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 2016Jun 30, 2016	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Buy	+3,622+4.6%	$5.09K	81,873
Q2 2016Jun 30, 2016	IWC iShares Microcap ETF	iShares Microcap ETF	Buy - Position Entry	+3,313	$234.00	3,313
Q2 2016Jun 30, 2016	ARCB ArcBest Corporation	ArcBest Corporation	Buy	+3,300+3.0%	$1.83K	112,900
Q2 2016Jun 30, 2016	SLB Schlumberger N.V.	Schlumberger N.V.	Buy	+1,571+0.5%	$22.76K	287,802
Q2 2016Jun 30, 2016	NVS Novartis AG	Novartis AG	Buy	+1,522+11.4%	$1.22K	14,818
Q2 2016Jun 30, 2016	OXY Occidental Petroleum Corporatio	Occidental Petroleum Corporatio	Buy	+1,404+1.6%	$6.63K	87,776
Q2 2016Jun 30, 2016	FAST Fastenal Company	Fastenal Company	Buy	+1,275+3.1%	$1.90K	42,869
Q2 2016Jun 30, 2016	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Buy	+983+3.0%	$2.72K	33,445
Q2 2016Jun 30, 2016	CFR Cullen/Frost Bankers, Inc.	Cullen/Frost Bankers, Inc.	Buy	+571+1.9%	$1.97K	30,850
Q2 2016Jun 30, 2016	ACN Accenture plc	Accenture plc	Buy	+308+3.3%	$1.08K	9,576
Q2 2016Jun 30, 2016	UNP Union Pacific Corporation	Union Pacific Corporation	Buy	+224+1.6%	$1.23K	14,068
Q2 2016Jun 30, 2016	GWW W.W. Grainger, Inc.	W.W. Grainger, Inc.	Buy	+222+3.1%	$1.66K	7,303
Q2 2016Jun 30, 2016	ICE Intercontinental Exchange Inc.	Intercontinental Exchange Inc.	Buy	+138+3.4%	$1.08K	4,235
Q2 2016Jun 30, 2016	DEO Diageo plc	Diageo plc	Buy	+4+0.1%	$306.00	2,711
Q2 2016Jun 30, 2016	GHC Graham Holdings Company	Graham Holdings Company	Sell	-91-0.4%	$11.88K	24,274
Q2 2016Jun 30, 2016	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Sell	-1,208-1.8%	$6.25K	66,717
Q2 2016Jun 30, 2016	LMT Lockheed Martin Corporation	Lockheed Martin Corporation	Sell	-1,710-4.9%	$8.29K	33,417
Q2 2016Jun 30, 2016	TROW T. Rowe Price Group, Inc.	T. Rowe Price Group, Inc.	Sell	-2,351-0.6%	$26.84K	367,885
Q2 2016Jun 30, 2016	SNA Snap-On Incorporated	Snap-On Incorporated	Sell	-2,425-0.4%	$107.07K	678,453
Q2 2016Jun 30, 2016	TMO Thermo Fisher Scientific Inc	Thermo Fisher Scientific Inc	Sell	-3,466-0.6%	$79.28K	536,549
Q2 2016Jun 30, 2016	EWL iShares Inc iShares MSCI Switze	iShares Inc iShares MSCI Switze	Sell	-4,337-7.6%	$1.55K	52,452
Q2 2016Jun 30, 2016	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-5,031-10.8%	$4.42K	41,395
Q2 2016Jun 30, 2016	ITW Illinois Tool Works Inc.	Illinois Tool Works Inc.	Sell	-5,845-0.6%	$94.39K	906,206
Q2 2016Jun 30, 2016	NTRS Northern Trust Corporation	Northern Trust Corporation	Sell	-7,688-0.3%	$168.42K	2,541,852
Q2 2016Jun 30, 2016	OMC Omnicom Group Inc.	Omnicom Group Inc.	Sell	-8,326-0.7%	$102.55K	1,258,486
Q2 2016Jun 30, 2016	BEN Franklin Resources, Inc.	Franklin Resources, Inc.	Sell	-11,818-0.6%	$62.98K	1,887,442
Q2 2016Jun 30, 2016	RYAAY Ryanair Holdings plc	Ryanair Holdings plc	Sell	-20,031-19.5%	$5.75K	82,728
Q2 2016Jun 30, 2016	FICO Fair Isaac Corporation	Fair Isaac Corporation	Sell	-22,891-5.0%	$48.94K	433,087
Q2 2016Jun 30, 2016	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Sell	-23,641-2.4%	$140.28K	980,851
Q2 2016Jun 30, 2016	MATW Matthews International Corporat	Matthews International Corporat	Sell	-26,565-8.9%	$15.14K	272,076

Page 136 of 176 • 5272 total trades

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