John W. Rogers Jr. - Ariel Appreciation Fund Portfolio Holdings
As of Sep 30, 2025, the Ariel Appreciation Fund portfolio holdings is valued at approximately $9,350,361,164.00 featuring 105 publicly traded holdings. This in-depth profile highlights the top investments led by SPHERE ENTERTAINMENT CO (SPHR), MADISON SQUARE GARDEN ENTMT (MSGE), AFFILIATED MANAGERS GROUP IN (AMG), NORWEGIAN CRUISE LINE HLDG L (NCLH), and others based on the company's latest SEC filings reported on Nov 14, 2025. Explore insights into portfolio composition, sector allocation, and recent trade activity.
Ariel Appreciation Fund's stock portfolio spans 105 holdings across 12 sectors, with a total market value of $9,350,361,164.00. The Financial Services sector represents the largest allocation, while the top holdings account for nearly 32% of the total portfolio value. SPHERE ENTERTAINMENT CO remains the single largest position at 4.0% of all equity investments.
Complete Holdings
Showing 100 of 105 holdings.
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| # | Company | Symbol | Sector | Portfolio % | Shares | Change (Shares) | Change % | Value |
|---|---|---|---|---|---|---|---|---|
| 1 | SPHERE ENTERTAINMENT CO | SPHR | Communication Services | 3.98% | 5,994,239 | -1,105,998 | -15.58% | $372,362,127.00 |
| 2 | MADISON SQUARE GARDEN ENTMT | MSGE | Consumer Cyclical | 3.74% | 7,737,570 | -158,438 | -2.01% | $350,047,666.00 |
| 3 | AFFILIATED MANAGERS GROUP IN | AMG | Financial Services | 3.22% | 1,263,824 | -91,251 | -6.73% | $301,333,556.00 |
| 4 | NORWEGIAN CRUISE LINE HLDG L | NCLH | Other | 3.18% | 12,084,292 | -285,085 | -2.30% | $297,636,113.00 |
| 5 | RESIDEO TECHNOLOGIES INC | REZI | Industrials | 3.09% | 6,697,864 | -2,258,345 | -25.22% | $289,213,768.00 |
| 6 | JONES LANG LASALLE INC | JLL | Real Estate | 3.03% | 950,845 | -53,245 | -5.30% | $283,618,046.00 |
| 7 | ONESPAWORLD HOLDINGS LIMITED | OSW | Other | 2.98% | 13,189,600 | -23,556 | -0.18% | $278,828,144.00 |
| 8 | LAZARD INC | LAZ | Financial Services | 2.96% | 5,245,889 | -508,108 | -8.83% | $276,878,022.00 |
| 9 | CARLYLE GROUP INC | CG | Financial Services | 2.84% | 4,233,386 | -472,158 | -10.03% | $265,433,302.00 |
| 10 | GENERAC HLDGS INC | GNRC | Industrials | 2.63% | 1,467,231 | -337,364 | -18.69% | $245,614,470.00 |
| 11 | ENVISTA HOLDINGS CORPORATION | NVST | Healthcare | 2.62% | 12,004,205 | -351,461 | -2.84% | $244,525,656.00 |
| 12 | FIRST AMERN FINL CORP | FAF | Financial Services | 2.56% | 3,725,184 | +221,115 | +6.31% | $239,305,821.00 |
| 13 | CHARLES RIV LABS INTL INC | CRL | Healthcare | 2.49% | 1,490,098 | +74,750 | +5.28% | $233,140,733.00 |
| 14 | MATTEL INC | MAT | Consumer Cyclical | 2.48% | 13,760,470 | -460,316 | -3.24% | $231,588,710.00 |
| 15 | BIO RAD LABS INC | BIO | Healthcare | 2.43% | 809,480 | -9,144 | -1.12% | $226,970,097.00 |
| 16 | BOYD GAMING CORP | BYD | Consumer Cyclical | 2.41% | 2,602,460 | -232,279 | -8.19% | $224,982,667.00 |
| 17 | PRESTIGE CONSMR HEALTHCARE I | PBH | Healthcare | 2.40% | 3,594,959 | +1,392,632 | +63.23% | $224,325,442.00 |
| 18 | MOHAWK INDS INC | MHK | Consumer Cyclical | 2.34% | 1,697,103 | -19,466 | -1.13% | $218,790,519.00 |
| 19 | GENTEX CORP | GNTX | Consumer Cyclical | 2.18% | 7,218,080 | -141,192 | -1.92% | $204,271,664.00 |
| 20 | ADTALEM GLOBAL ED INC | ATGE | Consumer Defensive | 2.14% | 1,294,876 | -80,811 | -5.87% | $199,993,598.00 |
| 21 | ADT INC DEL | ADT | Industrials | 2.06% | 22,068,942 | -1,175,656 | -5.06% | $192,220,484.00 |
| 22 | BOK FINL CORP | BOKF | Financial Services | 2.05% | 1,719,460 | -70,312 | -3.93% | $191,616,622.00 |
| 23 | NORTHERN TR CORP | NTRS | Financial Services | 1.85% | 1,284,587 | -91,777 | -6.67% | $172,905,411.00 |
| 24 | CORE LABORATORIES INC | CLB | Energy | 1.82% | 13,773,568 | +797,105 | +6.14% | $170,241,300.00 |
| 25 | MIDDLEBY CORP | MIDD | Industrials | 1.81% | 1,273,118 | +338,511 | +36.22% | $169,235,575.00 |
| 26 | SMUCKER J M CO | SJM | Consumer Defensive | 1.79% | 1,543,523 | +14,585 | +0.95% | $167,626,597.00 |
| 27 | MADISON SQUARE GRDN SPRT COR | MSGS | Communication Services | 1.77% | 727,035 | -30,802 | -4.06% | $165,036,945.00 |
| 28 | BRINKS CO | BCO | Industrials | 1.53% | 1,225,787 | -157,667 | -11.40% | $143,245,469.00 |
| 29 | MANCHESTER UTD PLC NEW | MANU | Other | 1.45% | 8,929,082 | -95,352 | -1.06% | $135,186,302.00 |
| 30 | AXALTA COATING SYS LTD | AXTA | Other | 1.28% | 4,188,961 | +206,987 | +5.20% | $119,888,064.00 |
| 31 | LABCORP HOLDINGS INC | LH | Healthcare | 1.11% | 362,869 | -2,529 | -0.69% | $104,165,175.00 |
| 32 | CHECK POINT SOFTWARE TECH LT | CHKP | Other | 1.08% | 486,268 | -7,279 | -1.47% | $100,613,712.00 |
| 33 | MICROSOFT CORP | MSFT | Technology | 1.08% | 194,134 | -19,004 | -8.92% | $100,551,705.00 |
| 34 | APTIV PLC | APTV | Other | 1.06% | 1,150,265 | -236,248 | -17.04% | $99,175,848.00 |
| 35 | KNOWLES CORP | KN | Technology | 1.02% | 4,108,160 | -535,404 | -11.53% | $95,761,209.00 |
| 36 | JANUS HENDERSON GROUP PLC | JHG | Other | 0.97% | 2,044,802 | +7,813 | +0.38% | $91,014,137.00 |
| 37 | INTERPUBLIC GROUP COS INC | IPG | Communication Services | 0.95% | 3,190,462 | +9,804 | +0.31% | $89,045,794.00 |
| 38 | ALGONQUIN PWR UTILS CORP | AQN | Utilities | 0.94% | 16,345,606 | +3,232,775 | +24.65% | $87,775,904.00 |
| 39 | NVENT ELECTRIC PLC | NVT | Other | 0.91% | 860,078 | -73,963 | -7.92% | $84,838,094.00 |
| 40 | KENNAMETAL INC | KMT | Industrials | 0.85% | 3,777,813 | -1,193,385 | -24.01% | $79,069,627.00 |
| 41 | ZEBRA TECHNOLOGIES CORPORATI | ZBRA | Technology | 0.81% | 255,619 | -83,450 | -24.61% | $75,959,743.00 |
| 42 | CVS HEALTH CORP | CVS | Healthcare | 0.80% | 989,646 | -174,928 | -15.02% | $74,609,412.00 |
| 43 | FIRST SOLAR INC | FSLR | Technology | 0.77% | 325,516 | +18,224 | +5.93% | $71,786,043.00 |
| 44 | LINDBLAD EXPEDITIONS HLDGS I | LIND | Consumer Cyclical | 0.76% | 5,524,660 | -1,367,393 | -19.84% | $70,715,648.00 |
| 45 | LITTELFUSE INC | LFUS | Technology | 0.62% | 225,373 | -68,628 | -23.34% | $58,373,860.00 |
| 46 | DISNEY WALT CO | DIS | Communication Services | 0.61% | 499,969 | +327,799 | +190.39% | $57,246,451.00 |
| 47 | GCM GROSVENOR INC | GCMG | Financial Services | 0.58% | 4,484,588 | +32,026 | +0.72% | $54,128,977.00 |
| 48 | WEX INC | WEX | Technology | 0.57% | 340,936 | -60,150 | -15.00% | $53,707,648.00 |
| 49 | VERIZON COMMUNICATIONS INC | VZ | Communication Services | 0.55% | 1,166,712 | -4,449 | -0.38% | $51,276,992.00 |
| 50 | KEYSIGHT TECHNOLOGIES INC | KEYS | Technology | 0.49% | 262,266 | -495 | -0.19% | $45,875,569.00 |
| 51 | SCHLUMBERGER LTD | SLB | Energy | 0.48% | 1,300,587 | +241,324 | +22.78% | $44,701,175.00 |
| 52 | CAPITAL ONE FINL CORP | COF | Financial Services | 0.47% | 205,962 | +17,651 | +9.37% | $43,783,402.00 |
| 53 | NETAPP INC | NTAP | Technology | 0.44% | 343,425 | -1,309 | -0.38% | $40,682,126.00 |
| 54 | CENTERPOINT ENERGY INC | CNP | Utilities | 0.43% | 1,027,312 | +143,217 | +16.20% | $39,859,706.00 |
| 55 | ZIMMER BIOMET HOLDINGS INC | ZBH | Healthcare | 0.42% | 394,715 | +141,525 | +55.90% | $38,879,428.00 |
| 56 | M & T BK CORP | MTB | Financial Services | 0.40% | 191,434 | +187,140 | +4358.17% | $37,831,187.00 |
| 57 | CBRE GROUP INC | CBRE | Real Estate | 0.39% | 228,906 | -4,430 | -1.90% | $36,066,430.00 |
| 58 | KORN FERRY | KFY | Industrials | 0.36% | 475,253 | -96,323 | -16.85% | $33,258,205.00 |
| 59 | KKR & CO INC | KKR | Financial Services | 0.36% | 255,469 | -46,640 | -15.44% | $33,198,197.00 |
| 60 | SCHWAB CHARLES CORP | SCHW | Financial Services | 0.35% | 347,408 | -58,640 | -14.44% | $33,167,042.00 |
| 61 | FISERV INC | FI | Technology | 0.35% | 252,925 | +70,139 | +38.37% | $32,609,621.00 |
| 62 | INTEL CORP | INTC | Technology | 0.35% | 965,745 | -445,254 | -31.56% | $32,400,745.00 |
| 63 | STANLEY BLACK & DECKER INC | SWK | Industrials | 0.34% | 427,416 | +2,843 | +0.67% | $31,769,831.00 |
| 64 | MASCO CORP | MAS | Industrials | 0.30% | 398,712 | -3,212 | -0.80% | $28,065,338.00 |
| 65 | BANK AMERICA CORP | BAC | Financial Services | 0.30% | 539,659 | +61,756 | +12.92% | $27,841,008.00 |
| 66 | CARMAX INC | KMX | Consumer Cyclical | 0.27% | 571,605 | +18,628 | +3.37% | $25,647,916.00 |
| 67 | GILEAD SCIENCES INC | GILD | Healthcare | 0.26% | 218,778 | -150,083 | -40.69% | $24,284,358.00 |
| 68 | AFLAC INC | AFL | Financial Services | 0.26% | 215,348 | -1,267 | -0.58% | $24,054,372.00 |
| 69 | HUMANA INC | HUM | Healthcare | 0.24% | 87,989 | +87,989 | +100.00% | $22,892,098.00 |
| 70 | WESTERN ALLIANCE BANCORP | WAL | Financial Services | 0.24% | 258,384 | -985 | -0.38% | $22,407,060.00 |
| 71 | D R HORTON INC | DHI | Consumer Cyclical | 0.23% | 128,669 | -15,974 | -11.04% | $21,805,535.00 |
| 72 | MOLSON COORS BEVERAGE CO | TAP | Consumer Defensive | 0.22% | 458,247 | -9,084 | -1.94% | $20,735,677.00 |
| 73 | FEDEX CORP | FDX | Industrials | 0.19% | 75,869 | +75,869 | +100.00% | $17,890,669.00 |
| 74 | VAIL RESORTS INC | MTN | Consumer Cyclical | 0.18% | 115,166 | -4,166 | -3.49% | $17,225,379.00 |
| 75 | MGP INGREDIENTS INC NEW | MGPI | Consumer Defensive | 0.17% | 646,380 | -72,764 | -10.12% | $15,635,932.00 |
| 76 | SIMPSON MFG INC | SSD | Basic Materials | 0.17% | 92,850 | -15,763 | -14.51% | $15,548,661.00 |
| 77 | ALLSTATE CORP | ALL | Financial Services | 0.16% | 69,734 | -49,003 | -41.27% | $14,968,403.00 |
| 78 | SNAP ON INC | SNA | Industrials | 0.12% | 32,843 | -162 | -0.49% | $11,381,084.00 |
| 79 | JOHNSON & JOHNSON | JNJ | Healthcare | 0.10% | 51,854 | +20,691 | +66.40% | $9,614,769.00 |
| 80 | HACKETT GROUP INC | HCKT | Technology | 0.09% | 435,698 | -87,533 | -16.73% | $8,282,619.00 |
| 81 | PHINIA INC | PHIN | Consumer Cyclical | 0.09% | 140,152 | -8 | -0.01% | $8,055,937.00 |
| 82 | BARRICK MNG CORP | B | Other | 0.09% | 244,597 | - | - | $8,015,444.00 |
| 83 | ISHARES TR | IWN | Other | 0.09% | 44,965 | +23,498 | +109.46% | $7,950,262.00 |
| 84 | APA CORPORATION | APA | Energy | 0.08% | 299,492 | - | - | $7,271,666.00 |
| 85 | LOCKHEED MARTIN CORP | LMT | Industrials | 0.07% | 13,597 | +887 | +6.98% | $6,787,758.00 |
| 86 | CHEVRON CORP NEW | CVX | Energy | 0.07% | 41,499 | +3,736 | +9.89% | $6,444,380.00 |
| 87 | VANGUARD STAR FDS | VXUS | Other | 0.06% | 70,469 | +7,083 | +11.17% | $5,176,653.00 |
| 88 | MOSAIC CO NEW | MOS | Basic Materials | 0.06% | 148,340 | - | - | $5,144,431.00 |
| 89 | ORACLE CORP | ORCL | Technology | 0.05% | 16,402 | -15,483 | -48.56% | $4,612,898.00 |
| 90 | KB FINL GROUP INC | KB | Financial Services | 0.05% | 51,315 | -807 | -1.55% | $4,254,527.00 |
| 91 | GALLAGHER ARTHUR J & CO | AJG | Financial Services | 0.05% | 13,645 | +13,645 | +100.00% | $4,226,402.00 |
| 92 | VANGUARD INTL EQUITY INDEX F | VT | Other | 0.04% | 27,685 | -5,791 | -17.30% | $3,814,993.00 |
| 93 | VANGUARD TAX-MANAGED FDS | VEA | Other | 0.04% | 57,510 | -188,029 | -76.58% | $3,445,999.00 |
| 94 | TAIWAN SEMICONDUCTOR MFG LTD | TSM | Technology | 0.03% | 11,256 | -18,775 | -62.52% | $3,143,688.00 |
| 95 | BORGWARNER INC | BWA | Consumer Cyclical | 0.03% | 64,987 | - | - | $2,856,829.00 |
| 96 | GOLDMAN SACHS GROUP INC | GS | Financial Services | 0.03% | 3,163 | -33,375 | -91.34% | $2,518,855.00 |
| 97 | CREDICORP LTD | BAP | Other | 0.01% | 5,242 | -141,966 | -96.44% | $1,395,840.00 |
| 98 | INTERCORP FINL SVCS INC | IFS | Other | 0.01% | 32,178 | +3,444 | +11.99% | $1,298,061.00 |
| 99 | KASPI KZ JSC | KSPI | Technology | 0.01% | 12,263 | +1,254 | +11.39% | $1,001,642.00 |
| 100 | MOTOROLA SOLUTIONS INC | MSI | Technology | 0.00% | 760 | -4 | -0.52% | $347,540.00 |
Holdings by Sector
| Sector | Allocation | Value |
|---|---|---|
| Financial Services | 18.87% | $1,750,439,449.00 |
| Consumer Cyclical | 14.83% | $1,375,988,470.00 |
| Industrials | 13.45% | $1,248,036,307.00 |
| Other | 13.35% | $1,238,277,666.00 |
| Healthcare | 12.97% | $1,203,407,168.00 |
| Communication Services | 7.92% | $734,968,309.00 |
| Technology | 6.74% | $625,619,716.00 |
| Consumer Defensive | 4.35% | $403,991,804.00 |
| Real Estate | 3.45% | $319,684,476.00 |
| Energy | 2.46% | $228,658,521.00 |
| Utilities | 1.38% | $127,635,610.00 |
| Basic Materials | 0.22% | $20,693,092.00 |
Portfolio insights
As of Sep 30, 2025, the Ariel Appreciation Fund portfolio holds 105 securities valued at $9,277,400,588.00. The Financial Services sector represents the largest allocation, while the top positions account for a significant portion of the total portfolio weight.