John W. Rogers Jr. – Ariel Appreciation Fund Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Ariel Appreciation Fund portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 14, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q2 2025, the filing reported:

New Buys – First Solar, Inc. (FSLR), Barrick Gold (B), Walt Disney Company (The) (DIS)

Increases – Algonquin Power & Utilities Cor (AQN), Norwegian Cruise Line (NCLH), Leslie's, Inc. (LESL), Core Laboratories Inc. (CLB), OneSpaWorld (OSW), and 32 more

Reductions – Fair Isaac Corporation (FICO), Motorola Solutions, Inc. (MSI), Progressive Corporation (The) (PGR), Taiwan Semiconductor Manufactur (TSM), PHINIA Inc. (PHIN), and 56 more

Complete Exits – Vanguard Total International St (VXUS), AbbVie Inc. (ABBV), Philip Morris International Inc (PM), Barrick Gold Corporation (GOLD), CNH Industrial (CNH)

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Ariel Appreciation Fund Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q4 2024Dec 31, 2024	SWK Stanley Black & Decker, Inc.	Stanley Black & Decker, Inc.	Sell	-87,924-16.7%	$35.26M	439,219
Q4 2024Dec 31, 2024	KMX CarMax Inc	CarMax Inc	Sell	-88,979-12.5%	$50.75M	620,743
Q4 2024Dec 31, 2024	SCHW Charles Schwab Corporation (The	Charles Schwab Corporation (The	Sell	-89,191-13.3%	$42.99M	580,800
Q4 2024Dec 31, 2024	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-90,085-41.3%	$53.91M	127,903
Q4 2024Dec 31, 2024	CNH CNH Industrial	CNH Industrial	Sell	-93,142-4.0%	$25.58M	2,257,609
Q4 2024Dec 31, 2024	DNB Dun & Bradstreet Holdings, Inc.	Dun & Bradstreet Holdings, Inc.	Sell	-103,202-2.6%	$47.89M	3,843,220
Q4 2024Dec 31, 2024	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Sell	-108,733-9.3%	$268.32M	1,059,948
Q4 2024Dec 31, 2024	AXTA Axalta	Axalta	Sell	-120,876-2.8%	$144.18M	4,213,212
Q4 2024Dec 31, 2024	REZI Resideo Technologies, Inc.	Resideo Technologies, Inc.	Sell	-142,032-1.5%	$212.04M	9,199,100
Q4 2024Dec 31, 2024	KN Knowles Corporation	Knowles Corporation	Sell	-150,509-3.2%	$89.35M	4,483,198
Q4 2024Dec 31, 2024	NVT nVent Electric	nVent Electric	Sell	-155,791-16.6%	$53.38M	783,145
Q4 2024Dec 31, 2024	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Sell	-159,155-7.1%	$190.17M	2,093,204
Q4 2024Dec 31, 2024	NOV NOV Inc.	NOV Inc.	Sell	-159,777-6.5%	$33.50M	2,294,639
Q4 2024Dec 31, 2024	CG The Carlyle Group Inc.	The Carlyle Group Inc.	Sell	-177,661-3.5%	$247.94M	4,910,736
Q4 2024Dec 31, 2024	NTRS Northern Trust Corporation	Northern Trust Corporation	Sell	-298,652-11.8%	$228.45M	2,228,815
Q4 2024Dec 31, 2024	CMA Comerica Incorporated	Comerica Incorporated	Sell - Position Exit	-304,481-100.0%	$0.00	-
Q4 2024Dec 31, 2024	GNRC Generac Holdlings Inc.	Generac Holdlings Inc.	Sell	-337,222-18.7%	$227.51M	1,467,327
Q4 2024Dec 31, 2024	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Sell - Position Exit	-342,514-100.0%	$0.00	-
Q4 2024Dec 31, 2024	CLB Core Laboratories Inc.	Core Laboratories Inc.	Sell	-412,686-4.1%	$166.74M	9,632,570
Q4 2024Dec 31, 2024	IPG Interpublic Group of Companies,	Interpublic Group of Companies,	Sell	-435,772-7.6%	$147.63M	5,268,781
Q4 2024Dec 31, 2024	JD JD.com, Inc.	JD.com, Inc.	Sell - Position Exit	-441,693-100.0%	$0.00	-
Q4 2024Dec 31, 2024	ADT ADT Inc.	ADT Inc.	Sell	-536,112-1.8%	$197.49M	28,580,136
Q4 2024Dec 31, 2024	LAZ Lazard, Inc.	Lazard, Inc.	Sell	-552,653-9.0%	$288.20M	5,598,215
Q4 2024Dec 31, 2024	KMT Kennametal Inc.	Kennametal Inc.	Sell	-573,125-6.9%	$185.93M	7,740,557
Q4 2024Dec 31, 2024	RCL Royal Caribbean	Royal Caribbean	Sell	-583,931-56.0%	$105.63M	457,908
Q4 2024Dec 31, 2024	LIND Lindblad Expeditions Holdings I	Lindblad Expeditions Holdings I	Sell	-717,068-8.9%	$87.01M	7,336,722
Q4 2024Dec 31, 2024	NCLH Norwegian Cruise Line	Norwegian Cruise Line	Sell	-1,315,769-24.7%	$103.01M	4,003,639
Q4 2024Dec 31, 2024	OSW OneSpaWorld	OneSpaWorld	Sell	-1,685,348-17.8%	$154.84M	7,781,021
Q3 2024Sep 30, 2024	LESL Leslie's, Inc.	Leslie's, Inc.	Buy	+9,951,153+27.2%	$147.11M	46,552,521
Q3 2024Sep 30, 2024	NVST Envista Holdings Corporation	Envista Holdings Corporation	Buy	+1,488,847+15.1%	$224.47M	11,359,999

Page 11 of 176 • 5272 total trades

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