John W. Rogers Jr. - Ariel Appreciation Fund 13F Activity & Position Changes (Q4 2019)

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, 2019. 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 2019, the filing reported:

New Buys - Carnival Corporation, Evercore Inc., InterDigital, Inc., iShares Russell 2000 ETF, Paramount Global

Increases - AstroNova, Inc., Affiliated Managers Group, Inc., Adtalem Global Education Inc., Brinks Company (The), Bio-Rad Laboratories, Inc., and 42 more

Reductions - Acacia Research Corporation, AFLAC Incorporated, AXT Inc, Baidu, Inc., Brady Corporation, and 50 more

Complete Exits - Aspen Aerogels, Inc., Thermo Fisher Scientific Inc

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 2019	ACTG Acacia Research Corporation	Acacia Research Corporation	Sell	-214,089	-8.8%	$5.89K	2,214,854
Q4 2019	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-18,453	-1.1%	$84.53K	1,597,997
Q4 2019	ALOT AstroNova, Inc.	AstroNova, Inc.	Buy	+59,585	+21.2%	$4.67K	340,348
Q4 2019	AMG Affiliated Managers Group, Inc.	Affiliated Managers Group, Inc.	Buy	+5,975	+1.0%	$50.23K	592,698
Q4 2019	ASPN Aspen Aerogels, Inc.	Aspen Aerogels, Inc.	Sell - Position Exit	-444,331	-100.0%	$0.00	-
Q4 2019	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Buy	+611,821	+64.1%	$54.76K	1,565,767
Q4 2019	AXTI AXT Inc	AXT Inc	Sell	-19,011	-27.6%	$217.00	49,933
Q4 2019	BCO Brinks Company (The)	Brinks Company (The)	Buy	+19,419	+3.9%	$47.22K	520,769
Q4 2019	BIDU Baidu, Inc.	Baidu, Inc.	Sell	-79,185	-4.2%	$227.89K	1,802,894
Q4 2019	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Buy	+2,326	+1.0%	$83.81K	226,498
Q4 2019	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Buy	+1,200	+1.2%	$5.09K	101,136
Q4 2019	BOKF BOK Financial Corporation	BOK Financial Corporation	Buy	+55,129	+4.7%	$106.55K	1,219,071
Q4 2019	BRC Brady Corporation	Brady Corporation	Sell	-65,067	-11.6%	$28.48K	497,354
Q4 2019	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+5,873	+1.0%	$132.81K	586,349
Q4 2019	BSAC Banco Santander - Chile	Banco Santander - Chile	Buy	+472	+0.1%	$18.13K	786,020
Q4 2019	BWA BorgWarner Inc.	BorgWarner Inc.	Buy	+15,535	+0.8%	$86.23K	1,987,879
Q4 2019	BX Blackstone Inc.	Blackstone Inc.	Sell	-157,849	-33.9%	$17.24K	308,156
Q4 2019	CAH Cardinal Health, Inc.	Cardinal Health, Inc.	Sell	-165,746	-19.3%	$35.13K	694,625
Q4 2019	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-3,612	-0.2%	$110.54K	1,803,616
Q4 2019	CCL Carnival Corporation	Carnival Corporation	Buy - Position Entry	+621,390	-	$31.59K	621,390
Q4 2019	CNTY Century Casinos, Inc.	Century Casinos, Inc.	Buy	+14,577	+1.2%	$9.47K	1,196,287
Q4 2019	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Buy	+334	+0.7%	$13.20K	44,912
Q4 2019	CPIX Cumberland Pharmaceuticals Inc.	Cumberland Pharmaceuticals Inc.	Buy	+51,901	+5.4%	$5.20K	1,010,220
Q4 2019	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Buy	+8,497	+1.0%	$129.86K	850,094
Q4 2019	CRWS Crown Crafts, Inc.	Crown Crafts, Inc.	Sell	-24,858	-43.5%	$198.00	32,253
Q4 2019	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Sell	-67,057	-29.4%	$3.35K	161,240
Q4 2019	CVU CPI Aerostructures, Inc.	CPI Aerostructures, Inc.	Sell	-110,331	-34.7%	$1.40K	207,452
Q4 2019	DGX Quest Diagnostics Incorporated	Quest Diagnostics Incorporated	Sell	-9,602	-2.3%	$42.87K	401,466
Q4 2019	ENZ Enzo Biochem, Inc.	Enzo Biochem, Inc.	Sell	-60,729	-5.9%	$2.54K	965,584
Q4 2019	EOG EOG Resources, Inc.	EOG Resources, Inc.	Buy	+26,518	+2.9%	$79.52K	949,349

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