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
Q1 2016Mar 31, 2016	ARCB ArcBest Corporation	ArcBest Corporation	Buy - Position Entry	+109,600	$2.37K	109,600
Q1 2016Mar 31, 2016	PGR Progressive Corporation (The)	Progressive Corporation (The)	Buy	+108,590+7.7%	$53.21K	1,514,200
Q1 2016Mar 31, 2016	DGX Quest Diagnostics Incorporated	Quest Diagnostics Incorporated	Buy	+53,841+7.8%	$53.38K	747,094
Q1 2016Mar 31, 2016	BCO Brinks Company (The)	Brinks Company (The)	Buy	+52,494+4.0%	$45.74K	1,361,787
Q1 2016Mar 31, 2016	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Buy	+46,992+3.6%	$124.97K	1,360,492
Q1 2016Mar 31, 2016	MS Morgan Stanley	Morgan Stanley	Buy	+42,625+27.1%	$5.00K	200,125
Q1 2016Mar 31, 2016	MOV Movado Group Inc.	Movado Group Inc.	Buy - Position Entry	+37,400	$1.03K	37,400
Q1 2016Mar 31, 2016	STRT STRATTEC SECURITY CORPORATION	STRATTEC SECURITY CORPORATION	Buy - Position Entry	+28,545	$1.64K	28,545
Q1 2016Mar 31, 2016	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+25,267+3.1%	$158.86K	832,263
Q1 2016Mar 31, 2016	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+19,251+2.3%	$92.07K	850,915
Q1 2016Mar 31, 2016	BTI British American Tobacco Indus	British American Tobacco Indus	Buy	+18,950+27.8%	$10.19K	87,182
Q1 2016Mar 31, 2016	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+18,642+13.4%	$22.42K	158,036
Q1 2016Mar 31, 2016	UNP Union Pacific Corporation	Union Pacific Corporation	Buy - Position Entry	+13,844	$1.10K	13,844
Q1 2016Mar 31, 2016	CFR Cullen/Frost Bankers, Inc.	Cullen/Frost Bankers, Inc.	Buy	+13,682+82.4%	$1.67K	30,279
Q1 2016Mar 31, 2016	IEX IDEX Corporation	IDEX Corporation	Buy	+12,860+3.9%	$28.16K	339,812
Q1 2016Mar 31, 2016	HMN Horace Mann Educators Corporati	Horace Mann Educators Corporati	Buy	+12,170+3.0%	$13.34K	421,029
Q1 2016Mar 31, 2016	LLFLQ LL Flooring Holdings, Inc.	LL Flooring Holdings, Inc.	Buy	+11,875+2.1%	$7.45K	567,910
Q1 2016Mar 31, 2016	MOS Mosaic Company (The)	Mosaic Company (The)	Buy	+11,040+5.5%	$5.73K	212,170
Q1 2016Mar 31, 2016	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Buy	+10,957+2.9%	$73.13K	383,089
Q1 2016Mar 31, 2016	SLB Schlumberger N.V.	Schlumberger N.V.	Buy	+8,278+3.0%	$21.11K	286,231
Q1 2016Mar 31, 2016	FICO Fair Isaac Corporation	Fair Isaac Corporation	Buy	+7,120+1.6%	$48.38K	455,978
Q1 2016Mar 31, 2016	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Buy	+5,655+5.3%	$4.16K	112,970
Q1 2016Mar 31, 2016	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Buy	+5,275+12.8%	$4.62K	46,426
Q1 2016Mar 31, 2016	VT Vanguard Total World Stock Inde	Vanguard Total World Stock Inde	Buy	+4,623+7.0%	$4.10K	71,060
Q1 2016Mar 31, 2016	ICE Intercontinental Exchange Inc.	Intercontinental Exchange Inc.	Buy - Position Entry	+4,097	$963.00	4,097
Q1 2016Mar 31, 2016	ACTG Acacia Research Corporation	Acacia Research Corporation	Buy	+3,975+0.1%	$13.60K	3,588,961
Q1 2016Mar 31, 2016	FAST Fastenal Company	Fastenal Company	Buy	+3,912+10.4%	$2.04K	41,594
Q1 2016Mar 31, 2016	DEO Diageo plc	Diageo plc	Buy - Position Entry	+2,707	$292.00	2,707
Q1 2016Mar 31, 2016	ANSS ANSYS, Inc.	ANSYS, Inc.	Buy	+2,597+2.5%	$9.52K	106,385
Q1 2016Mar 31, 2016	NVS Novartis AG	Novartis AG	Buy	+2,029+18.0%	$963.00	13,296

Page 139 of 176 • 5272 total trades

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