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	TGNA TEGNA Inc	TEGNA Inc	Sell	-500,819-7.3%	$146.76K	6,334,056
Q2 2016Jun 30, 2016	SO Southern Company (The)	Southern Company (The)	Sell	-591,478-36.6%	$54.92K	1,023,977
Q2 2016Jun 30, 2016	BRC Brady Corporation	Brady Corporation	Sell	-605,858-12.7%	$127.75K	4,180,434
Q2 2016Jun 30, 2016	WU Western Union Company (The)	Western Union Company (The)	Sell	-781,174-10.1%	$134.06K	6,989,817
Q2 2016Jun 30, 2016	AXTI AXT Inc	AXT Inc	Sell	-802,124-24.7%	$7.79K	2,440,564
Q2 2016Jun 30, 2016	ITUB Itau Unibanco Banco Holding SA	Itau Unibanco Banco Holding SA	Sell	-1,003,218-58.2%	$6.80K	720,676
Q1 2016Mar 31, 2016	NOK Nokia Corporation Sponsored	Nokia Corporation Sponsored	Buy	+3,578,649+44.7%	$68.42K	11,576,295
Q1 2016Mar 31, 2016	KKR KKR & Co. Inc.	KKR & Co. Inc.	Buy	+2,030,755+24.6%	$151.30K	10,299,277
Q1 2016Mar 31, 2016	NTRS Northern Trust Corporation	Northern Trust Corporation	Buy	+946,951+59.1%	$166.15K	2,549,540
Q1 2016Mar 31, 2016	HLI Houlihan Lokey, Inc.	Houlihan Lokey, Inc.	Buy - Position Entry	+838,646	$20.88K	838,646
Q1 2016Mar 31, 2016	OESX Orion Energy Systems, Inc.	Orion Energy Systems, Inc.	Buy	+795,989+18.5%	$7.09K	5,098,041
Q1 2016Mar 31, 2016	CPIX Cumberland Pharmaceuticals Inc.	Cumberland Pharmaceuticals Inc.	Buy	+560,011+39.5%	$8.88K	1,976,671
Q1 2016Mar 31, 2016	ZBRA Zebra Technologies Corporation	Zebra Technologies Corporation	Buy	+548,409+56.3%	$105.10K	1,523,125
Q1 2016Mar 31, 2016	AXP American Express Company	American Express Company	Buy	+469,488+253.2%	$40.21K	654,897
Q1 2016Mar 31, 2016	AZTA Azenta, Inc.	Azenta, Inc.	Buy	+419,400+158.4%	$7.12K	684,100
Q1 2016Mar 31, 2016	WTW Willis Towers Watson	Willis Towers Watson	Buy - Position Entry	+332,326	$39.43K	332,326
Q1 2016Mar 31, 2016	GIFI Gulf Island Fabrication, Inc.	Gulf Island Fabrication, Inc.	Buy	+325,000+140.7%	$4.37K	556,000
Q1 2016Mar 31, 2016	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Buy	+318,554+28.1%	$170.53K	1,453,543
Q1 2016Mar 31, 2016	LFCR Lifecore Biomedical, Inc.	Lifecore Biomedical, Inc.	Buy	+305,007+23.2%	$17.03K	1,621,534
Q1 2016Mar 31, 2016	KMT Kennametal Inc.	Kennametal Inc.	Buy	+288,380+2.7%	$244.94K	10,890,898
Q1 2016Mar 31, 2016	CBRE CBRE Group Inc	CBRE Group Inc	Buy	+224,765+7.9%	$88.85K	3,082,940
Q1 2016Mar 31, 2016	EOG EOG Resources, Inc.	EOG Resources, Inc.	Buy	+200,403+475.7%	$17.60K	242,535
Q1 2016Mar 31, 2016	DGII Digi International Inc.	Digi International Inc.	Buy - Position Entry	+197,600	$1.86K	197,600
Q1 2016Mar 31, 2016	RCL Royal Caribbean	Royal Caribbean	Buy	+173,844+21.7%	$79.99K	973,732
Q1 2016Mar 31, 2016	TGNA TEGNA Inc	TEGNA Inc	Buy	+160,320+2.4%	$160.35K	6,834,875
Q1 2016Mar 31, 2016	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Buy	+159,100+178.8%	$3.44K	248,100
Q1 2016Mar 31, 2016	SUP Superior Industries Internation	Superior Industries Internation	Buy	+157,500+121.8%	$6.33K	286,800
Q1 2016Mar 31, 2016	CRAI CRA International,Inc.	CRA International,Inc.	Buy - Position Entry	+147,300	$2.89K	147,300
Q1 2016Mar 31, 2016	TS Tenaris S.A.	Tenaris S.A.	Buy - Position Entry	+134,980	$3.34K	134,980
Q1 2016Mar 31, 2016	BWA BorgWarner Inc.	BorgWarner Inc.	Buy - Position Entry	+114,165	$4.38K	114,165

Page 138 of 176 • 5272 total trades

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