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	LLFLQ LL Flooring Holdings, Inc.	LL Flooring Holdings, Inc.	Sell	-4,204-0.7%	$7.33K	557,472
Q3 2015Sep 30, 2015	VT Vanguard Total World Stock Inde	Vanguard Total World Stock Inde	Sell	-4,599-5.9%	$4.09K	73,875
Q3 2015Sep 30, 2015	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Sell	-4,900-4.2%	$4.42K	113,015
Q3 2015Sep 30, 2015	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Sell	-5,320-0.3%	$106.35K	1,674,330
Q3 2015Sep 30, 2015	BCO Brinks Company (The)	Brinks Company (The)	Sell	-10,785-0.8%	$34.99K	1,295,603
Q3 2015Sep 30, 2015	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Sell	-12,500-12.3%	$4.22K	89,000
Q3 2015Sep 30, 2015	ACN Accenture plc	Accenture plc	Sell	-12,681-29.4%	$3.00K	30,512
Q3 2015Sep 30, 2015	MTB M&T Bank Corporation	M&T Bank Corporation	Sell - Position Exit	-13,294-100.0%	$0.00	-
Q3 2015Sep 30, 2015	ALOT AstroNova, Inc.	AstroNova, Inc.	Sell	-15,985-1.4%	$15.83K	1,142,161
Q3 2015Sep 30, 2015	CPIX Cumberland Pharmaceuticals Inc.	Cumberland Pharmaceuticals Inc.	Sell	-20,990-1.4%	$8.56K	1,484,096
Q3 2015Sep 30, 2015	LFCR Lifecore Biomedical, Inc.	Lifecore Biomedical, Inc.	Sell	-22,035-1.5%	$16.57K	1,419,836
Q3 2015Sep 30, 2015	CVU CPI Aerostructures, Inc.	CPI Aerostructures, Inc.	Sell	-22,202-1.4%	$13.55K	1,538,155
Q3 2015Sep 30, 2015	CNTY Century Casinos, Inc.	Century Casinos, Inc.	Sell	-22,724-0.7%	$21.22K	3,450,133
Q3 2015Sep 30, 2015	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Sell	-35,329-35.8%	$5.66K	63,439
Q3 2015Sep 30, 2015	EXPD Expeditors International of Was	Expeditors International of Was	Sell - Position Exit	-37,846-100.0%	$0.00	-
Q3 2015Sep 30, 2015	SWK Stanley Black & Decker, Inc.	Stanley Black & Decker, Inc.	Sell	-44,480-2.9%	$144.15K	1,486,382
Q3 2015Sep 30, 2015	MIDD The Middleby Corporation	The Middleby Corporation	Sell	-50,931-55.5%	$4.29K	40,831
Q3 2015Sep 30, 2015	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Sell	-62,599-14.4%	$67.72K	372,493
Q3 2015Sep 30, 2015	OESX Orion Energy Systems, Inc.	Orion Energy Systems, Inc.	Sell	-70,430-1.6%	$7.84K	4,355,488
Q3 2015Sep 30, 2015	SNA Snap-On Incorporated	Snap-On Incorporated	Sell	-78,073-8.7%	$123.94K	821,134
Q3 2015Sep 30, 2015	RCL Royal Caribbean	Royal Caribbean	Sell	-80,795-7.9%	$84.31K	946,286
Q3 2015Sep 30, 2015	CVS CVS Health Corporation	CVS Health Corporation	Sell - Position Exit	-82,895-100.0%	$0.00	-
Q3 2015Sep 30, 2015	IEX IDEX Corporation	IDEX Corporation	Sell	-91,961-22.1%	$23.12K	324,320
Q3 2015Sep 30, 2015	FICO Fair Isaac Corporation	Fair Isaac Corporation	Sell	-107,585-17.8%	$41.92K	496,108
Q3 2015Sep 30, 2015	VEA Vanguard FTSE Developed Markets	Vanguard FTSE Developed Markets	Sell	-109,280-21.8%	$13.97K	391,935
Q3 2015Sep 30, 2015	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Sell	-122,822-10.9%	$134.33K	1,000,161
Q3 2015Sep 30, 2015	SSD Simpson Manufacturing Company,	Simpson Manufacturing Company,	Sell	-124,050-3.9%	$101.13K	3,019,620
Q3 2015Sep 30, 2015	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Sell	-198,542-14.4%	$169.78K	1,180,938
Q3 2015Sep 30, 2015	TILE Interface, Inc.	Interface, Inc.	Sell	-286,937-22.8%	$21.75K	969,357
Q3 2015Sep 30, 2015	CRWS Crown Crafts, Inc.	Crown Crafts, Inc.	Sell	-346,020-27.0%	$7.68K	936,562

Page 148 of 176 • 5272 total trades

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