John W. Rogers Jr. - Ariel Appreciation Fund 13F Activity & Position Changes (Q3 2022)

According to the SEC 13F filed on Nov 14, 2022, the Ariel Appreciation Fund portfolio showed several notable changes in holdings as of quarter-end Sep 30, 2022. 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 2022, the filing reported:

New Buys - Bank of America Corporation, GCM Grosvenor Inc., GSK plc, Haleon plc

Increases - Affiliated Managers Group, Inc., Bio-Rad Laboratories, Inc., Boyd Gaming Corporation, Charles River Laboratories Inte, Dun & Bradstreet Holdings, Inc., and 37 more

Reductions - ADT Inc., AFLAC Incorporated, APA Corporation, Adtalem Global Education Inc., Axalta, and 58 more

Complete Exits - None reported

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 2022	ADT ADT Inc.	ADT Inc.	Sell	-898,987	-4.7%	$136.24K	18,190,118
Q3 2022	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-4,375	-0.5%	$52.69K	937,545
Q3 2022	AMG Affiliated Managers Group, Inc.	Affiliated Managers Group, Inc.	Buy	+35,304	+3.2%	$128.10K	1,145,254
Q3 2022	APA APA Corporation	APA Corporation	Sell	-68,614	-19.6%	$9.64K	281,986
Q3 2022	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Sell	-686,821	-13.8%	$156.22K	4,285,951
Q3 2022	AXTA Axalta	Axalta	Sell	-72,505	-1.0%	$151.52K	7,194,786
Q3 2022	AZN Astrazeneca PLC	Astrazeneca PLC	Sell	-636	-2.8%	$1.21K	22,048
Q3 2022	BAC Bank of America Corporation	Bank of America Corporation	Buy - Position Entry	+59,644	-	$1.80K	59,644
Q3 2022	BAP Credicorp	Credicorp	Sell	-52,507	-3.5%	$179.72K	1,463,493
Q3 2022	BCO Brinks Company (The)	Brinks Company (The)	Sell	-39,593	-1.8%	$104.11K	2,149,349
Q3 2022	BIDU Baidu, Inc.	Baidu, Inc.	Sell	-39,388	-1.5%	$305.64K	2,601,447
Q3 2022	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Buy	+2,762	+4.3%	$27.81K	66,665
Q3 2022	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Sell	-24,873	-19.5%	$3.96K	102,931
Q3 2022	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Sell	-14,227	-1.7%	$56.84K	799,534
Q3 2022	BOKF BOK Financial Corporation	BOK Financial Corporation	Sell	-265,841	-8.1%	$269.75K	3,035,642
Q3 2022	BRC Brady Corporation	Brady Corporation	Sell	-144,435	-22.5%	$20.78K	498,037
Q3 2022	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-475	-1.8%	$7.10K	26,588
Q3 2022	BSAC Banco Santander - Chile	Banco Santander - Chile	Sell	-8,382	-0.8%	$14.40K	1,027,700
Q3 2022	BWA BorgWarner Inc.	BorgWarner Inc.	Sell	-56,207	-3.0%	$57.43K	1,829,048
Q3 2022	BYD Boyd Gaming Corporation	Boyd Gaming Corporation	Buy	+206,895	+6.2%	$169.79K	3,563,366
Q3 2022	CAH Cardinal Health, Inc.	Cardinal Health, Inc.	Sell	-247,029	-27.9%	$42.62K	639,230
Q3 2022	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-142,689	-8.8%	$100.08K	1,482,380
Q3 2022	CHKP Check Point	Check Point	Sell	-7,546	-1.3%	$61.91K	552,677
Q3 2022	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Buy	+60,859	+10.3%	$128.02K	650,498
Q3 2022	DNB Dun & Bradstreet Holdings, Inc.	Dun & Bradstreet Holdings, Inc.	Buy	+1,440	+14.4%	$142.00	11,424
Q3 2022	EQC Equity	Equity	Buy	+1,717,081	+50.4%	$124.85K	5,125,117
Q3 2022	EVR Evercore Inc.	Evercore Inc.	Sell	-4,911	-2.6%	$15.14K	184,066
Q3 2022	FAF First American Corporation (New	First American Corporation (New	Sell	-93,177	-2.2%	$190.48K	4,131,920
Q3 2022	FI Fiserv, Inc.	Fiserv, Inc.	Buy	+360	+14.4%	$267.00	2,856
Q3 2022	FICO Fair Isaac Corporation	Fair Isaac Corporation	Buy	+17	+3.5%	$207.00	503

Page 1 of 4