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	LFCR Lifecore Biomedical, Inc.	Lifecore Biomedical, Inc.	Sell	-30,710-1.9%	$17.12K	1,590,824
Q2 2016Jun 30, 2016	HMN Horace Mann Educators Corporati	Horace Mann Educators Corporati	Sell	-32,380-7.7%	$13.13K	388,649
Q2 2016Jun 30, 2016	VWO Vanguard FTSE Emerging Markets	Vanguard FTSE Emerging Markets	Sell - Position Exit	-33,916-100.0%	$0.00	-
Q2 2016Jun 30, 2016	RELL Richardson Electronics, Ltd.	Richardson Electronics, Ltd.	Sell	-44,525-4.2%	$5.34K	1,013,990
Q2 2016Jun 30, 2016	HSBC HSBC Holdings, plc.	HSBC Holdings, plc.	Sell	-44,762-77.8%	$399.00	12,750
Q2 2016Jun 30, 2016	LLFLQ LL Flooring Holdings, Inc.	LL Flooring Holdings, Inc.	Sell	-50,275-8.9%	$7.98K	517,635
Q2 2016Jun 30, 2016	VOO Vanguard S&P 500 ETF	Vanguard S&P 500 ETF	Sell	-52,517-44.4%	$12.66K	65,876
Q2 2016Jun 30, 2016	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Sell	-53,837-4.2%	$146.98K	1,220,988
Q2 2016Jun 30, 2016	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Sell	-63,296-16.5%	$60.68K	319,793
Q2 2016Jun 30, 2016	IEX IDEX Corporation	IDEX Corporation	Sell	-70,638-20.8%	$22.10K	269,174
Q2 2016Jun 30, 2016	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Sell	-79,623-10.9%	$76.95K	651,033
Q2 2016Jun 30, 2016	OESX Orion Energy Systems, Inc.	Orion Energy Systems, Inc.	Sell	-96,957-1.9%	$5.80K	5,001,084
Q2 2016Jun 30, 2016	SUP Superior Industries Internation	Superior Industries Internation	Sell	-101,200-35.3%	$4.97K	185,600
Q2 2016Jun 30, 2016	SWK Stanley Black & Decker, Inc.	Stanley Black & Decker, Inc.	Sell	-101,512-8.8%	$117.48K	1,056,291
Q2 2016Jun 30, 2016	CRWS Crown Crafts, Inc.	Crown Crafts, Inc.	Sell	-113,188-16.5%	$5.43K	574,455
Q2 2016Jun 30, 2016	GOLD Barrick Gold Corporation	Barrick Gold Corporation	Sell	-115,553-27.9%	$6.38K	298,590
Q2 2016Jun 30, 2016	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-125,727-6.4%	$132.54K	1,836,789
Q2 2016Jun 30, 2016	TILE Interface, Inc.	Interface, Inc.	Sell	-127,799-13.2%	$12.78K	837,938
Q2 2016Jun 30, 2016	SJM The J.M. Smucker Company	The J.M. Smucker Company	Sell	-134,138-10.3%	$177.97K	1,167,672
Q2 2016Jun 30, 2016	ALOT AstroNova, Inc.	AstroNova, Inc.	Sell	-171,671-16.3%	$13.43K	882,174
Q2 2016Jun 30, 2016	BCO Brinks Company (The)	Brinks Company (The)	Sell	-179,987-13.2%	$33.67K	1,181,800
Q2 2016Jun 30, 2016	IPG Interpublic Group of Companies,	Interpublic Group of Companies,	Sell	-199,365-2.5%	$182.35K	7,893,877
Q2 2016Jun 30, 2016	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Sell	-202,825-12.2%	$120.70K	1,464,130
Q2 2016Jun 30, 2016	DGX Quest Diagnostics Incorporated	Quest Diagnostics Incorporated	Sell	-292,559-39.2%	$37.00K	454,535
Q2 2016Jun 30, 2016	NWL Newell Brands Inc.	Newell Brands Inc.	Sell - Position Exit	-307,974-100.0%	$0.00	-
Q2 2016Jun 30, 2016	FAF First American Corporation (New	First American Corporation (New	Sell	-314,492-5.3%	$227.92K	5,666,824
Q2 2016Jun 30, 2016	SSD Simpson Manufacturing Company,	Simpson Manufacturing Company,	Sell	-356,799-11.9%	$105.51K	2,639,761
Q2 2016Jun 30, 2016	VZ Verizon Communications Inc.	Verizon Communications Inc.	Sell	-370,715-24.1%	$65.27K	1,168,913
Q2 2016Jun 30, 2016	MAT Mattel, Inc.	Mattel, Inc.	Sell	-408,279-9.2%	$125.51K	4,011,191
Q2 2016Jun 30, 2016	KMT Kennametal Inc.	Kennametal Inc.	Sell	-500,143-4.6%	$229.74K	10,390,755

Page 137 of 176 • 5272 total trades

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