John W. Rogers Jr. - Ariel Appreciation Fund 13F Activity & Position Changes (Q4 2018)

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, 2018. 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 2018, the filing reported:

New Buys - iShares Russell 2000 Value ETF, iShares Russell Mid-cap Value E, Knowles Corporation, Masco Corporation, Molson Coors Beverage Company

Increases - iShares MSCI ACWI ex U.S. ETF, Affiliated Managers Group, Inc., Brinks Company (The), Baidu, Inc., BOK Financial Corporation, and 30 more

Reductions - AFLAC Incorporated, AstroNova, Inc., Aspen Aerogels, Inc., Adtalem Global Education Inc., American Express Company, and 57 more

Complete Exits - Cars.com Inc., Barrick Gold 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 2018	ACWX iShares MSCI ACWI ex U.S. ETF	iShares MSCI ACWI ex U.S. ETF	Buy	+13,365	+5.8%	$10.28K	244,922
Q4 2018	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-575,209	-26.1%	$74.19K	1,628,456
Q4 2018	ALOT AstroNova, Inc.	AstroNova, Inc.	Sell	-89,262	-17.2%	$8.06K	429,959
Q4 2018	AMG Affiliated Managers Group, Inc.	Affiliated Managers Group, Inc.	Buy	+135,128	+50.4%	$39.27K	403,025
Q4 2018	ASPN Aspen Aerogels, Inc.	Aspen Aerogels, Inc.	Sell	-12,709	-0.7%	$3.89K	1,826,280
Q4 2018	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Sell	-232,801	-19.6%	$45.07K	952,488
Q4 2018	AXP American Express Company	American Express Company	Sell	-515,139	-85.1%	$8.58K	90,029
Q4 2018	AXTI AXT Inc	AXT Inc	Sell	-70,847	-42.7%	$413.00	94,896
Q4 2018	BCO Brinks Company (The)	Brinks Company (The)	Buy	+124,992	+31.1%	$34.03K	526,424
Q4 2018	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+119,660	+9.3%	$222.41K	1,402,302
Q4 2018	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Sell	-8,323	-3.6%	$52.10K	224,338
Q4 2018	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Sell	-2,425	-2.4%	$4.74K	100,651
Q4 2018	BOKF BOK Financial Corporation	BOK Financial Corporation	Buy	+334,889	+60.2%	$65.32K	890,787
Q4 2018	BRC Brady Corporation	Brady Corporation	Sell	-365,002	-20.4%	$61.98K	1,426,083
Q4 2018	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-1,759	-0.3%	$114.03K	558,458
Q4 2018	BSAC Banco Santander - Chile	Banco Santander - Chile	Sell	-132,771	-14.8%	$22.87K	764,754
Q4 2018	BWA BorgWarner Inc.	BorgWarner Inc.	Buy	+38,759	+2.3%	$60.27K	1,734,929
Q4 2018	CAH Cardinal Health, Inc.	Cardinal Health, Inc.	Sell	-71,907	-7.8%	$38.17K	855,750
Q4 2018	CARS Cars.com Inc.	Cars.com Inc.	Sell - Position Exit	-253,959	-100.0%	$0.00	-
Q4 2018	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-27,372	-1.4%	$74.58K	1,862,505
Q4 2018	CNTY Century Casinos, Inc.	Century Casinos, Inc.	Sell	-438,450	-11.2%	$25.61K	3,466,105
Q4 2018	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Sell	-452	-0.3%	$28.02K	137,560
Q4 2018	CPIX Cumberland Pharmaceuticals Inc.	Cumberland Pharmaceuticals Inc.	Sell	-110,514	-8.6%	$7.11K	1,179,803
Q4 2018	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Sell	-265,795	-21.2%	$111.84K	988,171
Q4 2018	CRWS Crown Crafts, Inc.	Crown Crafts, Inc.	Sell	-171,029	-68.4%	$426.00	78,850
Q4 2018	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Sell	-139,611	-13.7%	$16.95K	881,804
Q4 2018	CVU CPI Aerostructures, Inc.	CPI Aerostructures, Inc.	Sell	-30,980	-3.8%	$5.03K	788,877
Q4 2018	DFS Discover Financial Services	Discover Financial Services	Sell	-826	-3.6%	$1.31K	22,168
Q4 2018	DGX Quest Diagnostics Incorporated	Quest Diagnostics Incorporated	Buy	+93,781	+36.0%	$29.48K	354,042
Q4 2018	EOG EOG Resources, Inc.	EOG Resources, Inc.	Buy	+118,901	+27.4%	$48.26K	553,319

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