John W. Rogers Jr. - Ariel Appreciation Fund 13F Activity & Position Changes (Q4 2015)

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 Dec 31, 2015. 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 Q4 2015, the filing reported:

New Buys - Cullen/Frost Bankers, Inc., CSW Industrials, Inc., Discover Financial Services, iShares Inc iShares MSCI Switze, iShares Microcap ETF, and 6 more

Increases - Acacia Research Corporation, ANSYS, Inc., American Express Company, Azenta, Inc., Brinks Company (The), and 36 more

Reductions - AFLAC Incorporated, AstroNova, Inc., AXT Inc, Credicorp, Baxter International Inc., and 44 more

Complete Exits - The Middleby Corporation, Vanguard FTSEEuropean 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
Q4 2015	ACTG Acacia Research Corporation	Acacia Research Corporation	Buy	+378,634	+11.8%	$15.38K	3,584,986
Q4 2015	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-62,870	-2.9%	$126.44K	2,110,939
Q4 2015	ALOT AstroNova, Inc.	AstroNova, Inc.	Sell	-81,800	-7.2%	$15.32K	1,060,361
Q4 2015	ANSS ANSYS, Inc.	ANSYS, Inc.	Buy	+551	+0.5%	$9.60K	103,788
Q4 2015	AXP American Express Company	American Express Company	Buy	+77,092	+71.2%	$12.89K	185,409
Q4 2015	AXTI AXT Inc	AXT Inc	Sell	-262,250	-7.0%	$8.61K	3,470,140
Q4 2015	AZTA Azenta, Inc.	Azenta, Inc.	Buy	+1,700	+0.6%	$2.83K	264,700
Q4 2015	BAP Credicorp	Credicorp	Sell	-9,095	-17.3%	$4.24K	43,518
Q4 2015	BAX Baxter International Inc.	Baxter International Inc.	Sell	-2,736	-4.1%	$2.43K	63,595
Q4 2015	BCO Brinks Company (The)	Brinks Company (The)	Buy	+13,690	+1.1%	$37.79K	1,309,293
Q4 2015	BEN Franklin Resources, Inc.	Franklin Resources, Inc.	Buy	+18,187	+0.9%	$74.60K	2,026,161
Q4 2015	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+42,197	+5.5%	$152.56K	806,996
Q4 2015	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Buy	+5,786	+0.6%	$139.49K	1,005,947
Q4 2015	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Sell	-5,700	-5.0%	$4.42K	107,315
Q4 2015	BRC Brady Corporation	Brady Corporation	Buy	+5,020	+0.1%	$113.91K	4,956,917
Q4 2015	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+29,227	+26.5%	$18.41K	139,394
Q4 2015	BSAC Banco Santander - Chile	Banco Santander - Chile	Sell	-479	-0.0%	$19.11K	1,083,634
Q4 2015	BTI British American Tobacco Indus	British American Tobacco Indus	Buy	+21,547	+46.2%	$7.54K	68,232
Q4 2015	BWEN Broadwind, Inc.	Broadwind, Inc.	Buy	+5,300	+2.0%	$566.00	272,233
Q4 2015	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-256,505	-8.2%	$98.84K	2,858,175
Q4 2015	CFR Cullen/Frost Bankers, Inc.	Cullen/Frost Bankers, Inc.	Buy - Position Entry	+16,597	-	$996.00	16,597
Q4 2015	CME CME Group Inc.	CME Group Inc.	Buy	+507	+1.5%	$3.07K	33,926
Q4 2015	CNTY Century Casinos, Inc.	Century Casinos, Inc.	Sell	-133,175	-3.9%	$25.81K	3,316,958
Q4 2015	CPIX Cumberland Pharmaceuticals Inc.	Cumberland Pharmaceuticals Inc.	Sell	-67,436	-4.5%	$7.45K	1,416,660
Q4 2015	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Buy	+68,560	+4.1%	$140.11K	1,742,890
Q4 2015	CRWS Crown Crafts, Inc.	Crown Crafts, Inc.	Sell	-204,736	-21.9%	$6.21K	731,826
Q4 2015	CSWI CSW Industrials, Inc.	CSW Industrials, Inc.	Buy - Position Entry	+30,800	-	$1.16K	30,800
Q4 2015	CVU CPI Aerostructures, Inc.	CPI Aerostructures, Inc.	Sell	-125,530	-8.2%	$13.74K	1,412,625
Q4 2015	DFS Discover Financial Services	Discover Financial Services	Buy - Position Entry	+8,868	-	$476.00	8,868
Q4 2015	DGX Quest Diagnostics Incorporated	Quest Diagnostics Incorporated	Sell	-2,479	-0.4%	$49.32K	693,253

Page 1 of 4