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	OXY Occidental Petroleum Corporatio	Occidental Petroleum Corporatio	Buy	+1,503+1.8%	$5.91K	86,372
Q1 2016Mar 31, 2016	ITUB Itau Unibanco Banco Holding SA	Itau Unibanco Banco Holding SA	Buy	+1,465+0.1%	$14.81K	1,723,894
Q1 2016Mar 31, 2016	IBM International Business Machines	International Business Machines	Buy	+1,410+2.6%	$8.38K	55,310
Q1 2016Mar 31, 2016	GS Goldman Sachs Group, Inc. (The)	Goldman Sachs Group, Inc. (The)	Buy	+1,315+4.0%	$5.31K	33,810
Q1 2016Mar 31, 2016	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Buy	+771+5.5%	$2.34K	14,834
Q1 2016Mar 31, 2016	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Buy	+743+2.3%	$2.75K	32,462
Q1 2016Mar 31, 2016	BSAC Banco Santander - Chile	Banco Santander - Chile	Buy	+733+0.1%	$20.98K	1,084,367
Q1 2016Mar 31, 2016	DFS Discover Financial Services	Discover Financial Services	Buy	+730+8.2%	$489.00	9,598
Q1 2016Mar 31, 2016	GWW W.W. Grainger, Inc.	W.W. Grainger, Inc.	Buy	+672+10.5%	$1.65K	7,081
Q1 2016Mar 31, 2016	GHC Graham Holdings Company	Graham Holdings Company	Buy	+609+2.6%	$11.70K	24,365
Q1 2016Mar 31, 2016	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+440+0.0%	$136.74K	2,475,772
Q1 2016Mar 31, 2016	HSBC HSBC Holdings, plc.	HSBC Holdings, plc.	Buy	+364+0.6%	$1.79K	57,512
Q1 2016Mar 31, 2016	TILE Interface, Inc.	Interface, Inc.	Buy	+290+0.0%	$17.91K	965,737
Q1 2016Mar 31, 2016	VWO Vanguard FTSE Emerging Markets	Vanguard FTSE Emerging Markets	Sell	-590-1.7%	$1.17K	33,916
Q1 2016Mar 31, 2016	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Sell	-1,455-0.1%	$137.33K	1,004,492
Q1 2016Mar 31, 2016	MATW Matthews International Corporat	Matthews International Corporat	Sell	-1,610-0.5%	$15.37K	298,641
Q1 2016Mar 31, 2016	LMT Lockheed Martin Corporation	Lockheed Martin Corporation	Sell	-4,750-11.9%	$7.78K	35,127
Q1 2016Mar 31, 2016	IWS iShares Russell Mid-cap Value E	iShares Russell Mid-cap Value E	Sell - Position Exit	-4,954-100.0%	$0.00	-
Q1 2016Mar 31, 2016	VZ Verizon Communications Inc.	Verizon Communications Inc.	Sell	-5,157-0.3%	$83.26K	1,539,628
Q1 2016Mar 31, 2016	CVU CPI Aerostructures, Inc.	CPI Aerostructures, Inc.	Sell	-5,410-0.4%	$10.31K	1,407,215
Q1 2016Mar 31, 2016	ALOT AstroNova, Inc.	AstroNova, Inc.	Sell	-6,516-0.6%	$14.61K	1,053,845
Q1 2016Mar 31, 2016	RYAAY Ryanair Holdings plc	Ryanair Holdings plc	Sell	-6,585-6.0%	$8.82K	102,759
Q1 2016Mar 31, 2016	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Sell	-12,710-15.8%	$5.68K	67,925
Q1 2016Mar 31, 2016	ORCL Oracle Corporation	Oracle Corporation	Sell	-12,965-6.0%	$8.36K	204,295
Q1 2016Mar 31, 2016	RELL Richardson Electronics, Ltd.	Richardson Electronics, Ltd.	Sell	-14,245-1.3%	$5.46K	1,058,515
Q1 2016Mar 31, 2016	SSD Simpson Manufacturing Company,	Simpson Manufacturing Company,	Sell	-17,250-0.6%	$114.38K	2,996,560
Q1 2016Mar 31, 2016	IWC iShares Microcap ETF	iShares Microcap ETF	Sell - Position Exit	-18,192-100.0%	$0.00	-
Q1 2016Mar 31, 2016	ACN Accenture plc	Accenture plc	Sell	-21,244-69.6%	$1.07K	9,268
Q1 2016Mar 31, 2016	CSWI CSW Industrials, Inc.	CSW Industrials, Inc.	Sell - Position Exit	-30,800-100.0%	$0.00	-
Q1 2016Mar 31, 2016	IWN iShares Russell 2000 Value ETF	iShares Russell 2000 Value ETF	Sell - Position Exit	-31,406-100.0%	$0.00	-

Page 140 of 176 • 5272 total trades

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