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 2024Sep 30, 2024	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Sell	-157,393-11.9%	$315.32M	1,168,681
Q3 2024Sep 30, 2024	VEA Vanguard FTSE Developed Markets	Vanguard FTSE Developed Markets	Sell - Position Exit	-182,114-100.0%	$0.00	-
Q3 2024Sep 30, 2024	SPHR Sphere Entertainment Co.	Sphere Entertainment Co.	Sell	-187,979-3.4%	$236.37M	5,350,142
Q3 2024Sep 30, 2024	INTC Intel Corporation	Intel Corporation	Sell	-202,173-16.4%	$24.14M	1,028,810
Q3 2024Sep 30, 2024	DNB Dun & Bradstreet Holdings, Inc.	Dun & Bradstreet Holdings, Inc.	Sell	-246,027-5.9%	$45.42M	3,946,422
Q3 2024Sep 30, 2024	CLB Core Laboratories Inc.	Core Laboratories Inc.	Sell	-247,040-2.4%	$186.14M	10,045,256
Q3 2024Sep 30, 2024	REZI Resideo Technologies, Inc.	Resideo Technologies, Inc.	Sell	-249,228-2.6%	$188.13M	9,341,132
Q3 2024Sep 30, 2024	VIV Telefonica Brasil S.A.	Telefonica Brasil S.A.	Sell	-265,065-85.1%	$477.71K	46,515
Q3 2024Sep 30, 2024	BRC Brady Corporation	Brady Corporation	Sell	-275,390-98.7%	$277.40K	3,620
Q3 2024Sep 30, 2024	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Sell	-276,697-44.7%	$17.72M	342,514
Q3 2024Sep 30, 2024	VZ Verizon Communications Inc.	Verizon Communications Inc.	Sell	-315,831-18.3%	$63.25M	1,408,480
Q3 2024Sep 30, 2024	WU Western Union Company (The)	Western Union Company (The)	Sell - Position Exit	-340,128-100.0%	$0.00	-
Q3 2024Sep 30, 2024	KMT Kennametal Inc.	Kennametal Inc.	Sell	-347,292-4.0%	$215.57M	8,313,682
Q3 2024Sep 30, 2024	OSW OneSpaWorld	OneSpaWorld	Sell	-348,261-3.5%	$156.29M	9,466,369
Q3 2024Sep 30, 2024	NCLH Norwegian Cruise Line	Norwegian Cruise Line	Sell	-361,868-6.4%	$109.10M	5,319,408
Q3 2024Sep 30, 2024	KN Knowles Corporation	Knowles Corporation	Sell	-458,342-9.0%	$83.55M	4,633,707
Q3 2024Sep 30, 2024	LIND Lindblad Expeditions Holdings I	Lindblad Expeditions Holdings I	Sell	-511,278-6.0%	$74.50M	8,053,790
Q3 2024Sep 30, 2024	CNH CNH Industrial	CNH Industrial	Sell	-582,665-19.9%	$26.09M	2,350,751
Q3 2024Sep 30, 2024	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Sell	-689,374-23.4%	$170.01M	2,252,359
Q3 2024Sep 30, 2024	BIDU Baidu, Inc.	Baidu, Inc.	Sell	-718,141-65.7%	$39.50M	375,111
Q3 2024Sep 30, 2024	TFC Truist Financial Corporation	Truist Financial Corporation	Sell - Position Exit	-995,605-100.0%	$0.00	-
Q3 2024Sep 30, 2024	WBA Walgreens Boots Alliance, Inc.	Walgreens Boots Alliance, Inc.	Sell	-1,156,177-56.7%	$7.91M	882,701
Q3 2024Sep 30, 2024	ADT ADT Inc.	ADT Inc.	Sell	-1,244,311-4.1%	$210.51M	29,116,248
Q3 2024Sep 30, 2024	SRCL Stericycle, Inc.	Stericycle, Inc.	Sell - Position Exit	-1,526,043-100.0%	$0.00	-
Q2 2024Jun 30, 2024	LESL Leslie's, Inc.	Leslie's, Inc.	Buy	+11,618,490+46.5%	$153.36M	36,601,368
Q2 2024Jun 30, 2024	MANU Manchester United	Manchester United	Buy	+2,700,337+50.9%	$129.23M	8,007,070
Q2 2024Jun 30, 2024	PARA Paramount Global	Paramount Global	Buy	+1,992,576+16.5%	$145.90M	14,042,265
Q2 2024Jun 30, 2024	NVST Envista Holdings Corporation	Envista Holdings Corporation	Buy	+978,952+11.0%	$164.16M	9,871,152
Q2 2024Jun 30, 2024	ADT ADT Inc.	ADT Inc.	Buy	+780,762+2.6%	$230.74M	30,360,559
Q2 2024Jun 30, 2024	SJM The J.M. Smucker Company	The J.M. Smucker Company	Buy	+486,624+56.0%	$147.75M	1,354,999

Page 15 of 176 • 5272 total trades

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