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	SJM The J.M. Smucker Company	The J.M. Smucker Company	Sell	-471,894-26.6%	$169.03K	1,301,810
Q1 2016Mar 31, 2016	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-476,127-58.6%	$33.05K	336,836
Q1 2016Mar 31, 2016	TKC Turkcell Iletisim Hizmetleri AS	Turkcell Iletisim Hizmetleri AS	Sell - Position Exit	-597,725-100.0%	$0.00	-
Q1 2016Mar 31, 2016	NWL Newell Brands Inc.	Newell Brands Inc.	Sell	-1,016,627-76.7%	$13.64K	307,974
Q1 2016Mar 31, 2016	IPG Interpublic Group of Companies,	Interpublic Group of Companies,	Sell	-1,167,670-12.6%	$185.74K	8,093,242
Q1 2016Mar 31, 2016	WU Western Union Company (The)	Western Union Company (The)	Sell	-1,278,570-14.1%	$149.90K	7,770,991
Q1 2016Mar 31, 2016	MAT Mattel, Inc.	Mattel, Inc.	Sell	-1,443,895-24.6%	$148.58K	4,419,470
Q4 2015Dec 31, 2015	KKR KKR & Co. Inc.	KKR & Co. Inc.	Buy	+1,073,935+14.9%	$128.91K	8,268,522
Q4 2015Dec 31, 2015	KMT Kennametal Inc.	Kennametal Inc.	Buy	+989,995+10.3%	$203.57K	10,602,518
Q4 2015Dec 31, 2015	NOK Nokia Corporation Sponsored	Nokia Corporation Sponsored	Buy	+631,579+8.6%	$56.14K	7,997,646
Q4 2015Dec 31, 2015	MSGS Madison Square Garden Sports Co	Madison Square Garden Sports Co	Buy - Position Entry	+574,935	$93.03K	574,935
Q4 2015Dec 31, 2015	ZBRA Zebra Technologies Corporation	Zebra Technologies Corporation	Buy	+572,646+142.4%	$67.89K	974,716
Q4 2015Dec 31, 2015	ITUB Itau Unibanco Banco Holding SA	Itau Unibanco Banco Holding SA	Buy	+441,626+34.5%	$11.21K	1,722,429
Q4 2015Dec 31, 2015	ACTG Acacia Research Corporation	Acacia Research Corporation	Buy	+378,634+11.8%	$15.38K	3,584,986
Q4 2015Dec 31, 2015	JWN Nordstrom, Inc.	Nordstrom, Inc.	Buy	+354,802+42.1%	$59.63K	1,197,130
Q4 2015Dec 31, 2015	PGR Progressive Corporation (The)	Progressive Corporation (The)	Buy	+289,800+26.0%	$44.70K	1,405,610
Q4 2015Dec 31, 2015	VEA Vanguard FTSE Developed Markets	Vanguard FTSE Developed Markets	Buy	+211,717+54.0%	$22.17K	603,652
Q4 2015Dec 31, 2015	TGNA TEGNA Inc	TEGNA Inc	Buy	+122,406+1.9%	$170.34K	6,674,555
Q4 2015Dec 31, 2015	RYAAY Ryanair Holdings plc	Ryanair Holdings plc	Buy - Position Entry	+109,344	$9.45K	109,344
Q4 2015Dec 31, 2015	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+88,720+12.3%	$71.47K	812,963
Q4 2015Dec 31, 2015	AXP American Express Company	American Express Company	Buy	+77,092+71.2%	$12.89K	185,409
Q4 2015Dec 31, 2015	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Buy	+70,577+5.6%	$137.01K	1,335,494
Q4 2015Dec 31, 2015	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Buy	+68,560+4.1%	$140.11K	1,742,890
Q4 2015Dec 31, 2015	EWL iShares Inc iShares MSCI Switze	iShares Inc iShares MSCI Switze	Buy - Position Entry	+56,789	$1.76K	56,789
Q4 2015Dec 31, 2015	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+42,197+5.5%	$152.56K	806,996
Q4 2015Dec 31, 2015	MOS Mosaic Company (The)	Mosaic Company (The)	Buy	+35,975+21.8%	$5.55K	201,130
Q4 2015Dec 31, 2015	IWN iShares Russell 2000 Value ETF	iShares Russell 2000 Value ETF	Buy - Position Entry	+31,406	$2.89K	31,406
Q4 2015Dec 31, 2015	MAT Mattel, Inc.	Mattel, Inc.	Buy	+31,080+0.5%	$159.31K	5,863,365
Q4 2015Dec 31, 2015	CSWI CSW Industrials, Inc.	CSW Industrials, Inc.	Buy - Position Entry	+30,800	$1.16K	30,800
Q4 2015Dec 31, 2015	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+29,227+26.5%	$18.41K	139,394

Page 142 of 176 • 5272 total trades

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