N-PORT filing recap · December 2019

What did Ariel Appreciation Fund buy in December 2019?

Reported stock-position changes between this filing and the previous one. These are Ariel Appreciation Fund's own holdings, not the firm's.

Stock value

$1.31B

Positions

Estimated turnover

17.2%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

New positions

PARAParamount Global$42.54Mreported value+1.01M shares CCLCarnival Corporation Ltd.$19.75Mreported value+388.5K shares

Increased positions

TAPMolson Coors Beverage Co$26.39Mreported value+27.6K shares+6.0%KMXCarmax, Inc.$26.17Mreported value+24.1K shares+8.8%NOVNov Inc.$26.13Mreported value+400.5K shares+62.3%

Reduced positions

SWKStanley Black & Decker, Inc.$60.58Mreported value-38.7K shares-9.6%NTRSNorthern Trust Corp$60.22Mreported value-57.3K shares-9.2%IPGThe Interpublic Group of Companies, Inc.$56.32Mreported value-78.4K shares-3.1%AFLAflac Inc$54.29Mreported value-32.9K shares

Exited positions

CBSCbs Corp$32.68Mprior reported value-809.5K shares-100.0%TMOThermo Fisher Scientific Inc.$20.00Mprior reported value-68.7K shares-100.0%VIABViacom Inc.$9.53Mprior reported value-396.6K shares-100.0%