John W. Rogers Jr. - Ariel Appreciation Fund Portfolio Balances (Sep 30, 2025)

As of Sep 30, 2025, the Ariel Appreciation Fund portfolio balances reported a total equity value of $9.35B across 107 publicly traded holdings. These balances reflect the most recent SEC 13F filing dated Nov 14, 2025, providing an updated snapshot of assets under management.

The portfolio balances highlight SPHERE ENTERTAINMENT CO (SPHR) as the single largest position, accounting for 4.0% of total equity value, followed by MADISON SQUARE GARDEN ENTMT (MSGE), AFFILIATED MANAGERS GROUP IN (AMG), NORWEGIAN CRUISE LINE HLDG L (NCLH), and others. Collectively, the top five holdings represent 17.2% of the portfolio, showing how capital is distributed among core positions and long-term investments.