John W. Rogers Jr. - Ariel Appreciation Fund Investment Strategy & Portfolio Analysis
How Ariel Appreciation Fund allocates capital, manages risk, and constructs its portfolio — based on SEC 13F filings.
According to the SEC 13F filed on Aug 14, 2026, John W. Rogers Jr.'s Ariel Appreciation Fund portfolio reflects a quant / systematic investor approach across 104 reported 13F positions as of quarter-end Jun 30, 2026. Portfolio returns are distributed across holdings, with the top five positions representing approximately 19% of total exposure. Across 104 reported holdings, economic exposure is broadly distributed across financials, healthcare, and consumer cyclical companies without dominant single-name concentration. Exposure to high-growth and technology-oriented segments remains limited relative to peers, with performance instead anchored in durable, cash-generating businesses across financials, healthcare, and consumer discretionary. The portfolio exhibits extremely low turnover, reinforcing a patient, conviction-led investment approach. Distinctive traits include Long-Term Holder, Broadly Diversified, Economically Diversified.
Investment Style
Value, growth, quality, and behavioral classification from latest 13F holdings.
Primary type: Quant / Systematic Investor
Traits: Long-Term Holder, Broadly Diversified, Economically Diversified, Structurally Diversified
Turnover profile
Buy & Hold
Holding horizon
Long-Term
Portfolio Construction
Concentration and position sizing in the latest filing.
Portfolio construction is lowly concentrated: top three names represent 11.9% of assets, top five 18.6%, and the largest single position is 4.3%.
Top 3 weight
11.9%
Top 5 weight
18.6%
Top 10 weight
33.1%
Largest position
4.3%
Top holdings: Madison Square Garden Entertain, OneSpaWorld, Charles River Laboratories Inte, Affiliated Managers Group, Inc., Jones Lang LaSalle Incorporated — view full holdings
Sector Preferences
Where capital is allocated by sector.
Capital is tilted toward Financial Services and Healthcare, with 12 sectors represented in the latest filing.
Leading sectors: Financial Services, Healthcare, Consumer Cyclical
Risk Framework
Concentration, diversification, and turnover tolerance.
This investor accepts low single-name risk (largest position 4.3%, top ten 33.1%) and high economic diversification (HHI 0.01). Turnover tolerance maps to a buy & hold profile.
Largest position
4.3%
Top 10 weight
33.1%
Max sector
19.4%
Diversification
High
Strategy Evolution
How the strategy changed between the two most recent filing periods.
Mar 31, 2026 → Jun 30, 2026
- Top-five concentration rose from 18.1% to 18.6%.
- Quarter-over-quarter portfolio weight turnover: 9.6%.
For trade-level changes, see the Activity page. View activity.
Similar Investors
Peer group with comparable portfolio behavior.
Similar-investor comparisons are coming soon.