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 2016Sep 30, 2016	MOV Movado Group Inc.	Movado Group Inc.	Buy	+56,600+51.9%	$3.56K	165,700
Q3 2016Sep 30, 2016	ACWX iShares MSCI ACWI ex U.S. ETF	iShares MSCI ACWI ex U.S. ETF	Buy	+39,344+105.8%	$3.17K	76,514
Q3 2016Sep 30, 2016	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Buy	+37,697+99.3%	$11.54K	75,667
Q3 2016Sep 30, 2016	HLI Houlihan Lokey, Inc.	Houlihan Lokey, Inc.	Buy	+36,116+3.6%	$26.36K	1,052,361
Q3 2016Sep 30, 2016	CME CME Group Inc.	CME Group Inc.	Buy - Position Entry	+29,788	$3.11K	29,788
Q3 2016Sep 30, 2016	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Buy	+23,934+1.6%	$169.42K	1,488,867
Q3 2016Sep 30, 2016	SUP Superior Industries Internation	Superior Industries Internation	Buy	+22,300+12.0%	$6.06K	207,900
Q3 2016Sep 30, 2016	CRAI CRA International,Inc.	CRA International,Inc.	Buy	+19,100+12.6%	$4.54K	170,600
Q3 2016Sep 30, 2016	GOLD Barrick Gold Corporation	Barrick Gold Corporation	Buy	+14,326+4.8%	$5.54K	312,916
Q3 2016Sep 30, 2016	DFS Discover Financial Services	Discover Financial Services	Buy	+11,365+118.4%	$1.19K	20,963
Q3 2016Sep 30, 2016	RCL Royal Caribbean	Royal Caribbean	Buy	+7,182+0.7%	$79.15K	1,055,980
Q3 2016Sep 30, 2016	NTTYY Nippon Telegraph & Telephone Co	Nippon Telegraph & Telephone Co	Buy - Position Entry	+4,604	$211.00	4,604
Q3 2016Sep 30, 2016	EOG EOG Resources, Inc.	EOG Resources, Inc.	Buy	+1,216+0.5%	$24.65K	254,890
Q3 2016Sep 30, 2016	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+986+0.1%	$101.42K	858,549
Q3 2016Sep 30, 2016	ANSS ANSYS, Inc.	ANSYS, Inc.	Buy	+15+0.0%	$16.90K	182,494
Q3 2016Sep 30, 2016	SLB Schlumberger N.V.	Schlumberger N.V.	Buy	+8+0.0%	$22.63K	287,810
Q3 2016Sep 30, 2016	GHC Graham Holdings Company	Graham Holdings Company	Sell	-6-0.0%	$11.68K	24,268
Q3 2016Sep 30, 2016	RELL Richardson Electronics, Ltd.	Richardson Electronics, Ltd.	Sell	-327-0.0%	$6.87K	1,013,663
Q3 2016Sep 30, 2016	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-417-1.0%	$4.09K	40,978
Q3 2016Sep 30, 2016	LMT Lockheed Martin Corporation	Lockheed Martin Corporation	Sell	-672-2.0%	$7.85K	32,745
Q3 2016Sep 30, 2016	NVS Novartis AG	Novartis AG	Sell	-904-6.1%	$1.10K	13,914
Q3 2016Sep 30, 2016	IBM International Business Machines	International Business Machines	Sell	-2,622-4.7%	$8.37K	52,688
Q3 2016Sep 30, 2016	DEO Diageo plc	Diageo plc	Sell - Position Exit	-2,711-100.0%	$0.00	-
Q3 2016Sep 30, 2016	IWC iShares Microcap ETF	iShares Microcap ETF	Sell - Position Exit	-3,313-100.0%	$0.00	-
Q3 2016Sep 30, 2016	ICE Intercontinental Exchange Inc.	Intercontinental Exchange Inc.	Sell - Position Exit	-4,235-100.0%	$0.00	-
Q3 2016Sep 30, 2016	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-6,448-0.1%	$152.02K	10,660,683
Q3 2016Sep 30, 2016	MOS Mosaic Company (The)	Mosaic Company (The)	Sell	-6,973-3.3%	$5.02K	205,197
Q3 2016Sep 30, 2016	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-7,064-0.3%	$144.94K	2,516,316
Q3 2016Sep 30, 2016	TMO Thermo Fisher Scientific Inc	Thermo Fisher Scientific Inc	Sell	-10,406-1.9%	$83.69K	526,143
Q3 2016Sep 30, 2016	HSBC HSBC Holdings, plc.	HSBC Holdings, plc.	Sell - Position Exit	-12,750-100.0%	$0.00	-

Page 132 of 176 • 5272 total trades

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