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 2016Dec 31, 2016	AXP American Express Company	American Express Company	Buy	+32,860+4.1%	$61.51K	830,330
Q4 2016Dec 31, 2016	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+32,225+1.3%	$158.37K	2,548,541
Q4 2016Dec 31, 2016	STRT STRATTEC SECURITY CORPORATION	STRATTEC SECURITY CORPORATION	Buy	+29,600+24.2%	$6.12K	151,797
Q4 2016Dec 31, 2016	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Buy - Position Entry	+26,571	$1.17K	26,571
Q4 2016Dec 31, 2016	VZ Verizon Communications Inc.	Verizon Communications Inc.	Buy	+26,165+3.3%	$43.18K	808,974
Q4 2016Dec 31, 2016	FDS FactSet Research Systems Inc.	FactSet Research Systems Inc.	Buy - Position Entry	+23,417	$3.83K	23,417
Q4 2016Dec 31, 2016	SNA Snap-On Incorporated	Snap-On Incorporated	Buy	+22,632+3.4%	$117.18K	684,163
Q4 2016Dec 31, 2016	TS Tenaris S.A.	Tenaris S.A.	Buy	+18,991+7.6%	$9.64K	270,030
Q4 2016Dec 31, 2016	MOS Mosaic Company (The)	Mosaic Company (The)	Buy	+17,688+8.6%	$6.54K	222,885
Q4 2016Dec 31, 2016	TSCO Tractor Supply Company	Tractor Supply Company	Buy - Position Entry	+16,802	$1.27K	16,802
Q4 2016Dec 31, 2016	EWU iShares MSCI	iShares MSCI	Buy - Position Entry	+16,751	$514.00	16,751
Q4 2016Dec 31, 2016	IWC iShares Microcap ETF	iShares Microcap ETF	Buy - Position Entry	+12,602	$1.08K	12,602
Q4 2016Dec 31, 2016	PPG PPG Industries, Inc.	PPG Industries, Inc.	Buy - Position Entry	+12,113	$1.15K	12,113
Q4 2016Dec 31, 2016	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+11,810+1.4%	$100.27K	870,359
Q4 2016Dec 31, 2016	SLB Schlumberger N.V.	Schlumberger N.V.	Buy	+11,078+3.8%	$25.09K	298,888
Q4 2016Dec 31, 2016	SUP Superior Industries Internation	Superior Industries Internation	Buy	+9,659+4.6%	$5.73K	217,559
Q4 2016Dec 31, 2016	IWM iShares Russell 2000 ETF	iShares Russell 2000 ETF	Buy - Position Entry	+9,341	$1.26K	9,341
Q4 2016Dec 31, 2016	MOV Movado Group Inc.	Movado Group Inc.	Buy	+7,100+4.3%	$4.97K	172,800
Q4 2016Dec 31, 2016	FF FutureFuel Corp.	FutureFuel Corp.	Buy	+7,100+2.6%	$3.91K	281,200
Q4 2016Dec 31, 2016	ACTG Acacia Research Corporation	Acacia Research Corporation	Buy	+6,481+0.2%	$22.19K	3,413,174
Q4 2016Dec 31, 2016	FAF First American Corporation (New	First American Corporation (New	Buy	+3,635+0.1%	$201.90K	5,511,941
Q4 2016Dec 31, 2016	SO Southern Company (The)	Southern Company (The)	Buy	+2,022+0.4%	$27.85K	566,215
Q4 2016Dec 31, 2016	CRAI CRA International,Inc.	CRA International,Inc.	Buy	+1,600+0.9%	$6.30K	172,200
Q4 2016Dec 31, 2016	NVS Novartis AG	Novartis AG	Buy	+1,488+10.7%	$1.12K	15,402
Q4 2016Dec 31, 2016	OXY Occidental Petroleum Corporatio	Occidental Petroleum Corporatio	Buy	+526+0.9%	$4.39K	61,614
Q4 2016Dec 31, 2016	GHC Graham Holdings Company	Graham Holdings Company	Buy	+2+0.0%	$12.43K	24,270
Q4 2016Dec 31, 2016	TM Toyota Motor Corporation	Toyota Motor Corporation	Sell	-18-0.3%	$669.00	5,708
Q4 2016Dec 31, 2016	ALOT AstroNova, Inc.	AstroNova, Inc.	Sell	-200-0.0%	$12.57K	881,974
Q4 2016Dec 31, 2016	WTW Willis Towers Watson	Willis Towers Watson	Sell	-917-0.2%	$50.04K	409,202
Q4 2016Dec 31, 2016	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Sell	-1,117-0.4%	$54.82K	274,530

Page 128 of 176 • 5272 total trades

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