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
Q1 2015Mar 31, 2015	AXP American Express Company	American Express Company	Buy	+13,308+187.9%	$1.59K	20,390
Q1 2015Mar 31, 2015	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+10,298+16.1%	$10.72K	74,266
Q1 2015Mar 31, 2015	BTI British American Tobacco Indus	British American Tobacco Indus	Buy	+8,620+25.0%	$4.47K	43,120
Q1 2015Mar 31, 2015	TROW T. Rowe Price Group, Inc.	T. Rowe Price Group, Inc.	Buy	+7,792+1.7%	$37.87K	467,598
Q1 2015Mar 31, 2015	TMO Thermo Fisher Scientific Inc	Thermo Fisher Scientific Inc	Buy	+5,910+1.0%	$78.78K	586,411
Q1 2015Mar 31, 2015	GWW W.W. Grainger, Inc.	W.W. Grainger, Inc.	Buy - Position Entry	+5,669	$1.34K	5,669
Q1 2015Mar 31, 2015	MOS Mosaic Company (The)	Mosaic Company (The)	Buy	+5,265+3.2%	$7.73K	167,895
Q1 2015Mar 31, 2015	ACN Accenture plc	Accenture plc	Buy	+5,084+16.6%	$3.34K	35,637
Q1 2015Mar 31, 2015	GIFI Gulf Island Fabrication, Inc.	Gulf Island Fabrication, Inc.	Buy	+4,200+2.5%	$2.55K	171,300
Q1 2015Mar 31, 2015	IBM International Business Machines	International Business Machines	Buy	+3,425+6.7%	$8.76K	54,607
Q1 2015Mar 31, 2015	SUP Superior Industries Internation	Superior Industries Internation	Buy	+2,700+2.1%	$2.48K	131,075
Q1 2015Mar 31, 2015	CME CME Group Inc.	CME Group Inc.	Buy	+2,240+10.3%	$2.27K	23,912
Q1 2015Mar 31, 2015	STT State Street Corporation	State Street Corporation	Buy	+1,939+10.5%	$1.50K	20,409
Q1 2015Mar 31, 2015	CVU CPI Aerostructures, Inc.	CPI Aerostructures, Inc.	Buy	+1,700+0.1%	$19.20K	1,573,457
Q1 2015Mar 31, 2015	CRWS Crown Crafts, Inc.	Crown Crafts, Inc.	Buy	+1,371+0.1%	$10.02K	1,295,028
Q1 2015Mar 31, 2015	GS Goldman Sachs Group, Inc. (The)	Goldman Sachs Group, Inc. (The)	Buy	+1,320+4.0%	$6.50K	34,595
Q1 2015Mar 31, 2015	LFCR Lifecore Biomedical, Inc.	Lifecore Biomedical, Inc.	Buy	+1,236+0.1%	$24.87K	1,782,664
Q1 2015Mar 31, 2015	ALOT AstroNova, Inc.	AstroNova, Inc.	Buy	+1,127+0.1%	$16.35K	1,168,773
Q1 2015Mar 31, 2015	MTB M&T Bank Corporation	M&T Bank Corporation	Buy	+1,052+10.8%	$1.38K	10,833
Q1 2015Mar 31, 2015	MS Morgan Stanley	Morgan Stanley	Buy	+200+0.1%	$5.70K	159,580
Q1 2015Mar 31, 2015	VPL Vanguard FTSE Pacific ETF	Vanguard FTSE Pacific ETF	Buy	+168+0.5%	$2.16K	35,226
Q1 2015Mar 31, 2015	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Buy	+111+3.3%	$530.00	3,500
Q1 2015Mar 31, 2015	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Buy	+100+0.1%	$4.69K	116,615
Q1 2015Mar 31, 2015	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Sell	-465-0.1%	$82.76K	445,522
Q1 2015Mar 31, 2015	ZBRA Zebra Technologies Corporation	Zebra Technologies Corporation	Sell	-1,174-0.3%	$31.92K	351,865
Q1 2015Mar 31, 2015	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-1,785-4.0%	$3.29K	42,701
Q1 2015Mar 31, 2015	IEX IDEX Corporation	IDEX Corporation	Sell	-1,975-0.5%	$32.40K	427,246
Q1 2015Mar 31, 2015	MATW Matthews International Corporat	Matthews International Corporat	Sell	-2,246-0.7%	$15.62K	303,321
Q1 2015Mar 31, 2015	HMN Horace Mann Educators Corporati	Horace Mann Educators Corporati	Sell	-2,970-0.7%	$14.14K	413,536
Q1 2015Mar 31, 2015	MIDD The Middleby Corporation	The Middleby Corporation	Sell	-3,259-3.3%	$9.69K	94,441

Page 154 of 176 • 5272 total trades

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