John W. Rogers Jr. - Ariel Appreciation Fund 13F Activity & Position Changes (Q4 2022)

According to the SEC 13F filed on Feb 14, 2023, the Ariel Appreciation Fund portfolio showed several notable changes in holdings as of quarter-end Dec 31, 2022. 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 2022, the filing reported:

New Buys - The Carlyle Group Inc., Itau Unibanco Banco Holding SA, iShares Russell Mid-cap Value E, Leslie's, Inc.

Increases - iShares MSCI ACWI ex U.S. ETF, Astrazeneca PLC, Bank of America Corporation, Baidu, Inc., Dun & Bradstreet Holdings, Inc., and 30 more

Reductions - ADT Inc., AFLAC Incorporated, Affiliated Managers Group, Inc., APA Corporation, Adtalem Global Education Inc., and 65 more

Complete Exits - Houlihan Lokey, Inc., Omnicom Group 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 2022	ACWX iShares MSCI ACWI ex U.S. ETF	iShares MSCI ACWI ex U.S. ETF	Buy	+33,458	+34.2%	$5.98M	131,423
Q4 2022	ADT ADT Inc.	ADT Inc.	Sell	-1,365,168	-7.5%	$152.60M	16,824,950
Q4 2022	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-49,492	-5.3%	$63.89M	888,053
Q4 2022	AMG Affiliated Managers Group, Inc.	Affiliated Managers Group, Inc.	Sell	-16,947	-1.5%	$178.76M	1,128,307
Q4 2022	APA APA Corporation	APA Corporation	Sell	-96,124	-34.1%	$8.68M	185,862
Q4 2022	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Sell	-476,072	-11.1%	$135.25M	3,809,879
Q4 2022	AXTA Axalta	Axalta	Sell	-95,844	-1.3%	$180.81M	7,098,942
Q4 2022	AZN Astrazeneca PLC	Astrazeneca PLC	Buy	+348	+1.6%	$1.52M	22,396
Q4 2022	BAC Bank of America Corporation	Bank of America Corporation	Buy	+36,395	+61.0%	$3.18M	96,039
Q4 2022	BAP Credicorp	Credicorp	Sell	-410,911	-28.1%	$142.79M	1,052,582
Q4 2022	BCO Brinks Company (The)	Brinks Company (The)	Sell	-131,767	-6.1%	$108.36M	2,017,582
Q4 2022	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+251,451	+9.7%	$326.31M	2,852,898
Q4 2022	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Sell	-34,769	-52.2%	$13.41M	31,896
Q4 2022	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Sell	-24,268	-23.6%	$3.58M	78,663
Q4 2022	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Sell	-9,868	-1.2%	$56.82M	789,666
Q4 2022	BOKF BOK Financial Corporation	BOK Financial Corporation	Sell	-388,693	-12.8%	$274.73M	2,646,949
Q4 2022	BRC Brady Corporation	Brady Corporation	Sell	-217,642	-43.7%	$13.21M	280,395
Q4 2022	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-13,589	-51.1%	$4.02M	12,999
Q4 2022	BSAC Banco Santander - Chile	Banco Santander - Chile	Sell	-5,135	-0.5%	$16.20M	1,022,565
Q4 2022	BWA BorgWarner Inc.	BorgWarner Inc.	Sell	-144,943	-7.9%	$67.79M	1,684,105
Q4 2022	BYD Boyd Gaming Corporation	Boyd Gaming Corporation	Sell	-106,447	-3.0%	$188.51M	3,456,919
Q4 2022	CAH Cardinal Health, Inc.	Cardinal Health, Inc.	Sell	-286,691	-44.8%	$27.10M	352,539
Q4 2022	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-181,044	-12.2%	$100.15M	1,301,336
Q4 2022	CG The Carlyle Group Inc.	The Carlyle Group Inc.	Buy - Position Entry	+2,926,392	-	$87.32M	2,926,392
Q4 2022	CHKP Check Point	Check Point	Sell	-8,607	-1.6%	$68.64M	544,070
Q4 2022	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Sell	-12,736	-2.0%	$138.97M	637,762
Q4 2022	DNB Dun & Bradstreet Holdings, Inc.	Dun & Bradstreet Holdings, Inc.	Buy	+960	+8.4%	$151.83K	12,384
Q4 2022	EQC Equity	Equity	Buy	+904,535	+17.6%	$150.56M	6,029,652
Q4 2022	EVR Evercore Inc.	Evercore Inc.	Sell	-29,955	-16.3%	$16.81M	154,111
Q4 2022	FAF First American Corporation (New	First American Corporation (New	Sell	-114,202	-2.8%	$210.29M	4,017,718

Page 1 of 4