John W. Rogers Jr. - Ariel Appreciation Fund 13F Activity & Position Changes (Q4 2017)

As of Dec 31, 2017, 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 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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