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
Q3 2015Sep 30, 2015	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+337,808+79.1%	$105.09K	764,799
Q3 2015Sep 30, 2015	SO Southern Company (The)	Southern Company (The)	Buy	+306,207+22.5%	$74.43K	1,665,185
Q3 2015Sep 30, 2015	BWEN Broadwind, Inc.	Broadwind, Inc.	Buy - Position Entry	+266,933	$553.00	266,933
Q3 2015Sep 30, 2015	VZ Verizon Communications Inc.	Verizon Communications Inc.	Buy	+259,521+20.2%	$67.21K	1,544,685
Q3 2015Sep 30, 2015	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+219,765+43.6%	$57.45K	724,243
Q3 2015Sep 30, 2015	WU Western Union Company (The)	Western Union Company (The)	Buy	+218,000+2.1%	$193.47K	10,537,401
Q3 2015Sep 30, 2015	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Buy	+207,006+18.7%	$128.97K	1,313,500
Q3 2015Sep 30, 2015	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+187,793+8.1%	$110.52K	2,497,152
Q3 2015Sep 30, 2015	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Buy	+168,028+15.3%	$118.81K	1,264,917
Q3 2015Sep 30, 2015	ITUB Itau Unibanco Banco Holding SA	Itau Unibanco Banco Holding SA	Buy	+152,412+13.5%	$8.48K	1,280,803
Q3 2015Sep 30, 2015	DGX Quest Diagnostics Incorporated	Quest Diagnostics Incorporated	Buy	+115,177+19.8%	$42.77K	695,732
Q3 2015Sep 30, 2015	TROW T. Rowe Price Group, Inc.	T. Rowe Price Group, Inc.	Buy	+107,338+23.0%	$39.86K	573,506
Q3 2015Sep 30, 2015	USB U.S. Bancorp	U.S. Bancorp	Buy	+103,822+16.5%	$30.13K	734,637
Q3 2015Sep 30, 2015	VOO Vanguard S&P 500 ETF	Vanguard S&P 500 ETF	Buy	+103,690+93.3%	$37.74K	214,808
Q3 2015Sep 30, 2015	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+102,128+13.1%	$82.54K	884,154
Q3 2015Sep 30, 2015	AFL AFLAC Incorporated	AFLAC Incorporated	Buy	+78,550+3.7%	$126.36K	2,173,809
Q3 2015Sep 30, 2015	BEN Franklin Resources, Inc.	Franklin Resources, Inc.	Buy	+74,880+3.9%	$74.82K	2,007,974
Q3 2015Sep 30, 2015	NTRS Northern Trust Corporation	Northern Trust Corporation	Buy	+59,199+3.9%	$108.59K	1,593,193
Q3 2015Sep 30, 2015	AXP American Express Company	American Express Company	Buy	+57,906+114.9%	$8.03K	108,317
Q3 2015Sep 30, 2015	ZBRA Zebra Technologies Corporation	Zebra Technologies Corporation	Buy	+55,600+16.0%	$30.78K	402,070
Q3 2015Sep 30, 2015	WEC WEC Energy Group, Inc.	WEC Energy Group, Inc.	Buy - Position Entry	+55,138	$2.88K	55,138
Q3 2015Sep 30, 2015	OMC Omnicom Group Inc.	Omnicom Group Inc.	Buy	+52,206+3.7%	$95.20K	1,444,694
Q3 2015Sep 30, 2015	VGK Vanguard FTSEEuropean ETF	Vanguard FTSEEuropean ETF	Buy	+44,328+345.4%	$2.81K	57,162
Q3 2015Sep 30, 2015	SJM The J.M. Smucker Company	The J.M. Smucker Company	Buy	+43,811+2.3%	$220.75K	1,934,897
Q3 2015Sep 30, 2015	OXY Occidental Petroleum Corporatio	Occidental Petroleum Corporatio	Buy	+43,808+106.7%	$5.61K	84,869
Q3 2015Sep 30, 2015	EOG EOG Resources, Inc.	EOG Resources, Inc.	Buy - Position Entry	+42,132	$3.07K	42,132
Q3 2015Sep 30, 2015	SLB Schlumberger N.V.	Schlumberger N.V.	Buy	+35,195+15.1%	$18.55K	269,007
Q3 2015Sep 30, 2015	WMT Walmart Inc.	Walmart Inc.	Buy	+33,812+16.9%	$15.19K	234,213
Q3 2015Sep 30, 2015	ITW Illinois Tool Works Inc.	Illinois Tool Works Inc.	Buy	+33,615+3.6%	$78.74K	956,588
Q3 2015Sep 30, 2015	JWN Nordstrom, Inc.	Nordstrom, Inc.	Buy	+28,690+3.5%	$60.40K	842,328

Page 146 of 176 • 5272 total trades

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