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
Q3 2017Sep 30, 2017	WTW Willis Towers Watson	Willis Towers Watson	Sell	-1,552-0.3%	$76.10K	493,420
Q3 2017Sep 30, 2017	ITW Illinois Tool Works Inc.	Illinois Tool Works Inc.	Sell	-1,597-0.3%	$71.28K	481,754
Q3 2017Sep 30, 2017	TMO Thermo Fisher Scientific Inc	Thermo Fisher Scientific Inc	Sell	-1,729-0.4%	$72.71K	384,317
Q3 2017Sep 30, 2017	LMT Lockheed Martin Corporation	Lockheed Martin Corporation	Sell	-2,487-7.6%	$9.41K	30,317
Q3 2017Sep 30, 2017	TROW T. Rowe Price Group, Inc.	T. Rowe Price Group, Inc.	Sell	-2,870-0.8%	$33.34K	367,760
Q3 2017Sep 30, 2017	NTRS Northern Trust Corporation	Northern Trust Corporation	Sell	-3,531-0.2%	$175.42K	1,908,175
Q3 2017Sep 30, 2017	OMC Omnicom Group Inc.	Omnicom Group Inc.	Sell	-3,542-0.3%	$80.92K	1,092,423
Q3 2017Sep 30, 2017	GHC Graham Holdings Company	Graham Holdings Company	Sell	-3,901-16.8%	$11.30K	19,310
Q3 2017Sep 30, 2017	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Sell	-4,588-0.4%	$123.82K	1,057,463
Q3 2017Sep 30, 2017	HLI Houlihan Lokey, Inc.	Houlihan Lokey, Inc.	Sell	-5,404-0.4%	$59.99K	1,533,104
Q3 2017Sep 30, 2017	TM Toyota Motor Corporation	Toyota Motor Corporation	Sell - Position Exit	-5,708-100.0%	$0.00	-
Q3 2017Sep 30, 2017	IWM iShares Russell 2000 ETF	iShares Russell 2000 ETF	Sell	-6,100-13.7%	$5.67K	38,300
Q3 2017Sep 30, 2017	BWA BorgWarner Inc.	BorgWarner Inc.	Sell	-6,482-0.4%	$88.17K	1,721,109
Q3 2017Sep 30, 2017	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-7,210-0.5%	$128.64K	1,580,593
Q3 2017Sep 30, 2017	JWN Nordstrom, Inc.	Nordstrom, Inc.	Sell	-8,128-0.7%	$56.27K	1,193,349
Q3 2017Sep 30, 2017	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Sell	-9,588-8.5%	$5.47K	103,249
Q3 2017Sep 30, 2017	LPL LG Display Co, Ltd AMERICAN DEP	LG Display Co, Ltd AMERICAN DEP	Sell - Position Exit	-10,258-100.0%	$0.00	-
Q3 2017Sep 30, 2017	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Sell	-10,700-12.9%	$6.89K	72,190
Q3 2017Sep 30, 2017	IEX IDEX Corporation	IDEX Corporation	Sell	-14,026-8.5%	$18.29K	150,567
Q3 2017Sep 30, 2017	FICO Fair Isaac Corporation	Fair Isaac Corporation	Sell	-15,221-4.6%	$44.27K	315,124
Q3 2017Sep 30, 2017	MSGS Madison Square Garden Sports Co	Madison Square Garden Sports Co	Sell	-20,886-5.2%	$80.88K	377,743
Q3 2017Sep 30, 2017	CRAI CRA International,Inc.	CRA International,Inc.	Sell	-26,300-14.7%	$6.28K	152,998
Q3 2017Sep 30, 2017	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Sell	-27,614-11.4%	$53.21K	214,967
Q3 2017Sep 30, 2017	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Sell - Position Exit	-28,683-100.0%	$0.00	-
Q3 2017Sep 30, 2017	DGX Quest Diagnostics Incorporated	Quest Diagnostics Incorporated	Sell	-30,317-18.5%	$12.53K	133,840
Q3 2017Sep 30, 2017	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Sell	-39,644-1.9%	$72.58K	2,024,619
Q3 2017Sep 30, 2017	ITUB Itau Unibanco Banco Holding SA	Itau Unibanco Banco Holding SA	Sell - Position Exit	-39,869-100.0%	$0.00	-
Q3 2017Sep 30, 2017	FAF First American Corporation (New	First American Corporation (New	Sell	-40,472-0.8%	$260.52K	5,213,571
Q3 2017Sep 30, 2017	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Sell	-49,993-8.7%	$116.50K	524,244
Q3 2017Sep 30, 2017	NTTYY Nippon Telegraph & Telephone Co	Nippon Telegraph & Telephone Co	Sell - Position Exit	-56,112-100.0%	$0.00	-

Page 117 of 176 • 5272 total trades

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