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	NWL Newell Brands Inc.	Newell Brands Inc.	Sell	-347,242-9.5%	$130.67K	3,290,649
Q3 2015Sep 30, 2015	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-473,330-13.2%	$99.67K	3,114,680
Q3 2015Sep 30, 2015	FAF First American Corporation (New	First American Corporation (New	Sell	-750,992-9.8%	$270.92K	6,934,335
Q2 2015Jun 30, 2015	TGNA TEGNA Inc	TEGNA Inc	Buy - Position Entry	+4,890,196	$156.83K	4,890,196
Q2 2015Jun 30, 2015	MAT Mattel, Inc.	Mattel, Inc.	Buy - Position Entry	+3,185,615	$81.84K	3,185,615
Q2 2015Jun 30, 2015	NOK Nokia Corporation Sponsored	Nokia Corporation Sponsored	Buy	+2,240,008+52.0%	$44.88K	6,551,680
Q2 2015Jun 30, 2015	SO Southern Company (The)	Southern Company (The)	Buy	+946,393+229.4%	$56.94K	1,358,978
Q2 2015Jun 30, 2015	ACTG Acacia Research Corporation	Acacia Research Corporation	Buy	+683,292+32.9%	$24.20K	2,758,869
Q2 2015Jun 30, 2015	KKR KKR & Co. Inc.	KKR & Co. Inc.	Buy	+599,020+9.6%	$156.49K	6,848,462
Q2 2015Jun 30, 2015	IPG Interpublic Group of Companies,	Interpublic Group of Companies,	Buy	+517,315+5.5%	$190.21K	9,870,622
Q2 2015Jun 30, 2015	ITUB Itau Unibanco Banco Holding SA	Itau Unibanco Banco Holding SA	Buy	+484,938+75.4%	$12.36K	1,128,391
Q2 2015Jun 30, 2015	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+369,294+19.0%	$101.96K	2,309,359
Q2 2015Jun 30, 2015	VZ Verizon Communications Inc.	Verizon Communications Inc.	Buy	+288,124+28.9%	$59.90K	1,285,164
Q2 2015Jun 30, 2015	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Buy	+214,849+24.1%	$129.55K	1,106,494
Q2 2015Jun 30, 2015	AXTI AXT Inc	AXT Inc	Buy	+199,551+7.4%	$7.32K	2,905,071
Q2 2015Jun 30, 2015	BRC Brady Corporation	Brady Corporation	Buy	+193,630+4.1%	$122.34K	4,945,092
Q2 2015Jun 30, 2015	AFL AFLAC Incorporated	AFLAC Incorporated	Buy	+163,355+8.5%	$130.32K	2,095,259
Q2 2015Jun 30, 2015	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+160,847+60.4%	$85.00K	426,991
Q2 2015Jun 30, 2015	LLFLQ LL Flooring Holdings, Inc.	LL Flooring Holdings, Inc.	Buy	+144,465+34.6%	$11.63K	561,676
Q2 2015Jun 30, 2015	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+124,952+19.0%	$76.22K	782,026
Q2 2015Jun 30, 2015	USB U.S. Bancorp	U.S. Bancorp	Buy	+108,558+20.8%	$27.38K	630,815
Q2 2015Jun 30, 2015	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+86,607+20.7%	$40.44K	504,478
Q2 2015Jun 30, 2015	GOLD Barrick Gold Corporation	Barrick Gold Corporation	Buy	+81,890+22.4%	$4.78K	448,228
Q2 2015Jun 30, 2015	BSAC Banco Santander - Chile	Banco Santander - Chile	Buy	+69,924+7.1%	$21.47K	1,060,098
Q2 2015Jun 30, 2015	TKC Turkcell Iletisim Hizmetleri AS	Turkcell Iletisim Hizmetleri AS	Buy	+66,423+12.8%	$6.73K	586,032
Q2 2015Jun 30, 2015	DGX Quest Diagnostics Incorporated	Quest Diagnostics Incorporated	Buy	+64,597+12.5%	$42.10K	580,555
Q2 2015Jun 30, 2015	GIFI Gulf Island Fabrication, Inc.	Gulf Island Fabrication, Inc.	Buy	+62,350+36.4%	$2.61K	233,650
Q2 2015Jun 30, 2015	BCO Brinks Company (The)	Brinks Company (The)	Buy	+59,155+4.7%	$38.45K	1,306,388
Q2 2015Jun 30, 2015	OXY Occidental Petroleum Corporatio	Occidental Petroleum Corporatio	Buy - Position Entry	+41,061	$3.19K	41,061
Q2 2015Jun 30, 2015	WMT Walmart Inc.	Walmart Inc.	Buy	+37,464+23.0%	$14.21K	200,401

Page 149 of 176 • 5272 total trades

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