John W. Rogers Jr. - Ariel Appreciation Fund 13F Activity & Position Changes (Q4 2023)

According to the SEC 13F filed on Feb 14, 2024, the Ariel Appreciation Fund portfolio showed several notable changes in holdings as of quarter-end Dec 31, 2023. 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 2023, the filing reported:

New Buys - CNH Industrial, DaVita Inc., Intel Corporation, iShares Russell Mid-cap Value E, KB Financial Group Inc, and 3 more

Increases - ADT Inc., Affiliated Managers Group, Inc., Bank of America Corporation, Bristol-Myers Squibb Company, Brady Corporation, and 43 more

Reductions - iShares MSCI ACWI ex U.S. ETF, AFLAC Incorporated, Adtalem Global Education Inc., Axalta, Credicorp, and 46 more

Complete Exits - Ambev S.A., Banco Santander - Chile, CME Group Inc., iQIYI, Inc., Itau Unibanco Banco Holding SA, and 4 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 2023	ABEV Ambev S.A.	Ambev S.A.	Sell - Position Exit	-1,091,998	-100.0%	$0.00	-
Q4 2023	ACWX iShares MSCI ACWI ex U.S. ETF	iShares MSCI ACWI ex U.S. ETF	Sell	-107,904	-62.1%	$3.36M	65,769
Q4 2023	ADT ADT Inc.	ADT Inc.	Buy	+18,440	+0.1%	$153.09M	22,447,847
Q4 2023	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-65,399	-10.8%	$44.50M	539,397
Q4 2023	AMG Affiliated Managers Group, Inc.	Affiliated Managers Group, Inc.	Buy	+54,550	+4.6%	$188.17M	1,242,696
Q4 2023	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Sell	-433,170	-13.5%	$163.45M	2,772,618
Q4 2023	AXTA Axalta	Axalta	Sell	-363,251	-7.1%	$162.36M	4,779,430
Q4 2023	BAC Bank of America Corporation	Bank of America Corporation	Buy	+20,273	+12.9%	$5.96M	176,881
Q4 2023	BAP Credicorp	Credicorp	Sell	-489,643	-45.0%	$89.55M	597,310
Q4 2023	BCO Brinks Company (The)	Brinks Company (The)	Sell	-24,762	-1.3%	$165.74M	1,884,461
Q4 2023	BIDU Baidu, Inc.	Baidu, Inc.	Sell	-618,355	-28.8%	$181.97M	1,527,971
Q4 2023	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Sell	-52	-1.1%	$1.45M	4,477
Q4 2023	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Buy	+326,789	+50.0%	$50.27M	979,748
Q4 2023	BOKF BOK Financial Corporation	BOK Financial Corporation	Sell	-36,394	-1.6%	$191.52M	2,236,025
Q4 2023	BRC Brady Corporation	Brady Corporation	Buy	+5,244	+1.8%	$17.19M	292,849
Q4 2023	BSAC Banco Santander - Chile	Banco Santander - Chile	Sell - Position Exit	-287,523	-100.0%	$0.00	-
Q4 2023	BWA BorgWarner Inc.	BorgWarner Inc.	Sell	-95,442	-7.5%	$42.27M	1,179,001
Q4 2023	BYD Boyd Gaming Corporation	Boyd Gaming Corporation	Buy	+22,216	+0.7%	$192.35M	3,072,165
Q4 2023	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-3,408	-0.4%	$74.10M	795,965
Q4 2023	CG The Carlyle Group Inc.	The Carlyle Group Inc.	Buy	+22,790	+0.4%	$259.90M	6,387,318
Q4 2023	CHKP Check Point	Check Point	Buy	+416,758	+38.5%	$229.20M	1,500,122
Q4 2023	CLB Core Laboratories Inc.	Core Laboratories Inc.	Sell	-75,319	-0.8%	$158.74M	8,988,399
Q4 2023	CME CME Group Inc.	CME Group Inc.	Sell - Position Exit	-13,271	-100.0%	$0.00	-
Q4 2023	CNH CNH Industrial	CNH Industrial	Buy - Position Entry	+1,720,320	-	$20.95M	1,720,320
Q4 2023	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Sell	-15,902	-1.5%	$248.39M	1,050,698
Q4 2023	CVX Chevron Corporation	Chevron Corporation	Buy	+22,851	+232.9%	$4.87M	32,663
Q4 2023	DNB Dun & Bradstreet Holdings, Inc.	Dun & Bradstreet Holdings, Inc.	Buy	+626,583	+17.6%	$48.96M	4,184,455
Q4 2023	DVA DaVita Inc.	DaVita Inc.	Buy - Position Entry	+658,818	-	$69.02M	658,818
Q4 2023	EQC Equity	Equity	Sell	-4,305,166	-78.3%	$22.87M	1,191,361
Q4 2023	EVR Evercore Inc.	Evercore Inc.	Sell	-2,085	-1.3%	$27.84M	162,750

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