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	BSAC Banco Santander - Chile	Banco Santander - Chile	Buy	+24,015+2.3%	$19.75K	1,084,113
Q3 2015Sep 30, 2015	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Buy	+22,251+2.7%	$77.97K	855,379
Q3 2015Sep 30, 2015	TMO Thermo Fisher Scientific Inc	Thermo Fisher Scientific Inc	Buy	+21,905+3.7%	$74.24K	607,166
Q3 2015Sep 30, 2015	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+20,502+22.9%	$14.37K	110,167
Q3 2015Sep 30, 2015	AZTA Azenta, Inc.	Azenta, Inc.	Buy	+17,500+7.1%	$3.08K	263,000
Q3 2015Sep 30, 2015	GOLD Barrick Gold Corporation	Barrick Gold Corporation	Buy	+16,720+3.7%	$2.96K	464,948
Q3 2015Sep 30, 2015	ANSS ANSYS, Inc.	ANSYS, Inc.	Buy	+12,613+13.9%	$9.10K	103,237
Q3 2015Sep 30, 2015	TKC Turkcell Iletisim Hizmetleri AS	Turkcell Iletisim Hizmetleri AS	Buy	+11,968+2.0%	$5.19K	598,000
Q3 2015Sep 30, 2015	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Buy	+10,357+279.5%	$2.03K	14,063
Q3 2015Sep 30, 2015	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Buy	+9,438+7.4%	$8.33K	136,637
Q3 2015Sep 30, 2015	BRC Brady Corporation	Brady Corporation	Buy	+6,805+0.1%	$97.35K	4,951,897
Q3 2015Sep 30, 2015	FAST Fastenal Company	Fastenal Company	Buy	+5,409+13.9%	$1.63K	44,382
Q3 2015Sep 30, 2015	BAP Credicorp	Credicorp	Buy	+4,732+9.9%	$5.60K	52,613
Q3 2015Sep 30, 2015	BAX Baxter International Inc.	Baxter International Inc.	Buy	+4,380+7.1%	$2.18K	66,331
Q3 2015Sep 30, 2015	CME CME Group Inc.	CME Group Inc.	Buy	+4,112+14.0%	$3.10K	33,419
Q3 2015Sep 30, 2015	HSBC HSBC Holdings, plc.	HSBC Holdings, plc.	Buy	+2,462+6.0%	$1.64K	43,207
Q3 2015Sep 30, 2015	IBM International Business Machines	International Business Machines	Buy	+1,190+2.2%	$8.12K	56,012
Q3 2015Sep 30, 2015	GWW W.W. Grainger, Inc.	W.W. Grainger, Inc.	Buy	+959+13.8%	$1.70K	7,909
Q3 2015Sep 30, 2015	ORCL Oracle Corporation	Oracle Corporation	Buy	+865+0.4%	$8.15K	225,775
Q3 2015Sep 30, 2015	MOS Mosaic Company (The)	Mosaic Company (The)	Buy	+760+0.5%	$5.14K	165,155
Q3 2015Sep 30, 2015	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Buy	+5+0.0%	$3.48K	42,296
Q3 2015Sep 30, 2015	BTI British American Tobacco Indus	British American Tobacco Indus	Sell	-349-0.7%	$5.14K	46,685
Q3 2015Sep 30, 2015	MS Morgan Stanley	Morgan Stanley	Sell	-715-0.5%	$4.90K	155,665
Q3 2015Sep 30, 2015	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Sell	-875-1.0%	$6.18K	83,135
Q3 2015Sep 30, 2015	GS Goldman Sachs Group, Inc. (The)	Goldman Sachs Group, Inc. (The)	Sell	-1,400-4.1%	$5.66K	32,595
Q3 2015Sep 30, 2015	MATW Matthews International Corporat	Matthews International Corporat	Sell	-2,195-0.7%	$14.50K	296,156
Q3 2015Sep 30, 2015	LMT Lockheed Martin Corporation	Lockheed Martin Corporation	Sell	-2,400-5.1%	$9.16K	44,210
Q3 2015Sep 30, 2015	GIFI Gulf Island Fabrication, Inc.	Gulf Island Fabrication, Inc.	Sell	-2,650-1.1%	$2.43K	231,000
Q3 2015Sep 30, 2015	HMN Horace Mann Educators Corporati	Horace Mann Educators Corporati	Sell	-3,132-0.8%	$13.41K	403,664
Q3 2015Sep 30, 2015	SUP Superior Industries Internation	Superior Industries Internation	Sell	-3,575-2.7%	$2.40K	128,600

Page 147 of 176 • 5272 total trades

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