In the most recent quarter, John W. Rogers Jr. of Ariel Appreciation Fund made a series of notable reductions across his equity holdings. Known for his disciplined, long-term approach to investing in undervalued small and mid-cap stocks, Rogers appears to be actively trimming positions where valuations may have stretched or where conviction has moderated.Below are the top five reductions by percentage change in common stock holdings:1. Northern Trust Corp (NTRS) – ↓47.22% (Asset Management & Custody Banks)R ...