N-PORT filing recap · September 2024

What did Ariel Appreciation Fund buy in September 2024?

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

$1.00B

Positions

Estimated turnover

12.5%

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.

Period in review

Ariel Appreciation Fund exited Stericycle and Walgreens Boots Alliance during September. It trimmed Northern Trust, Goldman Sachs, Labcorp, Madison Square Garden Sports, Knowles, and Aflac, among others. The fund added to Envista Holdings, Schwab Charles, Bio-Rad Laboratories, Gentex, Borgwarner, and Molson Coors, and sharply increased its Middleby position.

Increased positions

CGCarlyle Group Inc.$27.91Mreported value+36.5K shares+6.0%FAFFirst American Financial Corporation$26.32Mreported value+18.3K shares+4.8%NVSTEnvista Holdings Corporation$24.58Mreported value+229.9K shares+22.7%SCHWSchwab Charles Corp$24.04Mreported value+49.6K shares+15.4%

Reduced positions

NTRSNorthern Trust Corp$41.87Mreported value-79.9K shares-14.7%GSThe Goldman Sachs Group, Inc.$36.53Mreported value-16.9K shares-18.6%GNRCGenerac Holdings Inc.$32.92Mreported value-19.7K shares-8.7%SWKStanley Black & Decker, Inc.$31.61Mreported value-20.2K shares

Exited positions

WBAWalgreens Boots Alliance Inc$13.98Mprior reported value-1.16M shares-100.0%SRCLStericycle, Inc.$11.62Mprior reported value-200.0K shares-100.0%