc.	Sell	-2,667	-0.3%	$50.09K	927,657
Q3 2018	CARS Cars.com Inc.	Cars.com Inc.	Buy	+1,200	+0.5%	$7.01K	253,959
Q3 2018	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-796	-0.0%	$83.34K	1,889,877
Q3 2018	CNTY Century Casinos, Inc.	Century Casinos, Inc.	Buy	+295,406	+8.2%	$29.13K	3,904,555
Q3 2018	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Sell	-91,970	-40.0%	$32.42K	138,012
Q3 2018	CPIX Cumberland Pharmaceuticals Inc.	Cumberland Pharmaceuticals Inc.	Sell	-14,735	-1.1%	$7.37K	1,290,317
Q3 2018	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Sell	-63,620	-4.8%	$168.71K	1,253,966
Q3 2018	CRWS Crown Crafts, Inc.	Crown Crafts, Inc.	Buy	+92,263	+58.5%	$1.42K	249,879
Q3 2018	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Sell	-18,100	-1.7%	$19.39K	1,021,415
Q3 2018	CVU CPI Aerostructures, Inc.	CPI Aerostructures, Inc.	Buy	+43,700	+5.6%	$6.85K	819,857
Q3 2018	DFS Discover Financial Services	Discover Financial Services	Sell	-169,585	-88.1%	$1.76K	22,994
Q3 2018	DGX Quest Diagnostics Incorporated	Quest Diagnostics Incorporated	Buy	+16,662	+6.8%	$28.09K	260,261
Q3 2018	EOG EOG Resources, Inc.	EOG Resources, Inc.	Buy	+7,740	+1.8%	$55.42K	434,418

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