N-PORT filing recap · September 2021

What did Ariel Appreciation Fund buy in September 2021?

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

$1.35B

Positions

Estimated turnover

13.5%

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

MANUManchester United Plc$22.12Mreported value+1.14M shares GNTXGentex Corporation$18.48Mreported value+560.3K shares MSGSMadison Square Garden Sports Corp.$16.03Mreported value+86.2K shares

Increased positions

SPHRSphere Entertainment Co.$57.04Mreported value+386.7K shares+97.1%WBAWalgreens Boots Alliance Inc$44.74Mreported value+50.2K shares+5.6%MATMattel Inc /de/$43.02Mreported value+80.8K shares+3.6%KMTKennametal Inc$40.90Mreported value+177.1K shares

Reduced positions

LAZLazard, Inc.$53.76Mreported value-79.2K shares-6.3%GSThe Goldman Sachs Group, Inc.$50.32Mreported value-8.8K shares-6.2%SCHWSchwab Charles Corp$40.13Mreported value-54.7K shares-9.0%LHLabcorp Holdings Inc.$38.61Mreported value-37.8K shares

Exited positions

MSGNMsg Networks Inc$21.59Mprior reported value-1.48M shares-100.0%