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
Q1 2017Mar 31, 2017	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-1,624,362-15.7%	$159.20K	8,733,093
Q4 2016Dec 31, 2016	NOK Nokia Corporation Sponsored	Nokia Corporation Sponsored	Buy	+5,937,708+28.6%	$128.53K	26,722,490
Q4 2016Dec 31, 2016	KEYS Keysight Technologies Inc.	Keysight Technologies Inc.	Buy - Position Entry	+3,320,024	$121.41K	3,320,024
Q4 2016Dec 31, 2016	GSIT GSI Technology, Inc.	GSI Technology, Inc.	Buy - Position Entry	+1,466,426	$9.09K	1,466,426
Q4 2016Dec 31, 2016	ASPN Aspen Aerogels, Inc.	Aspen Aerogels, Inc.	Buy	+933,589+129.4%	$6.84K	1,655,326
Q4 2016Dec 31, 2016	MAT Mattel, Inc.	Mattel, Inc.	Buy	+685,178+18.1%	$122.89K	4,460,539
Q4 2016Dec 31, 2016	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+423,341+93.4%	$80.19K	876,515
Q4 2016Dec 31, 2016	TTGT TechTarget, Inc.	TechTarget, Inc.	Buy	+360,101+71.5%	$7.37K	863,470
Q4 2016Dec 31, 2016	ACWX iShares MSCI ACWI ex U.S. ETF	iShares MSCI ACWI ex U.S. ETF	Buy	+200,046+261.5%	$11.14K	276,560
Q4 2016Dec 31, 2016	VEA Vanguard FTSE Developed Markets	Vanguard FTSE Developed Markets	Buy	+173,191+35.7%	$24.03K	657,739
Q4 2016Dec 31, 2016	FLR Fluor Corporation	Fluor Corporation	Buy	+166,700+61.8%	$22.91K	436,266
Q4 2016Dec 31, 2016	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Buy	+150,014+10.5%	$120.14K	1,576,856
Q4 2016Dec 31, 2016	TGNA TEGNA Inc	TEGNA Inc	Buy	+148,114+2.4%	$135.85K	6,351,002
Q4 2016Dec 31, 2016	SRE DBA Sempra	DBA Sempra	Buy	+131,659+132.1%	$23.28K	231,354
Q4 2016Dec 31, 2016	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Buy	+124,403+12.4%	$116.57K	1,129,553
Q4 2016Dec 31, 2016	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Buy	+92,531+10.9%	$15.18K	939,799
Q4 2016Dec 31, 2016	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Buy	+91,201+120.5%	$26.72K	166,868
Q4 2016Dec 31, 2016	GRBK Green Brick Partners, Inc.	Green Brick Partners, Inc.	Buy	+87,738+28.6%	$3.97K	394,600
Q4 2016Dec 31, 2016	BWA BorgWarner Inc.	BorgWarner Inc.	Buy	+83,935+5.0%	$69.13K	1,752,713
Q4 2016Dec 31, 2016	GOLD Barrick Gold Corporation	Barrick Gold Corporation	Buy	+83,028+26.5%	$6.33K	395,944
Q4 2016Dec 31, 2016	IWN iShares Russell 2000 Value ETF	iShares Russell 2000 Value ETF	Buy - Position Entry	+71,494	$8.50K	71,494
Q4 2016Dec 31, 2016	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Buy	+65,555+4.4%	$157.06K	1,554,422
Q4 2016Dec 31, 2016	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+57,535+5.8%	$172.01K	1,046,203
Q4 2016Dec 31, 2016	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+52,300+12.6%	$76.27K	467,962
Q4 2016Dec 31, 2016	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Buy	+51,671+3.4%	$113.44K	1,584,199
Q4 2016Dec 31, 2016	CAKE The Cheesecake Factory Incorpor	The Cheesecake Factory Incorpor	Buy - Position Entry	+45,115	$2.70K	45,115
Q4 2016Dec 31, 2016	CME CME Group Inc.	CME Group Inc.	Buy	+41,443+139.1%	$8.22K	71,231
Q4 2016Dec 31, 2016	NTTYY Nippon Telegraph & Telephone Co	Nippon Telegraph & Telephone Co	Buy	+36,683+796.8%	$1.74K	41,287
Q4 2016Dec 31, 2016	CAH Cardinal Health, Inc.	Cardinal Health, Inc.	Buy - Position Entry	+36,526	$2.63K	36,526
Q4 2016Dec 31, 2016	CVS CVS Health Corporation	CVS Health Corporation	Buy - Position Entry	+33,499	$2.64K	33,499

Page 127 of 176 • 5272 total trades

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