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
Q4 2015Dec 31, 2015	BTI British American Tobacco Indus	British American Tobacco Indus	Buy	+21,547+46.2%	$7.54K	68,232
Q4 2015Dec 31, 2015	IWC iShares Microcap ETF	iShares Microcap ETF	Buy - Position Entry	+18,192	$1.31K	18,192
Q4 2015Dec 31, 2015	BEN Franklin Resources, Inc.	Franklin Resources, Inc.	Buy	+18,187+0.9%	$74.60K	2,026,161
Q4 2015Dec 31, 2015	CFR Cullen/Frost Bankers, Inc.	Cullen/Frost Bankers, Inc.	Buy - Position Entry	+16,597	$996.00	16,597
Q4 2015Dec 31, 2015	HSBC HSBC Holdings, plc.	HSBC Holdings, plc.	Buy	+13,941+32.3%	$2.26K	57,148
Q4 2015Dec 31, 2015	BCO Brinks Company (The)	Brinks Company (The)	Buy	+13,690+1.1%	$37.79K	1,309,293
Q4 2015Dec 31, 2015	NVS Novartis AG	Novartis AG	Buy - Position Entry	+11,267	$969.00	11,267
Q4 2015Dec 31, 2015	NTRS Northern Trust Corporation	Northern Trust Corporation	Buy	+9,396+0.6%	$115.53K	1,602,589
Q4 2015Dec 31, 2015	SLB Schlumberger N.V.	Schlumberger N.V.	Buy	+8,946+3.3%	$19.39K	277,953
Q4 2015Dec 31, 2015	DFS Discover Financial Services	Discover Financial Services	Buy - Position Entry	+8,868	$476.00	8,868
Q4 2015Dec 31, 2015	OMC Omnicom Group Inc.	Omnicom Group Inc.	Buy	+8,866+0.6%	$109.98K	1,453,560
Q4 2015Dec 31, 2015	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Buy	+5,786+0.6%	$139.49K	1,005,947
Q4 2015Dec 31, 2015	ITW Illinois Tool Works Inc.	Illinois Tool Works Inc.	Buy	+5,595+0.6%	$89.17K	962,183
Q4 2015Dec 31, 2015	BWEN Broadwind, Inc.	Broadwind, Inc.	Buy	+5,300+2.0%	$566.00	272,233
Q4 2015Dec 31, 2015	HMN Horace Mann Educators Corporati	Horace Mann Educators Corporati	Buy	+5,195+1.3%	$13.57K	408,859
Q4 2015Dec 31, 2015	BRC Brady Corporation	Brady Corporation	Buy	+5,020+0.1%	$113.91K	4,956,917
Q4 2015Dec 31, 2015	IWS iShares Russell Mid-cap Value E	iShares Russell Mid-cap Value E	Buy - Position Entry	+4,954	$340.00	4,954
Q4 2015Dec 31, 2015	TROW T. Rowe Price Group, Inc.	T. Rowe Price Group, Inc.	Buy	+4,850+0.8%	$41.35K	578,356
Q4 2015Dec 31, 2015	MATW Matthews International Corporat	Matthews International Corporat	Buy	+4,095+1.4%	$16.05K	300,251
Q4 2015Dec 31, 2015	TMO Thermo Fisher Scientific Inc	Thermo Fisher Scientific Inc	Buy	+3,819+0.6%	$86.67K	610,985
Q4 2015Dec 31, 2015	TM Toyota Motor Corporation	Toyota Motor Corporation	Buy - Position Entry	+2,914	$359.00	2,914
Q4 2015Dec 31, 2015	IEX IDEX Corporation	IDEX Corporation	Buy	+2,632+0.8%	$25.05K	326,952
Q4 2015Dec 31, 2015	MS Morgan Stanley	Morgan Stanley	Buy	+1,835+1.2%	$5.01K	157,500
Q4 2015Dec 31, 2015	AZTA Azenta, Inc.	Azenta, Inc.	Buy	+1,700+0.6%	$2.83K	264,700
Q4 2015Dec 31, 2015	SUP Superior Industries Internation	Superior Industries Internation	Buy	+700+0.5%	$2.38K	129,300
Q4 2015Dec 31, 2015	VWO Vanguard FTSE Emerging Markets	Vanguard FTSE Emerging Markets	Buy	+590+1.7%	$1.13K	34,506
Q4 2015Dec 31, 2015	ANSS ANSYS, Inc.	ANSYS, Inc.	Buy	+551+0.5%	$9.60K	103,788
Q4 2015Dec 31, 2015	CME CME Group Inc.	CME Group Inc.	Buy	+507+1.5%	$3.07K	33,926
Q4 2015Dec 31, 2015	VZ Verizon Communications Inc.	Verizon Communications Inc.	Buy	+100+0.0%	$71.40K	1,544,785
Q4 2015Dec 31, 2015	WMT Walmart Inc.	Walmart Inc.	Sell	-45-0.0%	$14.35K	234,168

Page 143 of 176 • 5272 total trades

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