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
Q2 2017Jun 30, 2017	AZTA Azenta, Inc.	Azenta, Inc.	Sell - Position Exit	-323,510-100.0%	$0.00	-
Q2 2017Jun 30, 2017	ASPN Aspen Aerogels, Inc.	Aspen Aerogels, Inc.	Sell	-389,875-26.3%	$4.87K	1,093,997
Q2 2017Jun 30, 2017	CPIX Cumberland Pharmaceuticals Inc.	Cumberland Pharmaceuticals Inc.	Sell	-416,748-29.9%	$6.83K	976,377
Q2 2017Jun 30, 2017	CVU CPI Aerostructures, Inc.	CPI Aerostructures, Inc.	Sell	-446,666-39.6%	$6.41K	682,301
Q2 2017Jun 30, 2017	TGNA TEGNA Inc	TEGNA Inc	Sell	-866,975-15.8%	$66.79K	4,634,990
Q1 2017Mar 31, 2017	NOK Nokia Corporation Sponsored	Nokia Corporation Sponsored	Buy	+5,650,498+21.1%	$175.46K	32,372,988
Q1 2017Mar 31, 2017	CAH Cardinal Health, Inc.	Cardinal Health, Inc.	Buy	+710,263+1944.5%	$60.90K	746,789
Q1 2017Mar 31, 2017	MAT Mattel, Inc.	Mattel, Inc.	Buy	+612,807+13.7%	$129.93K	5,073,346
Q1 2017Mar 31, 2017	HLI Houlihan Lokey, Inc.	Houlihan Lokey, Inc.	Buy	+521,765+49.9%	$53.97K	1,566,735
Q1 2017Mar 31, 2017	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Buy	+483,564+30.7%	$185.34K	2,060,420
Q1 2017Mar 31, 2017	TILE Interface, Inc.	Interface, Inc.	Buy	+446,541+59.0%	$22.91K	1,202,898
Q1 2017Mar 31, 2017	KEYS Keysight Technologies Inc.	Keysight Technologies Inc.	Buy	+402,761+12.1%	$134.54K	3,722,785
Q1 2017Mar 31, 2017	VEA Vanguard FTSE Developed Markets	Vanguard FTSE Developed Markets	Buy	+392,126+59.6%	$41.26K	1,049,865
Q1 2017Mar 31, 2017	JWN Nordstrom, Inc.	Nordstrom, Inc.	Buy	+357,644+41.7%	$56.61K	1,215,593
Q1 2017Mar 31, 2017	OXY Occidental Petroleum Corporatio	Occidental Petroleum Corporatio	Buy	+323,672+525.3%	$24.41K	385,286
Q1 2017Mar 31, 2017	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Buy	+216,002+13.6%	$122.27K	1,800,201
Q1 2017Mar 31, 2017	GRBK Green Brick Partners, Inc.	Green Brick Partners, Inc.	Buy	+105,600+26.8%	$4.98K	500,200
Q1 2017Mar 31, 2017	WTW Willis Towers Watson	Willis Towers Watson	Buy	+92,658+22.6%	$65.69K	501,860
Q1 2017Mar 31, 2017	CVS CVS Health Corporation	CVS Health Corporation	Buy	+82,182+245.3%	$9.08K	115,681
Q1 2017Mar 31, 2017	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+73,858+8.4%	$107.30K	950,373
Q1 2017Mar 31, 2017	MANH Manhattan Associates, Inc.	Manhattan Associates, Inc.	Buy - Position Entry	+73,496	$3.83K	73,496
Q1 2017Mar 31, 2017	TS Tenaris S.A.	Tenaris S.A.	Buy	+72,544+26.9%	$11.70K	342,574
Q1 2017Mar 31, 2017	TRIP TripAdvisor, Inc.	TripAdvisor, Inc.	Buy - Position Entry	+70,930	$3.06K	70,930
Q1 2017Mar 31, 2017	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+64,821+6.2%	$191.67K	1,111,024
Q1 2017Mar 31, 2017	TTGT TechTarget, Inc.	TechTarget, Inc.	Buy	+52,318+6.1%	$8.27K	915,788
Q1 2017Mar 31, 2017	TSCO Tractor Supply Company	Tractor Supply Company	Buy	+49,408+294.1%	$4.57K	66,210
Q1 2017Mar 31, 2017	EOG EOG Resources, Inc.	EOG Resources, Inc.	Buy	+43,395+26.1%	$20.43K	209,395
Q1 2017Mar 31, 2017	SO Southern Company (The)	Southern Company (The)	Buy	+43,353+7.7%	$30.34K	609,568
Q1 2017Mar 31, 2017	GOLD Barrick Gold Corporation	Barrick Gold Corporation	Buy	+34,580+8.7%	$8.18K	430,524
Q1 2017Mar 31, 2017	NVS Novartis AG	Novartis AG	Buy	+33,335+216.4%	$3.62K	48,737

Page 123 of 176 • 5272 total trades

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