John W. Rogers Jr. - Ariel Appreciation Fund 13F Activity & Position Changes (Q4 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 Dec 31, 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 Q4 2017, the filing reported:

New Buys - Foot Locker, Inc., iShares Russell 2000 Value ETF, Methode Electronics, Inc., Pure Cycle Corporation, Tapestry, Inc.

Increases - iShares MSCI ACWI ex U.S. ETF, American Express Company, Acuity Brands, Inc., Baidu, Inc., Berkshire Hathaway Inc. New, and 40 more

Reductions - Accenture plc, Acacia Research Corporation, AFLAC Incorporated, AstroNova, Inc., Aspen Aerogels, Inc., and 57 more

Complete Exits - Franklin Resources, Inc., CVS Health Corporation, FactSet Research Systems Inc., InterDigital, Inc., iShares Russell Mid-Cap ETF, and 1 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
Q4 2017	ACN Accenture plc	Accenture plc	Sell	-13,420	-39.7%	$3.12K	20,374
Q4 2017	ACTG Acacia Research Corporation	Acacia Research Corporation	Sell	-147,429	-5.0%	$11.36K	2,804,686
Q4 2017	ACWX iShares MSCI ACWI ex U.S. ETF	iShares MSCI ACWI ex U.S. ETF	Buy	+50,232	+20.0%	$15.07K	301,792
Q4 2017	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-251,605	-15.9%	$116.66K	1,328,988
Q4 2017	ALOT AstroNova, Inc.	AstroNova, Inc.	Sell	-2,375	-0.3%	$10.33K	745,767
Q4 2017	ASPN Aspen Aerogels, Inc.	Aspen Aerogels, Inc.	Sell	-4,619	-0.4%	$5.32K	1,090,898
Q4 2017	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Sell	-132,116	-6.5%	$79.58K	1,892,503
Q4 2017	AXP American Express Company	American Express Company	Buy	+21,627	+2.4%	$90.89K	915,248
Q4 2017	AXTI AXT Inc	AXT Inc	Sell	-143,623	-36.8%	$2.15K	246,890
Q4 2017	AYI Acuity Brands, Inc.	Acuity Brands, Inc.	Buy	+204	+2.3%	$1.58K	8,984
Q4 2017	BCO Brinks Company (The)	Brinks Company (The)	Sell	-28,316	-9.2%	$22.07K	280,485
Q4 2017	BEN Franklin Resources, Inc.	Franklin Resources, Inc.	Sell - Position Exit	-295,853	-100.0%	$0.00	-
Q4 2017	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+94,145	+8.6%	$277.75K	1,185,923
Q4 2017	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Sell	-256,724	-49.0%	$63.85K	267,520
Q4 2017	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Sell	-23	-0.0%	$5.56K	103,226
Q4 2017	BOKF BOK Financial Corporation	BOK Financial Corporation	Sell	-16,742	-3.5%	$43.15K	467,367
Q4 2017	BRC Brady Corporation	Brady Corporation	Sell	-71,612	-3.0%	$87.10K	2,298,208
Q4 2017	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+13,756	+2.5%	$111.48K	562,411
Q4 2017	BSAC Banco Santander - Chile	Banco Santander - Chile	Buy	+58,841	+7.5%	$26.42K	845,001
Q4 2017	BWA BorgWarner Inc.	BorgWarner Inc.	Sell	-130,652	-7.6%	$81.26K	1,590,457
Q4 2017	CAH Cardinal Health, Inc.	Cardinal Health, Inc.	Buy	+126,122	+17.1%	$52.80K	861,809
Q4 2017	CARS Cars.com Inc.	Cars.com Inc.	Sell	-23,560	-8.4%	$7.40K	256,499
Q4 2017	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-253,197	-8.8%	$113.43K	2,618,932
Q4 2017	CME CME Group Inc.	CME Group Inc.	Sell	-48,736	-62.0%	$4.37K	29,910
Q4 2017	CNTY Century Casinos, Inc.	Century Casinos, Inc.	Sell	-155,257	-4.6%	$29.27K	3,206,500
Q4 2017	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Buy	+5,916	+2.6%	$43.65K	234,513
Q4 2017	CPIX Cumberland Pharmaceuticals Inc.	Cumberland Pharmaceuticals Inc.	Buy	+22,932	+2.6%	$6.70K	910,076
Q4 2017	CRAI CRA International,Inc.	CRA International,Inc.	Buy	+9,500	+6.2%	$7.30K	162,498
Q4 2017	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Sell	-326,871	-19.5%	$148.11K	1,353,195
Q4 2017	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Buy	+45,077	+4.7%	$16.70K	1,008,803

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