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.

As of Mar 31, 2026, John W. Rogers Jr.'s Ariel Appreciation Fund portfolio reflects a quant / systematic investor approach across 104 reported 13F positions. Portfolio returns are distributed across holdings, with the top five positions representing approximately 18% 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.

Quant / Systematic Investor

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 11.5% of assets, top five 18.1%, and the largest single position is 4.0%.

Top 3 weight

11.5%

Top 5 weight

18.1%

Top 10 weight

32.7%

Largest position

4.0%

Top holdings: Madison Square Garden Entertain, OneSpaWorld, Jones Lang LaSalle Incorporated, Affiliated Managers Group, Inc., Sphere Entertainment Co. — 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

View full sector allocation

Risk Framework

Concentration, diversification, and turnover tolerance.

This investor accepts low single-name risk (largest position 4.0%, top ten 32.7%) and high economic diversification (HHI 0.01). Turnover tolerance maps to a buy & hold profile.

Largest position

4.0%

Top 10 weight

32.7%

Max sector

18.9%

Diversification

High

Strategy Evolution

How the strategy changed between the two most recent filing periods.

Dec 31, 2025 → Mar 31, 2026

  • Position count decreased from 106 to 104 (-2 names).
  • Quarter-over-quarter portfolio weight turnover: 8.6%.

For trade-level changes, see the Activity page. View activity.

Similar Investors

Peer group with comparable portfolio behavior.

Similar-investor comparisons are coming soon.