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 2024Sep 30, 2024	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Sell	-147-0.0%	$32.09M	297,254
Q3 2024Sep 30, 2024	REYN Reynolds Consumer Products Inc.	Reynolds Consumer Products Inc.	Sell	-155-2.2%	$218.32K	7,020
Q3 2024Sep 30, 2024	PGR Progressive Corporation (The)	Progressive Corporation (The)	Sell	-177-16.9%	$220.52K	869
Q3 2024Sep 30, 2024	ST Sensata Technologies	Sensata Technologies	Sell	-180-2.2%	$291.65K	8,133
Q3 2024Sep 30, 2024	MSI Motorola Solutions, Inc.	Motorola Solutions, Inc.	Sell	-180-19.3%	$338.57K	753
Q3 2024Sep 30, 2024	LMT Lockheed Martin Corporation	Lockheed Martin Corporation	Sell	-255-1.9%	$7.56M	12,941
Q3 2024Sep 30, 2024	KMX CarMax Inc	CarMax Inc	Sell	-281-0.0%	$54.92M	709,722
Q3 2024Sep 30, 2024	MTB M&T Bank Corporation	M&T Bank Corporation	Sell	-585-22.1%	$368.35K	2,068
Q3 2024Sep 30, 2024	PHIN PHINIA Inc.	PHINIA Inc.	Sell	-1,537-1.1%	$6.58M	142,897
Q3 2024Sep 30, 2024	KB KB Financial Group Inc	KB Financial Group Inc	Sell	-1,583-0.5%	$18.55M	300,466
Q3 2024Sep 30, 2024	BAC Bank of America Corporation	Bank of America Corporation	Sell	-2,325-1.4%	$6.72M	169,359
Q3 2024Sep 30, 2024	MTN Vail Resorts, Inc.	Vail Resorts, Inc.	Sell	-2,777-1.1%	$42.58M	244,318
Q3 2024Sep 30, 2024	ORCL Oracle Corporation	Oracle Corporation	Sell	-5,176-8.6%	$9.41M	55,244
Q3 2024Sep 30, 2024	GCMG GCM Grosvenor Inc.	GCM Grosvenor Inc.	Sell	-5,410-0.1%	$51.40M	4,540,686
Q3 2024Sep 30, 2024	IPG Interpublic Group of Companies,	Interpublic Group of Companies,	Sell	-5,895-0.1%	$180.44M	5,704,553
Q3 2024Sep 30, 2024	MGPI MGP Ingredients, Inc.	MGP Ingredients, Inc.	Sell	-6,354-1.2%	$42.41M	509,442
Q3 2024Sep 30, 2024	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Sell	-8,450-0.9%	$176.82M	897,687
Q3 2024Sep 30, 2024	PDCO Patterson Companies, Inc.	Patterson Companies, Inc.	Sell - Position Exit	-9,025-100.0%	$0.00	-
Q3 2024Sep 30, 2024	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Sell	-9,129-6.0%	$24.63M	141,832
Q3 2024Sep 30, 2024	MAT Mattel, Inc.	Mattel, Inc.	Sell	-9,848-0.1%	$282.10M	14,808,162
Q3 2024Sep 30, 2024	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Sell	-11,650-3.5%	$84.16M	317,271
Q3 2024Sep 30, 2024	ZIMV ZimVie Inc.	ZimVie Inc.	Sell	-19,338-24.0%	$970.09K	61,127
Q3 2024Sep 30, 2024	SWK Stanley Black & Decker, Inc.	Stanley Black & Decker, Inc.	Sell	-20,351-3.7%	$58.05M	527,143
Q3 2024Sep 30, 2024	DHI D.R. Horton, Inc.	D.R. Horton, Inc.	Sell	-24,998-15.1%	$26.83M	140,628
Q3 2024Sep 30, 2024	LEN Lennar Corporation	Lennar Corporation	Sell	-27,868-17.8%	$24.20M	129,056
Q3 2024Sep 30, 2024	GS Goldman Sachs Group, Inc. (The)	Goldman Sachs Group, Inc. (The)	Sell	-29,366-16.1%	$75.50M	152,491
Q3 2024Sep 30, 2024	LH Labcorp Holdings Inc.	Labcorp Holdings Inc.	Sell	-33,711-7.6%	$91.79M	410,720
Q3 2024Sep 30, 2024	ZBRA Zebra Technologies Corporation	Zebra Technologies Corporation	Sell	-34,425-10.4%	$109.60M	295,961
Q3 2024Sep 30, 2024	HCKT The Hackett Group, Inc.	The Hackett Group, Inc.	Sell	-40,267-6.1%	$16.29M	620,088
Q3 2024Sep 30, 2024	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-43,560-13.6%	$36.27M	277,788

Page 13 of 176 • 5272 total trades

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