John W. Rogers Jr. - Ariel Appreciation Fund 13F Activity & Position Changes (Q4 2016)

As of Dec 31, 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 Q4 2016, the filing reported:

New Buys - Cardinal Health, Inc., The Cheesecake Factory Incorpor, Church & Dwight Company, Inc., CVS Health Corporation, iShares MSCI, and 8 more

Increases - Acacia Research Corporation, iShares MSCI ACWI ex U.S. ETF, Aspen Aerogels, Inc., American Express Company, Baidu, Inc., and 37 more

Reductions - AFLAC Incorporated, AstroNova, Inc., ANSYS, Inc., ArcBest Corporation, AXT Inc, and 56 more

Complete Exits - Fastenal Company, W.W. Grainger, Inc., McCormick & Company, Incorporat, PNC Financial Services Group, I, Union Pacific Corporation

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 2016	ACTG Acacia Research Corporation	Acacia Research Corporation	Buy	+6,481	+0.2%	$22.19K	3,413,174
Q4 2016	ACWX iShares MSCI ACWI ex U.S. ETF	iShares MSCI ACWI ex U.S. ETF	Buy	+200,046	+261.5%	$11.14K	276,560
Q4 2016	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-11,013	-0.7%	$113.01K	1,623,769
Q4 2016	ALOT AstroNova, Inc.	AstroNova, Inc.	Sell	-200	-0.0%	$12.57K	881,974
Q4 2016	ANSS ANSYS, Inc.	ANSYS, Inc.	Sell	-100,434	-55.0%	$7.59K	82,060
Q4 2016	ARCB ArcBest Corporation	ArcBest Corporation	Sell	-93,700	-49.7%	$2.62K	94,820
Q4 2016	ASPN Aspen Aerogels, Inc.	Aspen Aerogels, Inc.	Buy	+933,589	+129.4%	$6.84K	1,655,326
Q4 2016	AXP American Express Company	American Express Company	Buy	+32,860	+4.1%	$61.51K	830,330
Q4 2016	AXTI AXT Inc	AXT Inc	Sell	-687,473	-33.8%	$6.45K	1,344,402
Q4 2016	AZTA Azenta, Inc.	Azenta, Inc.	Sell	-155,290	-19.0%	$11.28K	660,710
Q4 2016	BCO Brinks Company (The)	Brinks Company (The)	Sell	-201,083	-17.8%	$38.26K	927,499
Q4 2016	BEN Franklin Resources, Inc.	Franklin Resources, Inc.	Sell	-296,296	-16.3%	$60.21K	1,521,120
Q4 2016	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+57,535	+5.8%	$172.01K	1,046,203
Q4 2016	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Sell	-71,219	-7.4%	$161.65K	886,827
Q4 2016	BOKF BOK Financial Corporation	BOK Financial Corporation	Sell	-7,309	-2.9%	$20.17K	242,933
Q4 2016	BRC Brady Corporation	Brady Corporation	Sell	-902,995	-24.2%	$106.27K	2,830,048
Q4 2016	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+52,300	+12.6%	$76.27K	467,962
Q4 2016	BSAC Banco Santander - Chile	Banco Santander - Chile	Sell	-130,439	-11.7%	$21.56K	986,025
Q4 2016	BTI British American Tobacco Indus	British American Tobacco Indus	Sell	-61,989	-86.5%	$1.09K	9,680
Q4 2016	BWA BorgWarner Inc.	BorgWarner Inc.	Buy	+83,935	+5.0%	$69.13K	1,752,713
Q4 2016	CAH Cardinal Health, Inc.	Cardinal Health, Inc.	Buy - Position Entry	+36,526	-	$2.63K	36,526
Q4 2016	CAKE The Cheesecake Factory Incorpor	The Cheesecake Factory Incorpor	Buy - Position Entry	+45,115	-	$2.70K	45,115
Q4 2016	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-11,655	-0.3%	$120.35K	3,821,756
Q4 2016	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Buy - Position Entry	+26,571	-	$1.17K	26,571
Q4 2016	CME CME Group Inc.	CME Group Inc.	Buy	+41,443	+139.1%	$8.22K	71,231
Q4 2016	CNTY Century Casinos, Inc.	Century Casinos, Inc.	Sell	-244,587	-6.6%	$28.61K	3,476,882
Q4 2016	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Buy	+91,201	+120.5%	$26.72K	166,868
Q4 2016	CPIX Cumberland Pharmaceuticals Inc.	Cumberland Pharmaceuticals Inc.	Sell	-225,180	-11.0%	$10.04K	1,824,580
Q4 2016	CRAI CRA International,Inc.	CRA International,Inc.	Buy	+1,600	+0.9%	$6.30K	172,200
Q4 2016	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Buy	+150,014	+10.5%	$120.14K	1,576,856

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