N-PORT filing recap · December 2022

What did Ariel Appreciation Fund buy in December 2022?

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

$1.11B

Positions

Estimated turnover

12.6%

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.

Increased positions

LHLabcorp Holdings Inc.$41.23Mreported value+8.5K shares+5.1%MATMattel Inc /de/$35.95Mreported value+129.1K shares+6.8%KMXCarmax, Inc.$30.25Mreported value+214.2K shares+75.8%MSGSMadison Square Garden Sports Corp.$30.00Mreported value+15.5K shares+10.5%CLBCore Laboratories Inc.$29.28Mreported value+102.2K shares+7.6%SWKStanley Black & Decker, Inc.$29.00Mreported value+60.6K shares+18.6%KNKnowles Corporation$28.81Mreported value+131.9K shares+8.1%GNRCGenerac Holdings Inc.$15.49Mreported value+84.6K shares+122.3%TAPMolson Coors Beverage Co$14.73Mreported value+94.7K shares+49.5%

Reduced positions

GSThe Goldman Sachs Group, Inc.$51.07Mreported value-6.4K shares-4.2%SCHWSchwab Charles Corp$44.05Mreported value-134.7K shares-20.3%BOKFBok Financial Corp$42.56Mreported value-114.2K shares-21.8%AFLAflac Inc$37.87Mreported value-41.5K shares

Exited positions

OMCOmnicom Group Inc.$7.30Mprior reported value-115.7K shares-100.0%HLIHoulihan Lokey, Inc.$5.11Mprior reported value-67.7K shares-100.0%