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
Q2 2015Jun 30, 2015	TILE Interface, Inc.	Interface, Inc.	Sell	-42,095-3.2%	$31.47K	1,256,294
Q2 2015Jun 30, 2015	JWN Nordstrom, Inc.	Nordstrom, Inc.	Sell	-48,690-5.6%	$60.62K	813,638
Q2 2015Jun 30, 2015	VEA Vanguard FTSE Developed Markets	Vanguard FTSE Developed Markets	Sell	-57,001-10.2%	$19.87K	501,215
Q2 2015Jun 30, 2015	CNTY Century Casinos, Inc.	Century Casinos, Inc.	Sell	-57,761-1.6%	$21.88K	3,472,857
Q2 2015Jun 30, 2015	SSD Simpson Manufacturing Company,	Simpson Manufacturing Company,	Sell	-60,870-1.9%	$106.89K	3,143,670
Q2 2015Jun 30, 2015	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Sell	-62,718-4.3%	$235.89K	1,379,480
Q2 2015Jun 30, 2015	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Sell	-78,795-4.5%	$118.15K	1,679,650
Q2 2015Jun 30, 2015	NVDA NVIDIA Corporation	NVIDIA Corporation	Sell - Position Exit	-98,604-100.0%	$0.00	-
Q2 2015Jun 30, 2015	SWK Stanley Black & Decker, Inc.	Stanley Black & Decker, Inc.	Sell	-147,755-8.8%	$161.11K	1,530,862
Q2 2015Jun 30, 2015	NWL Newell Brands Inc.	Newell Brands Inc.	Sell	-160,100-4.2%	$149.55K	3,637,891
Q2 2015Jun 30, 2015	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-164,482-4.4%	$132.76K	3,588,010
Q2 2015Jun 30, 2015	VWO Vanguard FTSE Emerging Markets	Vanguard FTSE Emerging Markets	Sell	-263,465-88.6%	$1.39K	33,916
Q2 2015Jun 30, 2015	LFCR Lifecore Biomedical, Inc.	Lifecore Biomedical, Inc.	Sell	-340,793-19.1%	$20.81K	1,441,871
Q2 2015Jun 30, 2015	FICO Fair Isaac Corporation	Fair Isaac Corporation	Sell	-401,965-40.0%	$54.80K	603,693
Q2 2015Jun 30, 2015	CPIX Cumberland Pharmaceuticals Inc.	Cumberland Pharmaceuticals Inc.	Sell	-402,156-21.1%	$10.76K	1,505,086
Q2 2015Jun 30, 2015	WU Western Union Company (The)	Western Union Company (The)	Sell	-1,945,306-15.9%	$209.79K	10,319,401
Q1 2015Mar 31, 2015	KMT Kennametal Inc.	Kennametal Inc.	Buy	+2,959,253+56.5%	$276.04K	8,193,593
Q1 2015Mar 31, 2015	AXTI AXT Inc	AXT Inc	Buy	+2,257,105+503.4%	$7.28K	2,705,520
Q1 2015Mar 31, 2015	VZ Verizon Communications Inc.	Verizon Communications Inc.	Buy	+648,076+185.7%	$48.49K	997,040
Q1 2015Mar 31, 2015	OESX Orion Energy Systems, Inc.	Orion Energy Systems, Inc.	Buy	+527,730+13.5%	$13.96K	4,446,938
Q1 2015Mar 31, 2015	CNTY Century Casinos, Inc.	Century Casinos, Inc.	Buy	+498,733+16.4%	$19.24K	3,530,618
Q1 2015Mar 31, 2015	NOK Nokia Corporation Sponsored	Nokia Corporation Sponsored	Buy	+483,496+12.6%	$32.68K	4,311,672
Q1 2015Mar 31, 2015	ACTG Acacia Research Corporation	Acacia Research Corporation	Buy	+402,102+24.0%	$22.21K	2,075,577
Q1 2015Mar 31, 2015	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+333,393+20.8%	$78.87K	1,940,065
Q1 2015Mar 31, 2015	AFL AFLAC Incorporated	AFLAC Incorporated	Buy	+292,442+17.8%	$123.66K	1,931,904
Q1 2015Mar 31, 2015	BRC Brady Corporation	Brady Corporation	Buy	+288,884+6.5%	$134.42K	4,751,462
Q1 2015Mar 31, 2015	BSAC Banco Santander - Chile	Banco Santander - Chile	Buy	+274,999+38.5%	$21.47K	990,174
Q1 2015Mar 31, 2015	TKC Turkcell Iletisim Hizmetleri AS	Turkcell Iletisim Hizmetleri AS	Buy	+267,281+105.9%	$6.77K	519,609
Q1 2015Mar 31, 2015	ITUB Itau Unibanco Banco Holding SA	Itau Unibanco Banco Holding SA	Buy	+260,981+68.2%	$7.12K	643,453
Q1 2015Mar 31, 2015	BCO Brinks Company (The)	Brinks Company (The)	Buy	+227,753+22.3%	$34.46K	1,247,233

Page 152 of 176 • 5272 total trades

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